REG - Quartix Technologies - Final Results
27/02/2023 07:00
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RNS Number : 0588R Quartix Technologies PLC 27 February 2023
Quartix Technologies plc
("Quartix", "the Group" or "the Company")
Final Results
Strong annualised recurring revenue growth in all regions with planned
continuation for the future
Quartix Technologies plc (AIM:QTX), a leading supplier of subscription-based
vehicle tracking systems, analytical software and services, is pleased to
announce its audited results for the year ended 31 December 2022.
Restatement of comparatives
All comparative monetary amounts for 2021 have been restated in line with a
change in policy in the recognition of equipment, installation and carriage
costs associated with contracts with customers under IFRS 15: 'Revenue from
Contracts with Customers' (See note 1: Summary of significant accounting
policies).
Financial highlights:
· Group revenue increased by 7.9% to £27.5m (2021: £25.5m)
o Fleet revenue(1) grew by 12.3% to £26.7m (2021: £23.8m)
o Fleet revenue represented 97.0% of total revenue (2021: 93.1%)
o Insurance revenue(2) decreased by 52.5% to £0.8m (2021: £1.8m)
· Adjusted EBITDA(3) increased by 3.6% to £6.1m (2021: £5.8m)
· Operating profit increased by 2.4% to £5.6m (2021: £5.4m)
· Profit before tax increased by 2.4% to £5.5m (2021: £5.4m)
· Adjusted diluted earnings per share(6) grew by 1.52p to 10.88p (2021:
9.36p), and diluted earnings per share also increased to 10.38p (2021: 10.25p)
· Free cash flow(7) increased by 16.0% to £3.8m (2021: £3.3m).
· Final proposed dividend payment of 6.30p per share (2021: 7.00p)
including 3.85p for supplementary dividend (2021: 5.10p) giving a total
dividend for the year of 7.80p per share
(1) Fleet revenue (see Strategic Report: Financial Review, Financial Overview)
(2) Insurance revenue (see Strategic Report: Financial Review, Financial
Overview)
(3) Earnings before interest, tax, depreciation, amortisation, share based
payments and adjustments (see note 3)
(4) Diluted earnings per share before adjustments (see Strategic Report:
Financial Review, Financial Overview)
(5) Cash flow from operations after tax and investing activities
These audited results are consistent with the Trading Statement released on 11
January 2023.
Outlook
Quartix has seen a strong start to 2023, with new unit installations in
January ahead of the same period in 2022; however the Company notes that this
may not extrapolate to Q1 year on year performance due to an exceptionally
higher March 2022 performance.
Principal activities and performance measures
The Group's main strategic objective is to profitably grow its fleet
subscription base and develop the associated annualised recurring revenue.
Annualised recurring revenue (see definition in KPI table below), when
measured in constant currency year on year, is the most significant
forward-looking key performance measure and it is pleasing that it grew by
£2.6m to £27.3m at 31 December 2022.
The Key Performance Indicators used by the Board to assess the performance of
the business are listed below and discussed in the Chairman's Statement and
Strategic Report.
Key Performance Indicators ("KPIs")
Year ended 31 December 2022 2021 % change
Fleet subscriptions(1) (new units) 60,809 50,765 19.8
Fleet subscription base(2) (units) 235,510 202,734 16.2
Fleet customer base(3) 25,342 22,668 11.8
Fleet gross attrition(4) (%) 12.8 11.6
Annualised recurring revenue(5) (£'000) 27,282 24,644 10.7
Fleet invoiced recurring revenue(6) (£'000) 25,446 22,506 13.1
Fleet revenue(7) (£'000) 26,680 23,752 12.3
Price erosion(8) (%) 4.7 6.2
( )
(1) New vehicle tracking unit subscriptions added to the subscription base before
gross attrition
(2) The number of vehicle tracking units subscribed to the Group's fleet tracking
services, including units waiting to be installed for which subscription
payments have started or are committed
(3) The number of customers associated with the fleet subscription base
(4) The number of new vehicle tracking unit subscriptions, less the increase in
subscription base, expressed as a percentage of the mean subscription base
(5) Annualised data services revenue for the subscription base at the year end,
before deferred revenue, including revenue for units waiting to be installed
for which subscription payments have started or are committed, all measured in
constant currency
(6) Invoiced subscription charges before provision for deferred revenue
(7) Total fleet revenue (see Strategic Report: Financial Review, Financial
Overview)
(8) The annual decrease in average subscription price of the base expressed as a
percentage of the average subscription price at the start of the year, all
measured in constant currency
For many years the Group has applied a very conservative accounting policy of
immediately expensing hardware and associated installation and carriage
costs. The Group has implemented a new policy in 2022 which recognises these
incremental costs over their expected initial contract term (typically 2
years), on a systematic basis that more accurately reflects the revenue stream
generated by them. The capitalisation and subsequent amortisation of the
incremental costs will be more aligned to the core principles in IFRS 15 and
make the reported EBITDA more comparable with that reported by companies with
a similar business model.
The impact of this change in 2022 is to increase adjusted EBITDA for the year
ended 31 December 2022, compared with previous reporting methodology, by
£0.4m (see Strategic Report: Financial Review Financial Overview and note 33
of the Annual Report and Financial Statements).
This approach will simplify the presentation of the Group's results.
Previously, the Group included an additional voluntary disclosure, separating
customer acquisition cost, being the investment for new customer contracts,
and Fleet telematics services, for recurring revenue and repeat contracts with
existing customers, in order to highlight the different costs structures
within the business. Following the change in accounting policy this analysis
is no longer considered necessary. However, overheads on the face of the
Consolidated Statement of Comprehensive Income have been split between Sales
& Marketing expenses and Administration expenses, with Sales &
Marketing expenses including the costs of customer acquisition being the
investment in marketing expenditure and payroll costs for the sales teams.
Richard Lilwall, Chief Executive Officer of Quartix, commented:
"I am pleased to report another year of strong growth in 2022. Our fleet
subscription base grew by 16% and now exceeds 235,000 units which led to an
increase in ARR (annualised recurring revenue) of £2.6m, at a constant
currency rate, to £27.3m at 31 December 2022.
Our marketing investments drove a record performance in new subscription
numbers, increasing by 20% to break a further milestone of 60,000 new units.
