Quartix Technologies PLC Interim Results Timetable and Trading Update (4125F)
10 7월 2023 - 3:00PM
UK Regulatory
TIDMQTX
RNS Number : 4125F
Quartix Technologies PLC
10 July 2023
Quartix Technologies plc
("Quartix", "the Group" or "the Company")
Interim Results Timetable and Trading Update
Quartix Technologies plc, a leading supplier of
subscription-based vehicle tracking systems, analytical software
and services, is pleased to announce that it will publish interim
results for the six-month period ending 30 June 2023 (the "Period")
on Monday 31 July 2023. They will be posted on the Company's
website that morning, together with accompanying presentations.
H1 Trading
The Company is pleased to report year-on-year growth in our
subscription base during the first half of 2023 of 14%.
Year-on-year subscription base growth in H1 was moderate, as Q1
2022 benefited from a large annualised order in the UK, however Q2
saw growth resume to expected levels. New units installed totalled
33,400 units, which was a record number of new subscriptions for a
6-month period. As a consequence, the vehicle subscription base as
at 30 June 2023 increased to 252,000 vehicles, with the annualised
subscription base value increased by GBP2.1m (2022 GBP2.6m) on a
constant-currency (1) basis to GBP28.0m.
Recurring revenues remained high at 94% of sales. Price erosion
over 12 months, calculated at constant currency rates, continues to
improve and was 4.6% compared to 4.8% in the same period in 2022.
Attrition has been higher at 13.5% (11.6% PY), primarily due to an
increase in business closures and customers downsizing their fleet
sizes, caused by external market conditions. The cash balance as at
30 June was GBP3.2m. For the full year the Board expects revenue,
adjusted EBITDA, and free cash flow to be in line with consensus
market forecasts (2) .
Year-on-year subscription base growth in France and our other
European territories was excellent at 32% and 53% respectively. Our
more mature UK operation continues to perform well and saw 6%
year-on-year growth. Strategic changes have redirected investment
from our wider US business to territories that will present
improved returns on investment in the shorter term. The US strategy
will therefore have a narrower, field sales approach, focused
specifically on Texas moving forward .
Year-on-year growth in subscription bases by geography as at
30(th) June are shown in the table below. Exact totals may vary
slightly in preparation of the interim results.
H1 2023 H1 2022 Growth
UK 140,991 133,020 6%
-------- -------- -------
France 61,298 46,387 32%
-------- -------- -------
USA 30,352 29,888 2%
-------- -------- -------
Spain, Italy,
Germany 19,146 12,505 53%
-------- -------- -------
Total 251,787 221,800 14%
-------- -------- -------
Richard Lilwall, Chief Executive Officer of Quartix
commented:
"Quartix has performed well in the first half of 2023.
Subscriptions to new customers have been particularly pleasing, and
mitigated economic headwinds impacting both repeat units from
existing customers, which are much more sensitive to business
confidence, and attrition, which has seen an increase from customer
insolvencies and fleet downsizing.
I am particularly pleased with the performance of our France
based operations, which saw investments in field-sellers over the
previous two years deliver excellent returns. Our other European
territories also showed excellent levels of subscription base
growth. In the UK, where economic challenges are more significant
due to the larger subscription base, growth was supported by a
strong performance in new customer acquisition, which significantly
mitigated this impact. In the US we have made several strategic
decisions including a focus on field sellers and a single
State.
We have a strong sales pipeline for the second half for both our
core platform and upsell product lines, EVolve and Qcheck, and have
confidence in achieving market expectations in 2023."
([1]) Based on currency rates as at 30 June 2023.
([2]) The Board believes that consensus market expectations for
2023, prior to this announcement, were as follows: Revenue
GBP30.8m, Adjusted EBITDA GBP6.2m, and Free Cash Flow of
GBP4.3m
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 as retained as part of UK
law by virtue of the European Union (Withdrawal) Act 2018 as
amended.
For further information, please contact:
Quartix (www.quartix.net)
Richard Lilwall, Chief Executive
Officer
Emily Rees, Chief Financial Officer 01686 806 663
finnCap (Nominated Adviser and
Broker)
Matt Goode / Seamus Fricker (Corporate
Finance)
Alice Lane / Sunila de Silva (Corporate
Broking) 020 7220 0500
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