IN BRIEF: Quartix Tech continues growth in new unit subscriptions

Quartix Technologies PLC - Newtown, Wales-based vehicle tracking system provider - New unit subscriptions rise 26% in the first half ended June 30 against the same period the previous year. Says this was also its highest recorded growth ever for a six month period. Vehicle subscription base increases by 9.4% and invoiced recurring revenue stays at 92% of sales.

Company expects full-year revenue, adjusted earnings before interest, tax, depreciation and amortisation, and free cash flow to be in line with market forecasts of GBP13.3 million, GBP2.6 million and GBP2.0 million respectively.

"The UK saw excellent performances in all channels, and our field sales team gained some significant contract wins. Onboarding of our French field sales team is complete, and they are showing an encouraging future pipeline. The US has seen mixed results across channels with some performing significantly better than others. US initiatives are anticipated to positively impact unit growth in 2023, including some functionality that is specific for that region," says Chief Executive Richard Lilwall.

The company will publish its interim results for the six months ended June 30 on July 27.

Current stock price: 333.00 pence, up 1.5% in London on Monday

12-month change: down 31%

By Heather Rydings; heatherrydings@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Quartix Tech