Fleet gross attrition remains low for our sector at 12.8%, normalising from
the prior year low of 11.6%.
We cemented our position as a UK leader with a regional base of 136,514
showing growth of 9%. Growth in our international markets continued, with
particularly strong results in France expanding 30% to 52,604 vehicles. USA
increased by 10% to 30,800 units and Other European Territories grew 63% from
9,563 to 15,592 units.
In 2023 Quartix will focus on its key strategic positioning of excellent
customer service and competitive pricing helping us win new customers looking
to control their business energy and payroll costs, and win customers from
competitors that seek our sector leading price and quality ratio. We have
confidence for the current financial period and beyond. Quartix will make
additional investments in sales channels during 2023 which will target strong,
profitable annualised recurring revenue in 2024 and onwards."
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 7200 0500
Matt Goode / Seamus Fricker (Corporate Finance)
Alice Lane (Equity Capital Markets)
Full Financial Results Report
The Group's Financial Statements and results presentations for the year ended
31 December 2022 are available in the "Investors" section of our website at:
www.quartix.com/investors (http://www.quartix.com/investors)
About Quartix
Founded in 2001, Quartix is a leading supplier of subscription-based vehicle
tracking systems, software and services. The Group provides an integrated
tracking and telematics data analysis solution for fleets of commercial
vehicles that is designed to improve productivity and lower costs by
capturing, analysing and reporting vehicle and driver data.
Quartix is based in the UK and is listed on the AIM market of the London Stock
Exchange (AIM:QTX).
Chairman's statement
Introduction
The Company made further incremental investments in its sales and marketing
channels during 2022 to drive further growth in ARR and the subscription base,
following the successful investment made in 2021. As noted in the Principal
activities and performance measures section above, the annualised recurring
revenue increased by £2.6m, at a constant currency rate, to £27.3m at 31
December 2022. Revenue grew by 7.9% during the year, in line with the growth
in the Annualised Recurring Revenue of the subscription base. While fleet
revenue grew by 12.3%, this was partially offset by the continual decline in
the remaining insurance revenue, which was mainly deferred insurance revenue
with very high profit margin that will not re-occur in 2023.
Group gross attrition marginally increased to 12.8% (2021: 11.6%) but is still
considered low by industry standards. Price erosion reduced to 4.7% (2021:
6.2% in constant currency). Our installed base grew by 16.2% to exceed 235,000
units, and the customer base exceeded 25,000 customers at year end.
Each geographical market registered increases in both new subscriptions and in
the subscription base for the year. In the UK, our most mature market, we were
pleased to see double-digit growth in new subscriptions of 12.0% (2021: 5.9%).
New unit installations growth was very impressive in France, driven by the
continuing expansion of the direct field sales team. French revenue increased
by 22.6% to €6.3m (2021: €5.1m), ending the year with 52,604 vehicles
under subscription (2021: 40,343) across 6,935 fleet customers (2021: 5,479).
US new vehicle subscriptions continued to grow, albeit at a slower rate, with
staff changes in H1 impacting growth as the Company focussed on performance
improvement, along with re-evaluating the US expansion plan. The Company
completed the year with 30,800 vehicles under subscription (2021: 27,912)
across 4,038 fleet customers (2021: 3,860), and revenue increased by 12.0% to
$4.0m in 2022 (2021: $3.6m).
The Group continued to make progress in its other European territories,
achieving excellent results, albeit from a lower base, ending the period with
a subscription base of 15,592 vehicles (2021: 9,563) across 2,943 fleet
customers (2021: 2,026).
Results
Group revenue for the year increased by 7.9% to £27.5m (2021: £25.5m). Total
fleet revenue increased by £2.9m and represented 97.0% of total revenue
(2021: 93.1%).
Both operating profit and profit before tax for the year increased to £5.6m
(2021: £5.4m) and £5.5m (2021: £5.4m respectively. However, the underlying
increase was £0.8m (16.0%) when excluding the impact of the re-estimate of
the provision for the swap out of 3G units in the USA (see below) and the two
cost-of-living payments which the Board chose to pay, the first being in
October 2022 and the second in January 2023 (see note 3).
There was a £0.5m increase in Sales & Marketing expenses to £6.4m in
2022, due to the investment in customer acquisition to accelerate growth in
the business.
Cash conversion strengthened slightly with a £0.3m reduction in corporation
tax payments, resulting in free cash flow, cash flow from operations after tax
and investing activities, of £3.8m (2021: £3.3m). Net cash decreased to
£5.1m at 31 December 2022 (2021: £5.4m), following the payment of an interim
dividend in 2022 and a final and supplementary dividend for 2021 paid in 2022,
totalling £4.1m.
A provision of £1.6m was recognised in 2020 for the replacement of a large
proportion of the US installed base of tracking systems. This was as a result
of the sunsetting of the 3G mobile network in the US, being replaced by 4G
networks. By the end of 2022, Quartix had completed approximately 69% of the
total units to be replaced, with the last replacements now focusing on
Quartix's smallest customers. The spend in 2022 was approximately £0.6m, and
the Group expects the remaining swap outs to be completed in early 2023, with
a forecast cash requirement of £0.5m.
Earnings per share
Basic earnings per share increased by 1.0% to 10.42p (2021: 10.32p). Diluted
earnings per share increased to 10.38p (2021: 10.25p). The adjusted diluted
earnings per share, which is calculated by adding back the cost of the
replacement of 3G units and the cost of living payments incurred in 2022, was
10.88p (2021: 9.36p).
Dividend policy
Our ordinary dividend policy is to pay a dividend set at approximately 50% of
cash flow from operating activities, which is calculated after taxation paid
but before capital expenditure.
In addition to this the Board will distribute the excess of gross cash
balances over £2m on an annual basis by way of supplementary dividends,
subject to a 2p per share de minimis level.
The surplus cash is calculated using the year end gross cash balance and after
deduction of the proposed ordinary dividend and is intended to be paid at the
same time as the final dividend. The policy will be subject to periodic
review.
Dividend
In the year ended 31 December 2022, the Board decided to pay an interim
dividend of 1.50p per ordinary share. This totalled £0.7m and was paid on 9
September 2022 to shareholders on the register as at 12 August 2022.
