REG - Quartix Technologies - Interim Results
24/07/2025 07:00
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RNS Number : 3155S Quartix Technologies PLC 24 July 2025
24 July 2025
Quartix Technologies plc
("Quartix", "the Group" or "the Company")
Interim Results
Quartix Technologies plc (AIM:QTX), a leading supplier of subscription-based
vehicle tracking systems, analytical software and services, is pleased to
announce its unaudited results for the half year ended 30 June 2025.
Financial highlights:
· Revenue increased by 10% to £17.6m (2024: £16.1m)
· EBITDA(1) increased by 30% to £3.7m (2024: £2.8m)
· Operating profit & profit before tax increased by 31% to £3.5m
(2024: £2.7m)
· Diluted earnings per share of 5.52p (2024: 4.37p)
· Free cash flow(2) increased by 134% to £2.5m (2024: £1.1m)
· Interim dividend of 2.50p per share proposed (2024: 1.50p)
(1) Earnings before interest, tax, depreciation and amortisation (see note 4)
(2) Cash flow from operations after tax and investing activities
Principal activities and performance measures
The Company's main strategic objective is to profitably grow its subscription
base and develop the associated annualised recurring revenue.
Annualised recurring revenue has increased by 13% on a twelve month trailing
basis ("TTM") (see definition in KPI table below). Annualised recurring
revenue is a forward-looking key performance measure, and it is pleasing that
it grew by £4.1m on a constant exchange rate to £35.0m at 30 June 2025,
compared to 30 June 2024.
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.
Key Performance Indicators ("KPIs")
Period ended 30 June 2025 2024 % change
Fleet subscriptions(1) (new units) 40,698 37,863 7%
Fleet subscription base(2) (units) 318,947 282,922 13%
Fleet customer base(3) 31,588 28,586 11%
Customer Acquisition (New Customers) 3,962 3,518 13%
Annualised recurring revenue(4) £'000) 34,951 30,821 13%
Net Revenue Retention(5) ("NRR") (%) 97.3 95.5 2%
Fleet invoiced recurring revenue(6) (£'000) 16,848 15,080 12%
( )
1 New vehicle tracking unit subscriptions added to the subscription base in
6 months to 30 June before any 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) Annualised data services revenue for the subscription base at 30 June,
before deferred revenue, including revenue for units waiting to be installed
for which subscription payments have already started or are committed, with
comparative June 2024 measured at a constant exchange rate.
(5) NRR is measured on a constant-currency basis and represents the annualized
value of recurring revenues for the customer base at the end of the Period,
excluding the contribution from new customers won over the preceding 12
months, and expressed as a percentage of the base at 1 July 2024
(6) Invoiced subscription charges before provision for deferred revenue
Andrew Walters, Executive Chairman of Quartix Technologies plc, commented:
The Company made great progress in the first half: growth in ARR accelerated
and the improvements achieved in NRR, manufacturing costs and overhead
efficiency provide the capacity for increased investment in profitable growth
in 2026.
The Board is confident in the outlook for the remainder of the year and now
believes that both profit and cashflow will be slightly ahead of market
expectations*. The Company looks forward to the rest of this year and next
with confidence.
*Note: the Company believes that, prior to this announcement, market
expectations for 2025 performance in terms of revenue, EBITDA and free
cashflow were £36.0m, £7.2m and £3.6m respectively.
For further information, please contact:
Quartix (www.quartix.com (http://www.quartix.com) /en-gb
(http://www.quartix.com)
)
01686 806 663
Andrew Walters, Executive Chairman
Sally Morton, Company Secretary
Cavendish (Nominated Adviser and
Broker)
020 7200 0500
Matt Goode / Seamus Fricker / Trisyia Jamaludin (Corporate Finance)
Sunila de Silva (Corporate Broking)
The information communicated in this announcement is inside information for
the purposes of Article 7 of Regulation 596/2014.
Interim Financial Results Report
The Group's Interim Financial Statements for the 6 months ended 30 June 2025
are available in the "Investors" section of our website at:
www.quartix.com/en-gb/company/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 which improves productivity and safety and which lowers 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
Summary
The Board is pleased to report that Annualised Recurring Revenue ("ARR")
increased by £4.1m (+13%) in the 12 months from 1 July 2024 to 30 June 2025.
