REG - Quartix Technologies - Final Results
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RNS Number : 9836X Quartix Technologies PLC 25 March 2026
Quartix Technologies plc
("Quartix", "the Group" or "the Company")
Final Results
Strong growth in Revenue, Profit, Cashflow and Annualised Recurring Revenue
Quartix Technologies plc (AIM:QTX), one of Europe's leading suppliers of
subscription-based vehicle tracking systems, analytical software and services,
is pleased to announce its audited results for the year ended 31 December
2025.
Change in accounting policy and prior year restatement
The group has transitioned its accounting policy regarding the treatment of
equipment, installation and carriage costs to align with IAS 16. This change
has been applied retrospectively, and accordingly, the financial information
for the prior year ended 31(st) December 2024 has been restated to ensure
comparability
For a detailed explanation of the change in accounting policy and the specific
impact on the financial statements, please refer to note 9.
Financial highlights:
· Group revenue increased by 12% to £35.7m (2024: £31.8m)
· EBITDA(1) increased by 23% to £13.2m (2024: £10.7m)
· Adjusted EBIT(2) increased by 38% £8.8m (2024: £6.4m)
· Profit before tax increased by 34% to £8.7m (2024: £6.5m)
· Profit for the year increased by 25% to £6.4m (2024: £5.1m)
· Diluted earnings per share(3) increased by 25% to 13.17p (2024:
10.51p)
· Free cash flow(4) increased by 102% to £5.2m (2024: £2.6m).
· Final proposed dividend payment of 7.50p per share (2024: 3.00p)
giving a total dividend for the year, including the interim dividend, of 10p
per share (2024: 4.50p)
1 Earnings before interest, tax, depreciation, amortisation (see note 3)
2 Earnings before interest, tax and share based payment expense (see note 4)
3 Diluted earnings per share before adjustments (see Strategic Report:
Financial Review, Financial Overview and note 5)
4 Cash flow from operations after tax and investing activities
Full Financial Results Report
The Group's Financial Statements and results presentations for the year ended
31 December 2025 are available in the "Investors" section of our website at:
www.quartix.com/investors (http://www.quartix.com/investors)
Principal activities and performance measures
The Group's main strategic objective is to achieve profitable growth in its
fleet subscription base and the associated annualised recurring revenue.
Annualised recurring revenue (for "ARR" see definition in Key Performance
Indicators ("KPI") table below footnote 4), when measured in constant currency
year on year, is the most significant forward-looking key performance measure.
The Group's ARR increased by £4.5m (+14%) during the year to £37.0m,
representing record growth in this measure and a year-on-year increase of 25%
compared with the ARR growth achieved in 2024 (£3.6m on constant currency).
The KPIs used by the Board to assess the performance of the business are
listed in the table below and discussed in the Chairman's Statement and
Strategic Report.
Key Performance Indicators ("KPIs")
Year ended 31 December 2025 2024 % change
New Fleet subscriptions(1) (new units) 79,576 74,673 7
Fleet subscription base2 (units) 333,922 300,168 11
Fleet customer base3 32,942 30,134 9
Customer Acquisition (new customers) 7,501 6,863 9
Annualised recurring revenue (ARR)(4) (£'000) 37,004 32,547 14
Net Revenue Retention (NRR)(5) (%) 98.1 95.7 3
Fleet invoiced recurring revenue(6) (£'000) 34,375 30,442 13
(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 ) 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
(5 ) NRR is measured on a constant-currency basis and represents
the annualised value of recurring revenues for the customer base at the end of
the year, excluding recurring revenues for customers acquired during the
course of the year, divided by the annualised value at the start of the year,
and expressed as a percentage
(6 ) Invoiced subscription charges before provision for deferred
revenue
Andy Walters, Executive Chairman of Quartix, commented:
"2025 was an exceptionally good year for Quartix both financially and
strategically: profit before tax increased by 34% to £8.7m on revenue of
£35.7m. Earnings per share increased by 25% to 13.18p. Annualised
recurring revenue, our most significant indicator of future revenues, grew by
a record £4.5m, or 14%, to £37m. The subscription base grew by 11% in the
year to 334,000 vehicles, of which 50% are outside the UK.
"Improved operational efficiency, cost reductions, increased marketing
investment and technical innovation all contributed to this strong set of
results. Free cashflow more than doubled to £5.2m and we are recommending a
final dividend of 7.5p per share, giving a total of 10.0p for 2025.
"The outlook for 2026 is very encouraging and I would like to take the
opportunity to thank and congratulate my colleagues on the Board, in the
management team and throughout the Company for their support and achievements
in 2025."
For further information, please contact:
Quartix (www.quartix.net) 01686 806 663
Andy Walters, Executive Chairman
Cavendish Capital Markets Limited (Nominated Adviser and Broker) 020 7200 0500
Matt Goode / Seamus Fricker / Trisyia Jamaludin (Corporate Finance)
Sunila de Silva (Equity Capital Markets)
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
In 2024 I described how the Group had refocused on its core strengths and
returned to a pattern of profitable, organic growth from its subscription
base. The financial year to 31 December 2025 marked a further step forward. As
announced in the Group's Trading Update on 8 January 2026, annualised
recurring revenue increased by £4.5m to £37.0m - an increase of 14% compared
to 2024 - and profit before tax increased by 34% to £8.7m. This performance
reflects the accelerated growth in value of the Group's fleet subscription
base in both the UK and internationally, together with the benefits of reduced
manufacturing cost and the effects of continued focus on overhead efficiency.