The Board is recommending a final ordinary dividend of 2.45p per share,
together with a supplementary dividend of 3.85p per share, giving a final
payment of 6.30p per share and a total dividend for the year of 7.80p per
share, in line with the Company's dividend policy.
The final and supplementary dividend amounts to approximately £3.0m in
aggregate. Subject to the approval at the forthcoming AGM, this aggregate
dividend of 7.00p per share will be paid on 28 April 2023 to shareholders on
the register as at 31 March 2023. The ex-dividend date is therefore 30 March
2023.
Outlook
The Group has made a strong start to the year, with new installations in
January ahead of the same period in 2022; however the Company notes that this
may not extrapolate to Q1 year on year performance due to an exceptionally
higher March 2022 performance.
Adjustments to future projected results from 2023 onwards will be required as
a result of the change in accounting policy for 2023 onwards.
Given the success that Quartix has achieved in its core fleet markets, and
considering the broader market opportunity available to it, the Group intends
to continue to invest a proportion of its gross profits on sales and marketing
to further develop the profitable subscription platform it has created by
accelerating growth in its fleet subscription base.
In 2022, Quartix finalised two value-adding features to its existing
analytical software offerings, the first, EVolve, uses fleet analytics to
assess migration opportunities to all-electric vehicle fleets. The second,
Quartix Check, is a "walk-around" vehicle condition monitoring tool. Adoption
of EVolve, following its launch, has been very encouraging, from both existing
and new customers. Quartix Check was completed towards the end of 2022, and
has been recently launched and has shown strong initial interest. The focus in
2023 will be on upselling these products for both new customers and into the
existing customer base.
In the US, Quartix has recruited 2 field sales executives based in Texas who
will focus on new unit subscription growth in Texas. In addition, the Group is
seeking to increase the direct sales team and comparison sales team who
service the US market to further increase new unit subscriptions. At the
same time, we have implemented new processes to improve sales efficiency in
the US.
AGM
As previously announced on 20 December 2022, Andrew Walters announced his
intention to step down as a Non-Executive Director and has therefore informed
Quartix that he does not intend to stand for re-election at the forthcoming
AGM.
The Group's AGM will be held at 11.00 a.m. on 24 March 2023 at The Trinity
Centre in the Science Park on Milton Road, Cambridge, CB4 0FN.
Paul Boughton
Chairman
Strategic Report: Operational Review
Strategy and business model
The Group's main strategic objective is to grow its fleet subscription
platform profitably and develop the associated recurring revenue. This
strategy is based on 5 key elements, which were first highlighted in the 2018
Annual Report. We are pleased to be able to report significant progress in
each area, as summarised below:
1. Market development: Quartix will continue to focus on fleet markets, exploring
further opportunities within both new and existing markets, while also
introducing added value developments.
2. Cost leadership: We continue to seek improvements in the efficiency of the
sales cycle and to review product and overhead costs in order to identify
further operational efficiencies. The Group has benefitted from improvements
to internal processes following scalability reviews.
3. Continuous enhancement of the Group's core software and telematics services:
Quartix has an ongoing extensive modernisation program of its core software
and telematics code, both from a technology and user experience perspective.
These enhancements help improve the customer experience as well as increase
the efficiency of its support operation. 2022 also saw the finalisation of
Quartix Check that will be an upsell option to all customers in 2023 and
beyond.
4. Outstanding service: Quartix maintained its excellent reputation with its
fleet customers throughout the year, consistently being rated as "excellent"
by TrustPilot users. Changes to the support and service processes during the
year have realised benefits that have kept gross attrition at a steady level
and contributed to a Gold in the 2022 Investors in Customers survey, which
recognises truly excellent service.
5. Standardisation centralisation: the expansion into European markets has been
achieved by staff based in the Group's principal operational office in
Newtown, and from local sales staff in France recruited directly to support
European growth (see Capacity for future growth section below). US support and
service functions continued to be performed from the UK.
Our fleet customers typically use the Group's vehicle telematics services for
many years following an initial contract, resulting in low rates of gross
attrition. Accordingly, the Group focuses its business model on the
development of subscription revenue, providing the best return to the Group
over the long term.
The number of vehicles connected to our subscription platform and the value of
recurring subscription revenue derived from it are the key measures of our
performance in the fleet sector. As noted in the Principal activities an
performance measures section, the annualised recurring revenue increased by
£2.6m, at a constant currency rate, to £27.3m at 31 December 2022.
The Group has focused over the past six years on growth in its fleet
operations resulting in an increasing proportion of total revenues:
2022 2021 2020 2019 2018 2017
Fleet revenue % 97.0 93.1 85.4 81.2 73.2 69.4
People
We take pride in the level of service we provide, and it is gratifying to see
that fleet customers consistently provide us with excellent reviews - both in
person and on third-party sites such as TrustPilot. The Group's gross
attrition increased to 12.8%, which Quartix believes is still below the
industry average.
These service achievements are a reflection of the teamwork, creativity and
dedication of our people and a testament to how seriously we take our
commitment to providing the best experience for our customers. Following the
2022 Investors in Customers survey, Quartix received a Gold award, which is
testimony to our excellent customer service. Our financial performance derives
from the customer service we deliver, backed by the technology we develop. The
Board would like to register its personal thanks to every one of our employees
who made 2022 another great year for Quartix.
Operational performance
All of our business operations continued to perform at a high level in 2022.
Gross margin decreased to 71.6% (2021: 73.5%), however excluding the profit
and loss impact of the 3G swap provisions in both years the gross margin has
remained constant at 72%. Additional spend on sales teams led to an increase
of £0.5m Sales & Marketing expenses.
Cash conversion strengthened marginally, due to a reduction in corporation tax
payments. Cash flow from operations represents 75.1% of profit for the year
(2021: 73.0%).
Working capital management is more challenging due to inflationary pressure on
global economies. Trade debtors at the year-end were equivalent to 38 days of
sales (2021: 34). Inventory levels increased significantly by 49.5% compared
to prior year levels, as a result of management's decision to increase stock
holding to address component shortage and due to the increasing number of 4G
compatible units in anticipation of the transition to 4G in both the US and
Europe. A key focus of 2023 is to start to reduce component stock held in the
business as the component shortage starts to improve in the wider market.