Just over two thirds of this increase (£2.7m) was achieved during the Period.
Revenue grew by 10% to £17.6m and the subscription base and new subscriptions
increased by 13% and 7% respectively. Gross margin has marginally improved to
69.5% (2024: 69.2%) with the introduction of second generation TCSV 15 tracker
unit in full production in H1 2024 which resulted in a cost reduction of
approximately £10 per unit. The effects of this reduction in reported profit
was delayed as a result of the IFRS 15 accounting policy. A similar effect is
to be expected from the full introduction of the TCSV17 in H2 2025, which is
expected to show a further cost benefit of around £8 per unit. In both cases
the cash cost reduction is immediate but improvement in gross margin is
delayed.
Operating profit and profit before tax for the Period increased by 31% to
£3.5m (2024: £2.7m). The business completed a reorganisation programme in
the Period with the intention of accelerating the development of our core
telematics platform. The reorganisation will result in an annualised saving of
£0.5m, at an expense of approximately £0.4m incurred towards the end of the
Period.
Pricing and revenue retention
Average revenue per unit subscription (average pricing) increased by 2% during
the Period, in part as a result of the inflationary price adjustments applied
across the customer base.
NRR is calculated by dividing the ARR of the remaining customer base at the
end of a 12-month period by the ARR value of that base at the start of the 12
months. It excludes the effects of new customer acquisition during the period
but includes the effects of upgrades and additions to existing fleets and
price changes. NRR was 97.3% at the end of the 6 month period ending 30 June
2025 (2024: 95.5%) and has reached 100% in the UK in the Period.
Market performance
The key metrics shown below include growth expressed as a percentage since 1
July 2024, with the exception of the figures given for new subscriptions and
new customers, for which the growth shown is for the Period compared to the
same period in 2024.
Country ARR (£m) TTM % Subscription Base (units) TTM % Customer Base TTM % New Subscriptions (units) % New Customers %
UK/EI 19.0 10% 164,102 8% 11,872 4% 16,464 4% 881 11%
France 9.3 15% 86,845 16% 9,570 10% 12,651 7% 1,219 (2%)
USA 3.2 10% 30,039 4% 3,989 6% 3,980 27% 535 52%
Italy 1.6 33% 16,925 38% 2,674 39% 3,567 12% 605 26%
Spain 1.1 38% 13,056 35% 2,343 28% 2,567 16% 480 14%
Germany 0.8 33% 7,507 37% 1,069 29% 1,443 (10%) 240 9%
Other - - 473 (18%) 71 (22%) 26 (71%) 2 (33%)
Total 35.0 13% 318,947 13% 31,588 11% 40,698 7% 3,962 13%
UK
The subscription and customer bases grew by 8% and 4% respectively on a TTM
basis. Customer acquisition rates increased by 11% compared with the prior
period. New subscriptions also increased by 4%, compared to the same period
last year, and good progress is now being made through all sales channels.
ARR in the UK increased by 10% on a TTM basis. Additionally, NRR in the UK has
increased to 100% in the 12 months to 30 June 2025.
France
The subscription and customer bases grew by 16% and 10% respectively on a TTM
basis. Customer acquisition rates fell by 2% compared with the prior period.
New subscriptions were, however, 7% higher than the same period last year.
ARR in France increased by 15% in the 12 months to 30 June 2025.
USA
The subscription and customer bases grew by 4% and 6% respectively on a TTM
basis. Customer acquisition rates increased by an encouraging 52% compared
with the prior period. New subscriptions
were 27% higher than the same period last year. Enquiry levels and customer
acquisition rates in both sales channels for the USA are very encouraging.
ARR in the USA increased by 10% in the 12 months to 30 June 2025.
Italy, Spain and Germany
Strong growth was recorded on all key performance measures in each of these
countries with ARR growth in each territory on a TTM basis being in excess of
30%. New customer acquisition rates in Italy were particularly strong at 26%,
and both Italy and Spain increased their new unit subscriptions by more than
10% compared to the prior period. Germany however fell behind with 10% fewer
new unit subscriptions, whilst the team managed some resourcing issues. All
three countries continue to offer substantial opportunities for business
development and further investment is planned for the second half of 2025 and
into 2026.
