(Alliance News) - Quartix Technologies PLC on Friday lowered its revenue expectations for the remainder of 2023 and 2024 and said growth has been insufficient for it to meet current market consensus.
Shares in Quartix were down 22% at 155.16 pence each in London on Friday.
The Newton, Wales-based vehicle tracking systems downgraded its expectations for 2023 by around GBP900,000 and by GBP2.6 million for 2024.
Quartix added that its adjusted earnings before interest, tax depreciation and amortisation "may differ" from current market expectations by around GBP1.1 million and GBP2.4 million respectively.
The firm will consider paying a reduced dividend for the full-year.
On Friday, Quartix also said annualised recurring revenue of its fleet subscription base wasGBP28.7 million on October 1, up 6.7% from GBP26.9 million a year prior.
The company also sold a total of 1,269 upgrade vehicle licences for EVolve since in the UK since the product launched in 2022. 105 of these were sold in the third quarter of 2023.
EVolve is a tool using to assist fleet manager with planning their migration to electric vehicles. It is owned and developed by Charlottenburg, Germany-based Konetik Deutschland GmbH, which Quartix acquired back in September for EUR3.9 million.
By Sabrina Penty, Alliance News reporter
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Quartix Tech (QTX)