REG - Quartix Technologies - AGM Trading Statement

Quartix TechnologiesAnnouncement

23/03/2022 07:00

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RNS Number : 6670F  Quartix Technologies PLC  23 March 2022

Quartix Technologies plc

("Quartix" or "the Group")

AGM Trading Statement

Quartix Technologies plc, one of Europe's leading suppliers of vehicle
telematics services and driver analytics, issues the following trading
statement ahead of its Annual General Meeting later today.

The Board is pleased to report that the strong growth in new installations
experienced in January and February has continued into March. Based on units
installed to date, and those expected during the remainder of the month, the
total for the first quarter is anticipated to represent an increase of around
25% compared with the same period in 2021. The annualised recurring revenue
increase was significantly ahead of the growth rate in the first quarter of
2021, with an increase of approximately £0.7 million during the quarter on a
constant currency basis.  Attrition and average revenue per unit were broadly
consistent with 2021 performance.

The Board therefore considers that trading for the first three months of 2022
is consistent with meeting market expectations for the year.(  1 )

 

Richard Lilwall, Chief Executive Officer of Quartix Technologies plc,
commented: "We are delighted with the increase in our installed base in the
first quarter. As we have previously announced, we will continue to invest in
new sales driving initiatives (initially and particularly in the US) and
enhanced features in our product offering, to drive further growth during the
rest of the year."

 

( 1 ) The Board believes that consensus market expectations for 2022, prior
to this announcement, were as follows: Revenue £27.4m, Adjusted EBITDA
£5.8m, and Underlying Free Cash Flow (before expenditure on 3G swap out in
the US) of £4.1m

 

For further information, please contact:

 Quartix (www.quartix.net)                          01686 806 663

 Richard Lilwall, Chief Executive Officer

 Emily Rees, Chief Financial Officer
 finnCap (Nominated Adviser and Broker)                020 7220 0500

 Matt Goode / Kate Bannatyne (Corporate Finance)

 Alice Lane / Sunila de Silva (Corporate Broking)

 

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