Product development, systems and overheads
4G upgrades in Europe
A provision for the cost of upgrading our 2G subscription base in France was
recognised in the Company's accounts in 2023. In the Period £0.5m was
utilised from the provision to replace 2G units in France and as at 30 June
2025 £1.7m remained outstanding to complete the replacement programme, with
23,760 active 2G units still in the field subject to replacement before 31
December 2026.
UK 2G network
The Board continues to monitor the situation concerning the eventual phasing
out of 2G mobile network coverage in the UK. All UK network operators have
agreed to sunset their 2G networks no later than 2033. Since Q4 of 2022, all
new installations of the Company's tracking systems in the UK have either been
of its wired, 4G-compatible units or of plug-in, user-installed trackers
equipped with SIM cards which can roam across any of the available UK 2G
networks. Given the very high level of fixed 2G device installations in the UK
for applications such as smart meters, critical infrastructure and remote
monitoring it is expected that some networks will continue through until the
2033 deadline.
As at 30 June 2025 the Company had 75,000 UK installations using 2G network
services with its principal network service provider. These will not currently
roam onto other networks. This total is reducing at a rate of approximately
1,300 units per month through natural replacements (service upgrades and
vehicle swaps) as well as some attrition. The Board understands that its
network service provider currently has just under 4 million 2G installations
with other customers in the UK, and that it will enter into further discussion
with all customers regarding the phasing-out process towards the end of 2025,
with a view to completing the transition before the end of the decade. Given
the current rate of reduction in the Company's 2G installed base and the
anticipated cooperation and support of its service provider the Board
continues to believe that it will not incur material replacement costs in the
foreseeable future.
Telematics developments
Quartix introduced its next generation, cost reduced telematics system into
production during the period and new installations are progressing well.
The development team is now utilising the same low cost core design to produce
a tiny OBD 4G 'dongle' tracker for launch in the second half of the year. A
derivative of this 'dongle' style product will also be introduced into the US
market at the end of this year.
Software and mobile applications
Development will continue over the next 6 months in migrating the whole
application to a new user interface for all customers, following the
reorganisation in the business, this is a key priority of the new front-end/
user interface team.
In January 2025 the Company's new user interface mobile application was
released to all users and a release of the upgraded Quartix Check mobile
application went live in July 2025.
Reorganisation/reduction in overhead costs
As announced in the 3 July 2025 trading statement, in June the Company
combined its two principal software teams to form one consolidated department
with responsibility for all database and API development to support customer
application (front-end) development and internal business systems. At the same
time a new front-end/ user interface team was created to focus on development
and enhancement of the Company's web application software. The front-end team
is based in the Company's new Cambridge office.
This new team is focused on enhancing ease of use, responsiveness, and speed
of access to key operational data for our customers. These measures were
designed to support our renewed strategic focus on the Company's core
telematics subscription business by further developing best-in-class software
applications and by enabling additional investment in business development
through cost savings.
Further recruitment of senior staff for the front-end team has now been
achieved and, net of the anticipated cost of this, together with the impact of
other cost initiatives, the overall effect will have been to reduce overhead
run-rate by £0.5m per annum from July 2025.
Financial Performance
Revenue for the period increased by 10% to £17.6m (2024: £16.1m); 96% of
this revenue derives from recurring subscriptions. Operating profit and profit
before tax for the period increased by 31% to £3.5m (2024: £2.7m). EBITDA
increased by 30% to £3.7m (2024: £2.8m) this increase in profit can be
attributed to improved growth, pricing, NRR and cost reductions over the past
12 months.
Cash flow from operations after tax and investing activities or free cash
flow, increased to £2.5m. Net cash increased to £4.1m at 30 June 2025 (June
2024: £2.7m; Dec 2024: £3.1m).
Basic earnings per share were 5.52p (2024: 4.49p). On a diluted basis earnings
per share were 5.52p (2024: 4.37p).
Recommended Interim Dividend
The Board has recommended an interim dividend of 2.50p (2024: 1.50p) per
share, £1.2m in aggregate. This was approved by the Board on 23 July 2025.
The interim dividend will be paid on 30 September 2025 to shareholders on the
register on 29 August 2025. The ex-dividend date is therefore 28 August 2025.