Fleet
Our core fleet business delivered excellent progress in a further year of
investment. There was particularly strong growth in the subscription base for
France and the new European territories, such that the installed base now
exceeds 235,000 units.
During the course of the year, we won 6,527 new fleet customers (2021: 5,868).
Sales leads continued to be generated and converted through a broad range of
media and channels and investments have been made in marketing, technology,
processes and training, adding automation wherever possible.
Sales & Marketing expenses, being essentially the total investment in
fleet customer acquisition, increased by £0.5m to £6.4m in 2022 (2021:
£5.9m). This investment will continue in 2023 as we develop our business
across each of our markets, thereby increasing recurring revenues.
Subscription Base New subscriptions Customers New Customers
United Kingdom
2022 136,514 26,363 11,426 1,523
2021 124,916 23,535 11,303 1,702
Change 11,598 2,828 123 (179)
France
2022 52,604 17,094 6,935 2,304
2021 40,343 12,054 5,479 1,661
Change 12,261 5,040 1,456 643
Other European Territories
2022 15,592 8,264 2,943 1,487
2021 9,563 6,185 2,026 1,256
Change 6,029 2,079 917 231
USA
2022 30,800 9,088 4,038 1,213
2021 27,912 8,991 3,860 1,249
Change 2,288 97 178 (36)
UK
UK fleet revenue was £16.9m (2021: £16.2m). The strength of our brand,
service capability and reputation in the UK is leading to higher levels of
enquiries from larger fleet prospects.
Our UK website continued to perform well in terms of enquiries, and we
continued to add new content to it.
The Group increased UK field sales capacity which has contributed to the
increase in UK revenue in 2022.
France
French fleet revenue increased by 22.6% to €6.3m (2021: €5.1m), making a
valuable contribution to the Group. We saw significant growth in new
installations as a result of the continuing expansion of the direct sales
team, including the French field sales team which targets customers who have
larger fleets, with 50 or more vehicles.
New European territories
Spain, Germany and Italy achieved excellent results, albeit from a much lower
base, and the Company will increase investment in these territories in 2023.
USA
Trading in the USA progressed albeit at a slower rate, with a 12.0% increase
in fleet revenue to $4.0m (2021: $3.6m) as a result of staff changes in H1
impacting growth as the Company focussed on performance improvement, along
with re-evaluating the US expansion plan.
US 3G swap out
In 2020, the Group made a provision of £1.6m for the replacement cost of a
large proportion of the US installed base of tracking systems as a consequence
of the sunsetting of the 3G mobile network in the US, being replaced by 4G
networks. The transition from 3G has taken longer than expected and by the end
of 2022, it had completed approximately 69% of the total units to be replaced,
with the last replacements now focussing on Quartix's smallest customers. The
spend in 2022 was approximately £0.6m, and the Group expects the remaining
swap outs to be completed in early 2023, with a forecasted cash requirement of
£0.4m.
Research and development
The Group is committed to the continuous enhancement of its core software and
telematics services, and we aim to offer a market-leading platform which
addresses the most common needs of SME customers in the service sector of each
of our target markets. As stated in the Outlook section of the Chairmans
Report, in 2022 Quartix finalised two value-adding features; namely EVolve and
Quartix Check.
Other key developments included:
1. The finalisation for production of the new 4G (LTE) models across the product
range of tracker units for the UK and European markets, although the European
2G network sunsets are now anticipated between 2025 and 2030. These products
are also the basis for ongoing development to support electric vehicles.
2. An ongoing extensive modernisation program of our core software and telematics
code, both from a technology and user experience perspective. These will
result in the launch of a new user interface, introducing new functionality
and including new self-serve features to provide our customers with more
flexibility to configure their trackers and associated reports. These
enhancements help improve the customer experience as well as increasing the
efficiency of our support operation.
All of our investment in research and development was fully expensed in the
year. The total cost of £0.8m was similar to the prior year.
Sustainability and Environmental, Social, and Governance ("ESG") matters
The Board is aware that investors are increasingly applying non-financial
factors, such as ESG matters, as part of their analysis process to identify
material risks and growth opportunities. Being part of an ethical, purpose
driven business increasingly matters more to our people, our shareholders and
our business partners.
Software companies such as Quartix have a central role in the transition to a
low carbon economy and a more sustainable future. We are essentially a
non-emitting and limited-consuming business and the Board believes our limited
use of carbon energy is largely offset by the savings that we achieve for our
customers in reduced fuel consumption and other efficiencies in vehicle fleet
management.
Quartix was granted the London Stock Exchange's "Green Economy Mark", which
champions pioneering London-listed companies driving growth in the global
green economy. To qualify, companies must generate at least 50% of their total
annual revenue from products and services that significantly contribute
towards the transition to a low carbon economy. The Mark was received due to
analytics from an external consultancy firm and evidence from our customers,
that fleet vehicle tracking and analytics changes driver behaviour and results
in a reduction of between 10~25% in fuel consumption.
Following the appointment of Russell Jones as a Non-Executive Director in
December 2022, he will take over from Andrew Walters as Chair of the ESG
Committee. Russell will be continuing our sustainability review started in
2022, in order to better understand our environmental impact and to prioritise
areas for action. In addition, the ESG Committee will be assessing our
performance in Social and Governance matters, where we believe that Quartix
already conforms to current best practice in most areas, and in 2022 the ESG
Committee have opted to voluntarily report on Scope 1 and Scope 2 emissions.
Capacity for future growth
We believe that the Group has significant opportunity for profitable growth in
its fleet business. Quartix intends to make further additional investments in
sales channels during 2023 and beyond. The Group has identified a large part
of its existing core markets still unpenetrated which it intends to pursue,
alongside winning potential customers from our competitors in more established
markets.
In the UK, the Group will continue to implement data-driven optimisation
across the sales and marketing funnel and execute automation and
simplification across business processes in order to drive growth. A focus in
2023 will be on upselling the two new value-adding features to both new
customers and into the existing customer base.
Quartix also plans further sales resource increases in the Other European
Territories in 2023, where unit sales have been growing rapidly.
