REG - Quartix Technologies - Trading Update

Quartix TechnologiesAnnouncement

10/10/2022 07:00

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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     New subscriptions     Growth

                        (units)               (units)

                        first 9 months 2022   first 9 months 2021
 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 announcement(1).

 

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)                                           01686 806 663

 Richard Lilwall, Chief Executive Officer

 Emily Rees, Chief Financial Officer

 finnCap (Nominated Adviser and Broker)                              020 7220 0500

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

 Alice Lane (Corporate Broking)

 

 

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