Governance and the Board
The Board is comprised of two Non-Executive Directors: Alison Seekings and Ian
Spence, the Company Secretary and myself as Executive Chairman.
For further details regarding Corporate governance, please see the Company's
investor website (search: "Quartix investors").
Outlook
Accelerated growth in ARR together with improvements in NRR, manufacturing
costs and overhead efficiency provide the capacity for increased investment in
profitable growth in 2026.
The Board is confident in the outlook for the remainder of the year and now
believes that both profit and cashflow will be slightly ahead of market
expectations*. The Company looks forward to the rest of this year and next
with confidence.
*Note: the Company believes that, prior to this announcement, market
expectations for 2025 performance in terms of revenue, EBITDA and free
cashflow were £36.0m, £7.2m and £3.6m respectively.
Andrew Walters
Executive Chairman
Consolidated Statement of Comprehensive Income
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
Revenue 3 17,635 16,105 32,402
Cost of sales (5,382) (4,959) (9,886)
Gross profit 12,253 11,146 22,516
Sales & Marketing expenses (3,925) (3,367) (7,105)
Administrative expenses (4,782) (5,065) (9,020)
Fair value gain - - 73
Operating profit / (loss) 3,546 2,714 6,464
Finance income receivable - 1 2
Finance costs payable (13) (19) (153)
Profit / (loss) for the period before taxation 3,533 2,696 6,313
Tax (expense) /credit (862) (521) (1,547)
Profit /(loss) for the period 2,671 2,175 4,766
Other Comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange difference on translating foreign operations 200 104 (14)
Other comprehensive income for the year, net of tax 200 104 (14)
Total comprehensive income attributable to the equity shareholders of Quartix 2,871 2,279 4,752
Technologies plc
EBITDA 4 3,654 2,814 6,658
Earnings per ordinary share (pence) 5
Basic 5.52 4.49 9.85
Diluted 5.52 4.37 9.78
Consolidated Statement of Financial Position
Company registration number: 06395159
30 June 30 June 31 December 2024
2025 2024
Unaudited Unaudited Audited
Assets Notes £'000 £'000 £'000
Non-current assets
Goodwill 14,029 14,029 14,029
Property, plant and equipment 756 599 560
Deferred tax assets 596 1,146 737
Contract cost assets 1,239 1,099 1,125
Total non-current assets 16,620 16,873 16,451
Current assets
Inventories 1,143 1,802 1,732
Contract cost assets 5,390 4,784 5,045
Trade and other receivables 4,735 4,282 4,115
Cash and cash equivalents 4,148 2,671 3,101
Total current assets 15,416 13,539 13,993
Total assets 32,036 30,412 30,444
Current liabilities
Trade and other payables 3,800 4,383 4,029
Provisions 1,135 2,042 1,203
Contract liabilities 4,178 3,688 3,782
Current tax liabilities 521 354 369
9,634 10,467 9,383
Non-current liabilities
Lease liabilities 761 446 411
Non-current provisions 603 1,679 1,048
1,364 2,125 1,459
Total liabilities 10,998 12,592 10,842
Net assets 21,038 17,820 19,602
Equity
Called up share capital 7 484 484 484
Share premium account 7 6,332 6,332 6,332
Equity reserve 104 310 163
Capital redemption reserve 4,663 4,663 4,663
Translation reserve (216) (191) (309)
Retained earnings 9,671 6,222 8,269
Total equity attributable to equity shareholders of Quartix Technologies plc 21,038 17,820 19,602
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 2023 484 6,332 4,663 392 (295) 4,773 16,349
Adjustment for forfeited options - - - (82) - - (82)
Dividend paid - - - - - (726) (726)
Transactions with owners - - - (82) - (726) (808)
Foreign currency translation differences - - - - 104 - 104
Profit for the period - - - - - 2,175 2,175
Total comprehensive income - - - - 104 2,175 2,279
Balance at 30 June 2024 484 6,332 4,663 310 (191) 6,222 17,820
Increase to Equity reserve in relation to options issues and cancelled - - - (31) - 66 35
Recycle of Equity Reserve to P&L - - - (116) - 116 -
Dividend paid - - - - - (726) (726)
Transactions with owners - - - (147) - (544) (691)
Foreign currency translation differences - - - - (118) - (118)
Profit for the period - - - - - 2,591 2,591
Total comprehensive income - - - - (118) 2,591 2,473
Balance at 31 December 2024 484 6,332 4,663 163 (309) 8,269 19,602
Translation Correction - - - - (107) 107 -
Restated Balance at 31 December 2024 484 6,332 4,663 163 (416) 8,376 19,602
Increase to Equity reserve in relation to options issues and cancelled - - - 18 - - 18