In the US, Quartix has recruited 2 field sales executives based in Texas who
will focus on new unit subscription growth in Texas. In addition, the Group is
seeking to increase the direct sales team and comparison sales team who
service the US market to further increase new unit subscriptions. At the
same time, we have implemented new processes to improve sales efficiency in
the US.
The Company anticipates that these investments will enable both new fleet
units installed and the associated value of the annualised subscription base
to increase significantly in 2023. The Group has made a strong start to the
year, with new installations in January ahead of the same period in 2022;
however the Company notes that this may not extrapolate to Q1 year on year
performance due to an exceptionally higher March 2022 performance.
Richard
Lilwall
Emily Rees
Chief Executive
Officer
Chief Financial Officer
Strategic Report: Financial Review
Financial Overview Restated
Year ended 31 December
£'000 (except where stated) 2022 2021 % change
Revenue
Fleet 26,680 23,752 12.3
Insurance 837 1,761 (52.5)
Total 27,517 25,513 7.9
Gross profit before 3G swap out provision 19,793 18,323 8.0
Gross margin before 3G swap out provision 71.9% 71.8%
Gross profit 19,702 18,753 5.1
Gross margin 71.6% 73.5%
Operating profit 5,553 5,425 2.4
Operating margin 20.2% 21.3%
Adjusted EBITDA (note 3) 6,051 5,841 3.6
Profit for the year 5,041 4,985 1.1
Earnings per share 10.42 10.32 1.0
Adjusted diluted earnings per share 10.88 9.36 16.2
Cash generated from operations 4,170 3,963 5.2
Operating profit to operating cash flow conversion 75.1% 73.0%
Free cash flow 3,790 3,266 16.0
Revenue
Revenue increased by 7.9% to £27.5m (2021: £25.5m); the Group continues to
replace insurance with higher quality fleet revenue that has lower gross
attrition and a higher lifetime value.
Gross margin
Gross margin decreased to 71.6% in the year (2021: 73.5%). The prior year
gross margin benefitted from a £0.4m release in the provision relating to the
swap out of 3G units in the US, due to the reduction in the number of
replacement units forecast at 31 December 2021.
Adjusted EBITDA
Adjusted EBITDA, increased to £6.1m (2021: £5.8m). As stated in the
Principal Activities & Performance Measures section, the Company has
implemented a new policy for 2022 which recognises equipment costs, carriage
costs and installation costs as incremental costs over their expected contract
term in an attempt to report results more comparable with that reported by
companies with a similar business model. The growth of the business in 2022 is
better demonstrated with the £0.3m increase in adjusted EBITDA under the new
reporting methodology.
Overheads
We continued to invest in our product offering, in our sales structure and in
marketing, which led to an increase of 8.5% in Sales & Marketing
expenses. The annualisation of the Executive Board salaries was the main
driver for the 4.3% increase in administrative expenses.
Taxation
Our effective tax rate benefits from the Group's investment in research and
development, UK patents and loss relief for the US business. The effective
rate has increased marginally from 7.7% in 2021 to 8.8% in 2022, as a result
of lower patent relief available.
Statement of financial position
Property, plant and equipment, at £0.8m (2021: £1.0m), decreased largely due
to the disposal of servers following the migration to Azure during 2022 and
the decommissioning of a physical host site in the UK.
Contract cost assets at £4.3m (2021: £3.7m) in line with IFRS 15 'Revenue
from Contracts with Customers' relate to equipment, installation and carriage
costs of £3.0m (2021: £2.5m) under the adoption of the new accounting
policy, and the commissions of £1.3m (2021: £1.2m), incurred in winning
customer contracts already capitalised in the prior year accounting policy.
All these costs are capitalised and are amortised through the profit and loss,
over the contract term. Further details are included in note 14 and note 33 to
the Financial Statements.
Inventories increased to £2.0m (2021: £1.3m) due to maintained buffer
component stock lines and the increase in the variation of models with the
transition to 4G. Cash at the year-end was £5.1m (2021: £5.4m), after the
final and supplementary dividends for 2021, totalling £3.4m, and the interim
dividend of £0.7m were paid during the year. Trade receivables increased to
£3.7m (2021: £3.1m), due to both volume and increase in proportion of
customers paying late with a trade receivables collection period increasing
from 34 days to 38 days. Trade and other payables increased to £3.6m (2021:
£3.2m), and provisions decreased from £1.0m to £0.5m due to utilisation
(£0.6m) and re-estimate (offset of £0.1m) of the US 3G swap out provision.
Contract liabilities represent customer payments received in advance of
satisfying performance obligations, which are expected to be recognised as
revenue in future years. These increased to £3.5m in 2022 (2021: £3.2m).
Cash flow
Cash generated from operations before tax at £4.2m was 75.1% of operating
profit (2021: £4.0m, 73.0% of operating profit). Tax paid in 2022 was lower
at £0.3m (2021: £0.6m), as a result cash flow from operating activities
after taxation but before capital expenditure was £3.8m (2021: £3.3m).
Free cash flow, after capital expenditure and interest received, was £3.8m,
an increase of 16.0% (2021: £3.3m). The translation of cash flow into
dividends is covered in the Chairman's Statement.
Risk Management policies
The principal risks and uncertainties of the Group are as follows:
Attracting and retaining the right number of good quality staff
The Group believes that in order to safeguard the future of the business it
needs to recruit, develop and retain the next generation of staff. The impact
of not mitigating this risk is that the Group ceases to be innovative and
provide customers with the vehicle telematics services they require.
Considerable focus has been given to recruitment, development and retention.
The Group has a range of tailored incentive schemes to help recruit, motivate
and retain top quality staff, which include the use of share options.
Reliance on Mobile To Mobile ("M2M") network
The Group's service delivery is dependent on a functioning M2M network
covering both the internet and mobile data. The impact of not mitigating this
risk is that the Group is exposed to an M2M outage. Quartix has dual site
redundancy to cover a localised internet problem and we are constantly working
on improving the reliability of our systems architecture.
Management believes that, at some point between 2025 and 2030, most UK and
European network operators will finalise the sunsetting of their 2G networks.
Depending on the actual timetable and the commercial climate, there may be a
cost at that time associated with the upgrading of customers' technology,
which the Group is seeking to minimise through various technological and
commercial means. All new units installed from 2023 onwards are 4G compatible
products.
As described in the 2020 Financial Statements, Management anticipated the
sunsetting of the 3G mobile network in the US to be finalised in 2022. This
necessitated the replacement of a large proportion of the US installed base of
tracking systems. By the end of 2022, Quartix had completed approximately 69%
of the total units to be replaced, with the last replacements now focussing on
Quartix's smallest customers.
Business disruption
Like any business the Group is subject to the risk of business disruption.
This includes communications, physical disruption to our sites and problems
with our key suppliers. The impact of not mitigating this risk is that the
Group may not be able to service its customers. Quartix has a Business
Continuity plan and business interruption insurance to cover certain events to
help mitigate these risks.
The Group acquires, manages and supports its customers in the EU centrally,
from its offices in the UK. The BREXIT trading and data adequacy arrangements
has not made it necessary for a relocation of some of its operations to within
the EU. However, the existing French branch is instrumental in the logistics
of moving the goods between the France and the customers in the EU.
The war in Ukraine, with its impact on energy prices and other inflationary
pressures, have impacted the growth of the global economy and therefore
present a risk that this may impact the Group's subscription base and its
ability to collect cash from its customers. The Group is reviewing it
collection process and local representation to mitigate this risk.
As with other industries, there is a continuing risk of some short-term
disruption to component supplies caused by global shortages. The Group is
actively working with suppliers to manage this and has increased its buffer
stock holding.
Cyber security
The Group needs to make sure its data is kept safe and that there is security
of supply of data services to customers. The reputational and commercial
impact of a security breach would be significant. To combat this, the Group
has a security policy and prepares a security report which is reviewed by
members of the Operations Board. This process includes the use of outside
consultants for penetration testing and security review.
Technology
Technology risks are perceived to arise from possible substitutes for the
current Quartix product. Risks cited include everything from smart mobile
phones and their applications to driverless cars. The Group strategy is to
review all new technical developments with the aim of adopting any which will
provide a better channel for the information services which Quartix provides.
Emily Rees
Chief Financial Officer
The Strategic Report, comprising the Operational Review and Financial Review,
was approved by the Board of Directors and signed on behalf of the Board on 24
February 2023.
Richard Lilwall
Chief Executive Officer
Consolidated Statement of Comprehensive Income
Year ended 31 December 2022 2022 2022 Restated 2021 2021 Restated 2021
Notes Before Adjustments After Adjustments Before Adjustments
Adjustments Adjustments After Adjustments
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 2 27,517 - 27,517 25,513 - 25,513
Cost of sales (7,724) (91) (7,815) (7,190) 430 (6,760)
Gross profit 19,793 (91) 19,702 18,323 430 18,753
Sales & Marketing expenses (6,358) (71) (6,429) (5,926) - (5,926)
Administrative expenses (7,640) (80) (7,720) (7,402) - (7,402)
Operating profit 5,795 (242) 5,553 4,995 430 5,425
Finance income receivable 8 - 8 - - -
Finance costs payable (31) - (31) (23) - (23)
Profit for the year before taxation 5,772 (242) 5,530 4,972 430 5,402
Tax expense (489) - (489) (418) - (418)
Profit for the year 5,283 (242) 5,041 4,554 430 4,984
Exchange difference on translating foreign operations (169) - (169) (100) - (100)
Other comprehensive income for the year, net of tax (169) - (169) (100) - (100)
Total comprehensive income attributable to the equity shareholders of Quartix 5,114 (242) 4,872 4,454 430 4,884
Technologies plc
Adjusted EBITDA 3 6,051 5,840
Earnings per ordinary share (pence) 4
Basic 10.42 10.32
Diluted 10.38 10.25
Consolidated Statement of Financial Position
Restated Restated
31 Dec 2022 31 Dec 2021 1 Jan 2021
Notes £'000 £'000 £'000
Non-current assets
Goodwill 14,029 14,029 14,029
Property, plant and equipment 845 956 1,278
Deferred tax assets 197 - -
Contract cost assets 752 575 513
Total non-current assets 15,823 15,560 15,820
Current assets
Inventories 1,989 1,330 694
Contract cost assets 3,536 3,160 3,113
Trade and other receivables 3,692 3,094 2,915
Cash and cash equivalents 5,063 5,414 10,570
Total current assets 14,280 12,998 17,292
Total assets 30,103 28,558 33,112
Current liabilities
Trade and other payables 3,650 3,216 2,823
Provisions 543 953 1,785
Contract liabilities 3,499 3,160 3,650
Current tax liabilities 896 77 301
8,588 7,406 8,559
Non-current liabilities
Deferred tax liabilities - 457 425
Lease liabilities 617 650 822
617 1,107 1,247
Total liabilities 9,205 8,513 9,806
Net assets 20,898 20,045 23,306
Equity
Share capital 6 484 484 479
Share premium account 6 6,332 6,332 5,252
Equity reserve 342 380 792
Capital redemption reserve 4,663 4,663 4,663
Translation reserve (338) (169) (69)
Retained earnings 9,415 8,355 12,189
Total equity attributable to equity shareholders of Quartix Technologies plc 20,898 20,045 23,306
Consolidated Statement of Changes in Equity
Share capital Share premium account Capital redemption reserve Equity reserve Translation reserve Retained earnings Total equity
£'000 £,000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2020 479 5,252 4,663 792 (69) 10,316 21,433
Prior year restatement - - - - - 1,873 1,873
Restated balance at 31 December 2020 479 5,252 4,663 792 (69) 12,189 23,306
Shares issued 5 1,080 - - - - 1,085
Increase in equity reserve in relation to options issued - - - 170 - - 170
Adjustment for exercised options - - - (98) - - (98)
Recycle of equity reserve to P&L reserve - - - (456) - 456 -
Deferred tax on share Options - - - (28) - - (28)
Dividend paid - - - - - (9,274) (9,274)
Transactions with owners 5 1,080 - (412) - (8,818) (8,145)
Foreign currency translation differences - - - - (100) - (100)
Profit for the year - - - - - 4,984 4,984
Total comprehensive income - - - - (100) 4,984 4,884
Restated Balance at 31 December 2021 484 6,332 4,663 380 (169) 8,355 20,045
Shares issued - - - - - - -
Increase in equity reserve in relation to options issued - - - 93 - - 93
Adjustment on settlement of options - - - (85) - 85 -
Recycle of equity reserve to P&L reserve - - - (46) - 46 -
Dividend paid - - - - - (4,112) (4,112)
Transactions with owners - - - (38) - (3,981) (4,019)
Foreign currency translation differences - - - - (169) - (169)
Profit for the year - - - - - 5,041 5,041
Total comprehensive income - - - - (169) 5,041 4,872
Balance at 31 December 2022 484 6,332 4,663 342 (338) 9,415 20,898
Consolidated Statement of Cash Flows
Note 2022 Restated 2021
£'000 £'000
Cash generated from operations 5 4,170 3,963
Taxes paid (320) (636)
Cash flow from operating activities 3,850 3,327
Investing activities
Additions to property, plant and equipment (68) (61)
Interest received 8 -
Cash flow utilised in investing activities (60) (61)
Cash flow from operating activities after investing activities 3,790 3,266
(Free cash flow)
Financing activities
Repayment of lease liabilities (151) (166)
Proceeds from share issues - 1,085
Dividend paid (4,112) (9,274)
Cash flow used in financing activities (4,263) (8,355)
Net changes in cash and cash equivalents (473) (5,089)
Cash and cash equivalents, beginning of year 5,414 10,570
Exchange differences on cash and cash equivalents 122 (67)
Cash and cash equivalents, end of year 5,063 5,414
Notes to the Accounts
1 Basis of preparation
The results have been extracted from the audited financial statements of the
Group for the year ended 31 December 2022. The results do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act
2006. Whilst the financial information included in this announcement has been
computed in accordance with International accounting standards in conformity
with the requirements of the Companies Act 2006 (UK-adopted IAS), IFRIC
interpretations and Companies Act 2006 that applies to companies reporting
under UK-adopted IAS, this announcement does not of itself contain sufficient
information to comply with UK-adopted IAS. The Group will publish full
financial statements that comply with UK-adopted IAS. The audited financial
statements incorporate an unqualified audit report.
IFRS 15 Incremental costs of obtaining a contract
As stated above the Group has implemented a new policy for 2022 which
recognises equipment costs, installation costs and carriage costs associated
with new unit subscriptions as incremental costs over their expected contract
term, on a systematic basis that more accurately reflects the revenue stream
generated by them. The capitalisation and subsequent amortisation of the
incremental costs will be more aligned to the core principles in IFRS 15 and
make the reported EBITDA more comparable with that reported by companies with
a similar business model. As a consequence of this policy change, the
financial statements have been restated to 1 January 2021. Further information
on the impact of the change in policy is disclosed in note 9.
Statutory accounts for the year ended 31 December 2021, which incorporated an
unqualified auditor's report, have been filed with the Registrar of Companies.
The Auditor's report on these accounts did not draw attention to any matters
by way of emphasis and did not contain statements under S498(2) or (3)
Companies Act 2006. With the exception of the change in accounting policy for
contract costs, outlined above, the accounting policies applied are consistent
with those described in the Annual Report & Accounts for the year ended 31
December 2022.
The basis of preparation and summary of significant accounting policies
applicable to the consolidated financial statements of Quartix Technologies
plc can be found in note 1 of the Annual Report and Financial Statements,
available from the Group's website.
2 Revenue
The Group's revenue disaggregated by primary geographical market is as
follows:
2022 2021
£'000 £'000
United Kingdom 17,760 17,953
France 5,410 4,425
New European Territories 1,060 507
United States of America 3,287 2,628
27,517 25,513
During 2022 UK revenue of £0.7m (2021: £1.5m) was derived from one insurance
customer, as a proportion of total revenue this one customer makes up 2.6% of
the Group's revenue (2021: 6.1%).
There are no material non-current assets based outside the UK.
The Group's revenue disaggregated by pattern of revenue recognition is as
follows:
2022 2021
£'000 £'000
Goods and services transferred over time 26,505 24,556
Revenue recognised at a point in time 1,012 957
27,517 25,513
Goods and services transferred over time represent 96.3% of total revenue
(2021: 96.2%).
For 2022, revenue includes £3.1m (2021: £3.6m) included in the contract
liability balance at the beginning of the period. Changes to the Group's
contract liabilities (i.e. deferred revenue) are attributable solely to the
satisfaction of performance obligations.
3 Adjusted earnings before interest, tax,
depreciation and amortisation (EBITDA)
Restated
2022 2021
£'000 £'000
Operating profit 5,553 5,425
Depreciation on property, plant and equipment, owned 124 180
Depreciation on property, plant and equipment, right of use 133 151
EBITDA 5,810 5,756
Share-based payment expense (incl. cash-settled) (1) 515
Cost of living payments 151 -
Provision for replacement of 3G units 91 (430)
Adjusted EBITDA 6,051 5,841
4 Earnings per share
The calculation of the basic earnings per share is based on the profits
attributable to the shareholders of Quartix Technologies plc divided by the
weighted average number of shares in issue during the year. All earnings per
share calculations relate to continuing operations of the Group.
Earnings per ordinary share Profits attributable to shareholders £'000 Weighted average number of shares Basic profit per share amount in pence Fully diluted weighted average number of shares Diluted profit per share amount in pence
Year ended 31 Dec 2022 5,041 48,387,354 10.42 48,599,519 10.38
Restated year ended 31 Dec 2021 4,984 48,269,166 10.32 48,661,104 10.25
Adjusted earnings per share
Year ended 31 Dec 2022 5,283 48,387,354 10.92 48,599,519 10.88
Restated year ended 31 Dec 2021 4,554 48,269,166 9.43 48,661,104 9.36
For diluted earnings per share, the weighted average number of ordinary shares
is adjusted to assume the conversion of all dilutive potential ordinary
shares. Dilutive potential ordinary shares are those share options where the
exercise price is less than the average market price of the Company's ordinary
shares during that year.
To illustrate the underlying earnings for the year, the table above includes
adjusted earnings per ordinary share, which for 2021 excludes the £0.4m
release of the exceptional 3G replacement unit provision and for 2022 excludes
both the £0.1m re-estimate of the 3G replacement unit provision and the
£0.2m cost of living payments considered to be a one off.
