Quartix Technologies PLC - Newtown, Wales-based vehicle tracking system provider - Expects to deliver GBP29.8 million in revenue for 2023, up from GBP27.5 million in 2022. Annualised recurring revenue rose 8.0% in constant currency to GBP29.1 million. It estimates that adjusted earnings before interest, tax, depreciation and amortisation will total GBP4.9 million. Cash balance was GBP2.3 million at December 31, down from GBP5.1 million one year prior. Consequently, Quartix may recommend a lower dividend than implied by its current policy. The company also says Evolve and Konetik revenue totalled less than GBP100,000. Sales, development and marketing resources will therefore "be entirely refocused on the core business." Quartix will also need to replace much of its installed base of tracking systems in France over the next two years, costing around GBP4.1 million.
Executive Chair Andy Walters says: "Much of the growth in 2023 was driven by France and our new European territories, which advanced by [about 30%]... We look forward to achieving further growth in 2024 and are confident of achieving market expectations for the new financial year."
Current stock price: 140.10 pence, down 3.4% on Tuesday
12-month change: down 51%
By Emma Curzon, Alliance News reporter
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Quartix Tech (QTX)