Recycle of Equity Reserve to P&L - - - (77) - 77 -
Dividend paid - - - - - (1,453) (1,453)
Transactions with owners - - - (59) - (1,376) (1,435)
Foreign currency translation differences - - - - 200 - 200
Profit for the period - - - - - 2,671 2,671
Total comprehensive income - - - - 200 2,671 2,871
Balance at 30 June 2025 484 6,332 4,663 104 (216) 9,671 21,038
Consolidated Statement of Cash Flows
30 June 30 June 31 December 2024
2025 2024
Unaudited Unaudited Audited
Notes £'000 £'000 £'000
Cash generated from operations 6 3,154 1,832 4,097
Taxes paid (598) (723) (1,326)
Cash flow from operating activities 2,556 1,109 2,771
Investing activities
Additions to property, plant and equipment (9) (21) (28)
Interest received - 1 2
Acquisition of subsidiary, net of cash acquired - - (176)
Cash flow from investing activities (9) (20) (202)
Cash flow from operating activities after investing activities (free cash 2,547 1,089 2,569
flow)
Financing activities
Repayment of lease liabilities (101) (71) (166)
Interest paid (0) (14) -
Dividend paid (1,453) (726) (1,452)
Cash flow from financing activities (1,554) (811) (1,618)
Net changes in cash and cash equivalents 993 278 951
Cash and cash equivalents, beginning of period 3,101 2,380 2,380
Exchange differences on cash & cash equivalents 54 13 (230)
Cash and cash equivalents, end of period 4,148 2,671 3,101
Notes to the Financial Statements (unaudited)
1. General Information
Quartix Technologies plc ("the Company") and its subsidiaries ("the Group") a
leading supplier of subscription-based vehicle tracking systems, software and
services.
The Company was re-registered as a public company on 31 July 2014 and is
incorporated and domiciled in the UK.
2. Significant Accounting Policies
Basis of preparation
The financial information has been prepared in accordance with recognition and
measurement principles of International accounting standards in conformity
with the requirements of the Companies Act 2006 ("IFRS (UK)") and in
accordance with those parts of the Companies Act 2006 that are relevant to
companies which report under IFRS (UK). The accounting policies adopted are
consistent with those of the financial statements for the year ended 31
December 2024, as described in those financial statements. In preparing these
interim financial statements, the Board has not sought to adopt IAS 34
"Interim financial reporting".
The figures for the six-month periods ended 30 June 2025 and 30 June 2024 have
not been audited.
The figures for the year ended 31 December 2024 have been extracted from, but
do not constitute, the consolidated financial statements of Quartix
Technologies plc for that year. The original financial statements for the year
ended 31 December 2024 have been delivered to the Registrar of Companies and
included an Auditors' Report, which was unqualified and did not contain a
statement under section 498(2) or section 498(3) of the Companies Act 2006.
Going concern
Global events continue to contribute to adverse economic pressures and
economic uncertainties. The Company is taking appropriate action to monitor,
address and mitigate the uncertainties and increased risks facing the Company
as a result and have taken these additional uncertainties into account in
assessing the going concern position.
The Board takes all reasonable steps to review and consider any factors that
may affect the ability of the Group to continue as a going concern. The
Group's forecasts and projections, taking account of reasonably possible
changes in trading performance, show that the Group is able to generate
sufficient liquidity. The Group enjoys a strong income stream from its
subscription base while current liabilities include a substantial provision
for deferred revenue which is a non-cash item.
After assessing the forecasts and liquidity of the business, for the next 18
months and the longer-term strategic plans, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future. The Group therefore continues to adopt
the going concern basis in preparing consolidated financial statements.
Contract Cost Assets
The Group incurs costs to fulfil its customer contracts, which include
commission costs, equipment costs, installation costs and carriage costs
amongst other costs. Costs to fulfil a customer contract are divided into:
· costs that give rise to an asset; and
· costs that are expensed as incurred.
