Last checked at 27 Mar 2024 07:00
Quartix Technologies plc
("Quartix", "the Group" or "the Company")
AGM Trading Statement and Directorate Change
Quartix Technologies plc, one of Europe's leading suppliers of vehicle telematics services and driver analytics, issues the following trading statement ahead of the Annual General Meeting later today.
The new unit subscriptions for the first quarter of 2024 are expected to be approximately 10% higher than recorded for the same period last year. Growth in new subscriptions continues to be led by France and Continental Europe.
Trading for the first two months of 2024 has been consistent with meeting market expectations for the year1.
The Company also announces that Emily Rees, Chief Financial Officer, has resigned from the Board of Quartix Technologies PLC in order to pursue opportunities outside the Company. The Board thanks Emily for her service to Quartix over the past three years and wishes her well for the future.
A further update on the selection process for a successor will be given in due course.
Andy Walters, Executive Chairman of Quartix Technologies plc, commented: "The results for the first two months of 2024 are encouraging, with an increase in customer acquisition and new unit subscriptions reflecting the refocus on organic growth in the business."
1 The Board believes that consensus market expectations for 2024, prior to this announcement, were as follows: Revenue £32.1m, Adjusted EBITDA £5.4m and underlying free cashflow of £3.43m (which excludes expected cash expenditure of £2.5m on the 4G upgrade programme during the year)
For further information, please contact:
Quartix (www.quartix.com)
Andy Walters, Executive Chairman 01686 806 663
Cavendish Capital Markets Limited (Nominated Adviser and Broker)
Matt Goode / Seamus Fricker / Trisyia Jamaludin (Corporate Finance) 020 7220 0500
Tim Redfern / Sunila de Silva (Corporate Broking)
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as retained as part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended.