Nexteq PLC on Wednesday said that its adjusted pretax profit in 2023 was ‘comfortably ahead of market expectations,’ as it started 2024 with a sound order book.

Nexteq shares rose 13% to 123.88 pence each on Wednesday morning in London.

The Cambridge-based technology products provider for gaming and broadcast industries said its 2023 adjusted pretax profit will be higher than the current market consensus of $12.7 million, up 25% from 2022’s £10.2 million.

However, Nexteq anticipates 2023 revenue of $114.8 million, 4.0% lower than the market consensus of $119.6 million and down 4.3% from $119.9 million in 2022.

Chief Executive Officer Jon Jayal said: ‘Whilst market conditions continue to lead to a more normalised purchasing environment following exceptional demand in 2022, the quality of the pipeline remains strong across the group’s focused industrial applications. The group continues to expand its market opportunity through value-accretive product development and vertical diversification, underpinned by niche domain expertise. The board believes that this provides a strong platform to deliver transformational earnings enhancement over the medium term, both organically and through select M&A opportunities, backed by a very robust financial position.’

Nexteq will release its 2023 results on March 13.

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