5 Notes to the cash flow statement
Cash flow adjustments and changes in working capital
Restated
2022 2021
£'000 £'000
Profit before tax 5,530 5,402
Foreign exchange (256) 39
Depreciation 257 331
Loss on disposal of fixed asset 29 -
Interest income (8) -
Lease interest expense 31 23
Share based payment expense 92 72
Operating cash flow before movement in working capital 5,675 5,867
Decrease/(increase) in trade and other receivables (516) (240)
(Increase)/decrease in contract cost assets (524) (107)
(Increase) in inventories (659) (636)
(Decrease) in trade and other payables (99) (427)
(Decrease)/increase in contract liabilities 293 (494)
Cash generated from operations 4,170 3,963
6 Equity
Number of ordinary shares of £0.01 each Share capital £'000 Share premium £'000
Allotted, called up and fully paid
At 1 January 2022 48,380,034 484 6,332
Shares issued 12,144 - -
At 31 December 2022 48,392,178 484 6,332
All the shares issued in the year to 31 December 2022 related to the exercise
of share options.
7 Share based payments
The Company has share option schemes for certain employees. Share options are
exercisable at prices determined at the date of grant. The vesting periods for
the share options range between 12 and 63 months. Options are forfeited if the
employee leaves the Company before the options vest.
Movements in the number of equity-settled share options outstanding and their
related weighted average exercise prices are as follows:
2022 2021
Weighted average exercise price per share Options Weighted average exercise price per share Options
in pence number in pence number
Outstanding at 1 January 306.8 737,930 279.3 1,232,068
Granted 1.0 212,000 453.0 110,369
Settled 451.3 (110,783) 360.0 (112,443)
Lapsed 247.3 (21,940) 251.2 (74,546)
Exercised 1.0 (12,144) 259.9 (417,518)
Outstanding at 31 December 212.6 805,063 306.8 737,930
Exercisable at 31 December 282.4 529,982 281.8 173,204
The weighted average fair value of equity-settled options issued during the
year ended 31 December 2022 was 275.3p (2021: 74.91p). All equity-settled
options granted in 2022 (2021: none) were granted to staff with performance
conditions.
The weighted average share price at the date of exercise of options during the
year ended 31 December 2022 was 335.00p (2021: 467.22p).
Movements in the number of cash-settled share options outstanding and their
related weighted average exercise prices are as follows:
2022 2021
Weighted average exercise price per share Options Weighted average exercise price per share Options
in pence number in pence number
Outstanding at 1 January 322.0 78,000 321.4 238,000
Re-estimated - - 322.0 40,000
Cancelled 322.0 (39,250) 320.0 (44,000)
Exercised - - 321.7 (156,000)
Lapsed - (38,750) - -
Outstanding at 31 December - - 322.0 78,000
Exercisable at 31 December n/a n/a n/a n/a
At 31 December 2022 Quartix Technologies plc had no outstanding cash-settled
options and exercise prices, at 31 December 2021 there were 78,000 cash
options outstanding at an average exercise price of 322p with a remaining
contractual life of 27 months.
Further details of share-based payments are given in the Group's audited
accounts, which are available at www.quartix.net/investors/
9 Explanation of change in accounting policy
relating to IFRS 15
As highlighted in note 1, the Group has decided to change its accounting
policy in relation to costs in obtaining customer contracts. For many years
the Company has applied a very conservative accounting policy of immediately
expensing hardware and associated installation and carriage costs. The new
policy recognises these incremental costs over their expected contract term,
on a systematic basis that more accurately reflects the revenue stream
generated by them. The capitalisation and subsequent amortisation of the
incremental costs will be more aligned to the core principles in IFRS 15 and
make the reported EBITDA more comparable with that reported by companies with
a similar business model. As a consequence of this policy change, the
financial statements have been restated to 1 January 2021.
As at 1 January 2021, the restatement of the Group's net assets was an
increase of £1,873,000 to £23,306,000 from the inclusion of a contract cost
assets of £2,433,000 under IFRS 15, being previously recognised as equipment,
installation and carriage costs incurred at the inception of the customer
contract and now being recognised over the contractual period, net of a
deferred tax liability of £560,000.
The impact of capitalising incremental costs as per IFRS 15 on the financial
statements:
Consolidated Statement of Financial Position
1 January 2021 As previously reported Adjustments As Restated
£'000 £000 £'000
Deferred tax assets 135 (135) -
Contract cost assets 1,193 2,433 3,626
Other 29,486 - 29,486
Total assets 30,814 2,298 33,112
Deferred tax liabilities - (425) (425)
Other liabilities (9,381) - (9,381)
Total liabilities (9,381) (425) (9,806)
Retained earnings 10,316 1,873 12,189
Other 11,117 - 11,117
Total Equity 21,433 1,873 23,306
31 December 2021 As previously reported Adjustments As Restated
£'000 £000 £'000
Deferred tax assets 131 (131) -
Contract cost assets 1,185 2,549 3,734
Other assets 24,823 - 24,823
Total assets 26,139 2,418 28,557
Deferred tax liabilities - (457) (457)
Other liabilities (8,056) - (8,056)
Total liabilities (8,056) (457) (8,513)
Retained earnings 6,394 1,961 8,355
Other 11,689 1 11,690
Total Equity 18,083 1,962 20,045
Consolidated Statement of Comprehensive Income
For the year ended 1 December 2021 As previously reported Adjustments As Restated
£'000 £000 £'000
Revenue 25,513 - 25,513
Cost of sales (6,876) 116 (6,760)
Other expenses (13,351) - (13,351)
Tax expense (390) (28) (418)
Net profit 4,896 88 4,984
Other Comprehensive income (101) 1 (100)
Total Comprehensive income 4,795 89 4,884
Earnings per ordinary share (pence) 10.14 0.18 10.32
Diluted earnings per ordinary share (pence) 10.07 0.18 10.25
Consolidated Statement of Cash Flows
For the year ended 31 December 2021 As previously reported Adjustments As Restated
£'000 £000 £'000
Profit 4,896 88 4,984
Adjusted for:
- Tax expense 390 28 418
Profit before tax 5,286 116 5,402
Changes in in contract cost assets 9 (116) (107)
Other (1,332) - (1,332)
Cash generated from operations 3,963 - 3,963
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