Quartix Technologies PLC - Newton, Wales-based vehicle tracking system provider - Says subscription growth at the end of its first-half, which ended June 30, was up 14% to 251,787 from 221,800 at the same point the year before. Says that this was driven particularly by French and European territories growth which is 32% and 53%, respectively. Quartix says that the second quarter saw growth resume to expected levels, with an annualised subscription base value increased by GBP2.1 million, compared to GBP2.6 million at the same point the year before. Recurring revenues remain high at 94% of sales. Cash balance at June 30 is GBP3.2 million.
Chief Executive Officer Richard Lilwall: "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."
Current stock price: 229.00 pence
12-month change: down 30%
By Will Neill, Alliance News reporter
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Quartix Tech (QTX)