Quartix Holdings PLC - vehicle tracking - Expects revenue, profit and free cash flow to be in line with current market forecasts for 2020.
Anticipates 2020 revenue of GBP25.8 million, adjusted earnings before interest, taxes, depreciation and amortisation of GBP7.8 million and free cash flow of GBP5.3 million.
"The company will have therefore recorded growth in both revenue and adjusted Ebitda during a year in which the markets for its services were severely disrupted by the coronavirus pandemic," says Quartix.
Says vehicle subscription base increased by 15% to 173,793.
"It is very pleasing to be able to report excellent growth in our fleet subscription base during the year, despite the difficulties encountered through the coronavirus pandemic, particularly in the first half. The strength of the business in the second half, despite further restraints in November and December, was extremely encouraging," says Chief Executive Andy Walters.
Walters adds: "We expect that the latest UK lockdown will have an impact on new subscriptions in the short-term, though we anticipate a lesser impact than that seen during the 2020 lockdown. Looking beyond the pandemic, we have a significant opportunity to accelerate growth in our fleet business and we look forward to 2021 and beyond with confidence."
Current stock price: 403.00 pence
Year-to-date change: up 3.9%
By Lucy Heming;Â lucyheming@alliancenews.com
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Quartix Tech (QTX)