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Pin to quick picksQuartix Tech Regulatory News (QTX)

Share Price Information for Quartix Tech (QTX)

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Trading Update

10 Oct 2022 07:00

RNS Number : 2327C
Quartix Technologies PLC
10 October 2022
 

Quartix Technologies plc

("Quartix", "the Group" or "the Company")

Trading Update

 

 

Q3 Trading update

 

The Board is pleased to report that the rate of year-on-year growth in both annualised recurring revenue and unit installs continued to be strong in the third quarter.  These growth rates are expected to continue in the last quarter of the year.

The annualised recurring revenue of the fleet subscription base was £26.9m on 1 October, representing a gain, in constant currency terms, of £2.6m year on year, based on exchange rates as at 1 October 2022.

The Company's subscription base has grown by 17% year on year, to just over 229,000 vehicles. New units installed in the first 9 months of the year have increased by 24% compared with the same period in 2021. Growth in new subscriptions for the first 9 months of 2022 are shown in the table below.

 

Region

New subscriptions

(units)

first 9 months 2022

New subscriptions

(units)

first 9 months 2021

Growth

UK

20,714

17,703

17%

France

12,523

8,502

47%

USA

7,269

6,881

6%

Spain, Italy, Germany

6,060

4,586

32%

Total

46,566

37,672

24%

 

The Board is pleased to confirm that it expects revenue, profit and free cash flow for the year to 31 December 2022 to be in line with current consensus market forecasts, which are shown at the foot of this announcement1.

 

Richard Lilwall, CEO of Quartix, commented:

 

"We are delighted with the continuing growth in ARR to £26.9m at the end of the third quarter, in line with our expectations. We are also very pleased with growth in new subscriptions being particularly led by France followed by further progress in other European countries. The UK continues to deliver double digit growth in a more mature market. Our strategy for increasing the subscription base in the US continues to be refined."

 

1 The Board believes that consensus market expectations for 2022 prior to this announcement, were as follows: Revenue: £27.4m; Adjusted EBITDA £5.7m; Free Cash Flow: £4.1m.

 

 

For further information, please contact:

Quartix (www.quartix.com)

Richard Lilwall, Chief Executive Officer

Emily Rees, Chief Financial Officer

 

01686 806 663

finnCap (Nominated Adviser and Broker)

Matt Goode / Seamus Fricker / Milesh Hindocha (Corporate Finance)

Alice Lane (Corporate Broking)

020 7220 0500

 

 

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END
 
 
TSTFLFVEIVLDIIF
Date   Source Headline
11th Mar 20225:07 pmRNSHolding(s) in Company
28th Feb 20227:00 amRNSFinal Results
2nd Feb 20227:00 amRNSAward of London Stock Exchange Green Economy Mark
10th Jan 20227:00 amRNSTrading Statement
22nd Oct 20215:45 pmRNSCEO Succession Update and Trading Update
21st Oct 20218:15 amRNSHolding(s) in Company
13th Oct 20217:00 amRNSCEO Succession Update and Trading Update
6th Oct 20215:30 pmRNSDirector/PDMR Shareholding
1st Oct 20215:15 pmRNSTotal Voting Rights
28th Sep 20212:15 pmRNSExercise of Options, Director Shareholding and TVR
20th Sep 20211:42 pmRNSHolding(s) in Company
23rd Aug 20212:15 pmRNSDirector/PDMR Shareholding
17th Aug 20215:35 pmRNSPDMR Shareholding
12th Aug 20218:15 amRNSExercise of Options, Director Shareholding and TVR
2nd Aug 20217:00 amRNSDirector/PDMR Shareholding
28th Jul 20217:00 amRNSInterim Results
21st Jul 20217:00 amRNSDirectorate Change
7th Jul 20217:00 amRNSInterim Results Timetable and Trading Update
1st Jul 20215:00 pmRNSTotal Voting Rights
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9th Jun 20219:01 amRNSChange of Name and Registered Address
27th May 20214:25 pmRNSExercise of Share Options, PDMR Shareholding & TVR
25th May 20217:56 amRNSGranting of Options
21st May 20217:00 amRNSDirectorate Changes and Trading Update
26th Mar 20211:57 pmRNSExercise of Options, Director/PDMR Dealing & TVR
23rd Mar 20212:56 pmRNSResult of AGM
23rd Mar 20217:00 amRNSAGM Trading Statement
12th Mar 20211:34 pmRNSExercise of Options, Director/PDMR Dealing & TVR
4th Mar 20211:57 pmRNSExercise of share options and Total Voting Rights
3rd Mar 20217:00 amRNSDividend Timetable and Correction of Record Date
1st Mar 20217:00 amRNSFinal Results
20th Jan 202111:24 amRNSHolding(s) in Company
19th Jan 202111:24 amRNSResult of Secondary Placing
19th Jan 20217:00 amRNSProposed Secondary Placing
11th Jan 20217:00 amRNSTrading Statement
8th Jan 20215:15 pmRNSHolding(s) in Company
6th Jan 20213:11 pmRNSHolding(s) in Company
15th Dec 20204:40 pmRNSSecond Price Monitoring Extn
15th Dec 20204:35 pmRNSPrice Monitoring Extension
22nd Oct 20207:00 amRNSTrading Statement
24th Sep 20207:00 amRNSExercise of Options and Total Voting Rights
28th Jul 20207:00 amRNSInterim Results
17th Jul 20207:00 amRNSNotice of Interim Results
2nd Jun 20207:00 amRNSTrading Statement
27th Apr 20207:00 amRNSTrading Statement
30th Mar 20207:00 amRNSDirector/PDMR Shareholding
25th Mar 20201:10 pmRNSResult of AGM
24th Mar 202012:35 pmRNSExercise of Options and Issue of Equity
24th Mar 20207:00 amRNSAGM Trading Statement
19th Mar 20207:00 amRNSMeasures taken re Coronavirus and Dividend

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