When determining the appropriate accounting treatment for such costs, the
Group firstly considers any other applicable standards. If those standards
preclude capitalisation of a particular costs, then an asset is not recognised
under IFRS 15.
If other standards are not applicable to costs to fulfil a customer contract,
the Group applies the following criteria which, if met, result in
capitalisation of costs that:
· directly relate to a contract;
· generate or enhance resources that will be used in satisfying (or in
continuing to satisfy)
performance obligations in the future; and
· are expected to be recovered
The Group has determined that, where the relevant criteria are met, that the
commission costs, equipment costs, installation costs and carriage costs are
likely to qualify to be capitalised as costs to fulfil a customer contract.
The Contract Cost Assets are amortised over the expected contract period on a
systematic basis that reflects the revenue stream generated by them, and this
cost is included in cost of sales. The expected contract term has been
calculated as an average of the population of new orders in the year, and this
calculation will be reviewed annually.
At each reporting date, the Group determines whether or not the Contract Cost
Assets are impaired by comparing the carrying amount of the asset with the
remaining amount of consideration that the Group expects to receive less the
costs that relate to providing services under the relevant contract.
3. Revenue
Revenues from external customers in the Group's major markets have been
identified based on the customer's geographical location and are disclosed
below.
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Geographical analysis by destination
United Kingdom 10,057 9,497 18,898
France 4,445 3,891 7,972
Other European territories 1,499 1,092 2,358
United States of America 1,634 1,625 3,174
17,635 16,105 32,402
4. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA)
30 June 2025 30 June 2024 31 December 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating profit 3,546 2,714 6,464
Depreciation on property, plant and equipment, owned 20 24 47
Depreciation on property, plant and equipment, right of use 88 76 147
EBITDA 3,654 2,814 6,658
Share-based payment expense (incl. cash settled) 18 (82) (47)
Fair value gain on re-estimate of future earn-out payments - - (73)
Adjusted EBITDA 3,672 2,732 6,538
5. 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 period. The earnings per
share calculation relates to continuing operations of the Group.
Profits attributable to shareholders Weighted average number of shares Basic profit per share amount Fully diluted Diluted profit per share amount
weighted average number of shares
£'000 in pence in pence
Earnings per ordinary share
Period ended 30 June 2025 2,671 48,411,272 5.52 48,430,602 5.52
Period ended 30 June 2024 2,175 48,392,178 4.49 49,726,850 4.37
Year ended 31 December 2024 4,766 48,392,178 9.85 48,708,067 9.78
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 the period.
6. Notes to the cash flow statement
Cash flow adjustments and changes in working capital:
30 June 30 June 31 December
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit before tax 3,533 2,696 6,313
Foreign exchange 86 73 304
Depreciation 108 100 194
Interest income - (1) (2)
Lease interest expense 13 14 26
Share based payment expense 18 (82) (47)
Impairment - - (204)
Operating cash flow before movement in working capital 3,758 2,800 6,584
(Increase)/ decrease in trade and other receivables (601) (124) 12
(Increase)/ decrease in contract cost assets (381) (438) (832)
(Increase)/ decrease in inventories 597 (391) (320)
Increase / (decrease) in trade and other payables (601) (23) (1,495)
Increase in contract liabilities 382 8 148
Cash generated from operations 3,154 1,832 4,097
7. Equity
Allotted, called up and fully paid Number of ordinary shares of £0.01 each Share capital £'000 Share premium £'000
At 1 January 2024 48,392,178 484 6,332
Shares issued - - -
At 30 June 2024 48,392,178 484 6,332
Shares issued - - -
At 31 December 2024 48,392,178 484 6,332
Shares issued 37,978 - -
At 30 June 2025 48,430,156 484 6,332
All shares issued in the period to 30 June 2025 relate to the exercise of
share options.
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. END IR DXLFLEDLFBBZRecent news on Quartix Technologies
See all newsREG - Quartix Technologies - Interim Results
AnnouncementREG - Quartix Technologies - Trading Statement
AnnouncementREG - Quartix Technologies - Trading Statement
AnnouncementREG - Quartix Technologies - Director/PDMR Shareholding
AnnouncementREG - Quartix Technologies - Result of AGM
Announcement