Quartix Technologies falls on revenue, profit warning for 2023 and 2024

Quartix Technologies

06/10/2023 08:59

** Shares of vehicle tracking systems provider Quartix
Technologies  QTX.L  down 21.2% at 153p
        ** Stock on track for worst week on record if trend
holds
  
    ** Co cuts 2023 and 2024 revenue forecasts by about 0.9 mln
stg and 2.6 mln stg respectively ($1.1 mln and $3.2 mln)
    ** Sees 2023 and 2024 adj core profit below current market
expectations by about 1.1 mln stg and 2.4 mln stg respectively
    ** Says made good progress in annualised recurring revenues,
but does not believe that rate of growth has been sufficient to
meet current market expectations
    ** QTX says will consider payment of reduced ordinary
dividend at year-end
    ** As of last close, stock down 31.03% so far this year

($1 = 0.8212 pounds)

 (Reporting by Zainab Saifuddin Saifee in Bengaluru)
 ((Zainab.SaifuddinSaifee@thomsonreuters.com; +91 8766460080;))