Annualised Recurring Revenue ("ARR")
ARR is the key forward-looking measure of growth for the Group and an
important indicator of shareholder value. ARR reported by the Group relates
solely to committed software subscription revenues and does not include other
service revenues which may recur. The Group's ARR increased by £4.5m (+14%)
during the Period, representing an increase of 25% over the growth achieved in
2024 (£3.6m on constant currency). Measures of ARR and ARR growth are
calculated on a constant-currency basis
Customer acquisition
New customer acquisition during the Period increased by 9% to 7,501 and new
subscriptions increased by 7% to 79,576. The customer base increased by 9% to
32,942, and the total subscription base increased by 11% to 333,922.
The key metrics shown below include growth expressed as a % for the Period
compared to the same period in 2024.
Country ARR (£m) % Subscription Base (units) % Customer Base % New Subscriptions (units) % New Customers Acquired %
UK/EI 19.65 +11% 168,313 +8% 11,984 +3% 31,125 +2% 1,599 +0%
France 9.94 +15% 91,675 +14% 9,784 +7% 24,370 +6% 2,229 -3%
USA 3.28 +6% 29,787 +0% 4,069 +4% 7,168 +5% 930 +17%
Italy 1.96 +43% 20,715 +42% 3,263 +43% 8,450 +34% 1,371 +44%
Spain 1.27 +35% 15,004 +31% 2,595 +25% 5,613 +21% 913 +13%
Germany 0.86 +26% 8,029 +21% 1,188 +24% 2,808 -10% 456 +11%
Other 0.04 399 59 42 3
Total 37.0 +14% 333,922 +11% 32,942 +9% 79,576 +7% 7,501 +9%
Net Revenue Retention ("NRR")
NRR is defined as the annualised value of recurring revenues for the customer
base at the end of the year, excluding recurring revenues for customers
acquired during the course of the year, divided by the annualised value at the
start of the year, and expressed as a percentage. This is measured on a
constant-currency basis. Positive factors contributing to this measure are
incremental orders and upgrades from existing customers or price increases
("expansion"). Negative contributors are reductions in fleet sizes and price
erosion ("contraction") and customer losses ("attrition").
For the year as a whole NRR was 98.1% (2024: 95.7%). Price indexation, when
averaged across the base, amounted to approximately 4.2% in 2025. Through
continued focus on customer retention, improvement in pricing control and the
promotion of upgrades and enhancements the Group aims to increase NRR further
in 2026, with a longer-term objective of exceeding 100% in all territories.
Regional review
UK/EI
ARR growth of £1.9m was achieved in 2025 (+11% to £19.7m). New customer
acquisition marginally improved to 1,599 over the year whilst new
subscriptions increased by 2%. An upsell programme involving the Group's new
dashboard camera option also made a significant contribution to this record
level of ARR growth in the UK.
France
ARR grew by 15% to £9.94m and the high levels of new installations achieved
in 2024 were maintained. The customer and subscription bases increased by 7%
and 14%, respectively.
USA
ARR increased by 6% to £3.28m and the higher levels of customer acquisition
and new installations achieved in 2024 were maintained in 2025. The customer
base increased by 4%. Further improvement is necessary and targeted for 2026.
Spain, Italy and Germany
Progress in Italy and Spain accelerated, but performance in Germany was lower
than expected. Collectively, ARR in these territories grew by 36% to £4.1m;
new customer acquisition improved by 26% to 2,740; and new subscriptions grew
by 20% to 16,871. The Group will continue to develop and invest in its
channels to market in these countries, with a number of new recruitments
already underway at the end of 2025 for indirect channels to market.
Results
Group revenue for the year increased by 12% to £35.7m (2024: £31.8m).
Revenue growth on a constant currency basis, using applicable exchanges rate
at 31 December 2025, was also 12%.
In 2025, under the revised accounting policy, EBITDA increased by 23% on a
comparable basis to £13.2m (2024: £10.7m). Adjusted EBIT for the year
increased by 38% to £8.8m (2024: £6.4m). Adjusted EBIT excludes non-cash
share payments but includes restructuring costs incurred during the year of
approximately £0.4m.
Profit before tax for the year increased by 34% to £8.7m (2024: £6.5m) and
profit after tax for the year increased by 25% to £6.4m (2024: £5.1m).
Free cash flow (cash flow from operations after tax and investing activities),
was £5.2m (2024: £2.6m), despite significant outflows in the year for the 4G
upgrade programme in France (approximately £1.0m), restructuring costs in the
first half (approx. £0.4m); and a pre-payment of £0.7m in corporation tax
made in December (as the Group's anticipated profit level means that it is
considered to be a very large company for HMRC payment-on-account purposes).
Net cash increased to £5.6m at 31 December 2025 (2024: £3.1m).
By the end of 2025, there remained 17,000 2G units (31 December 2024: 33,000
units) to replace in France before 31 December 2026 with a total estimated
remaining cost of 1.3 million Euros.
Earnings per share
Basic earnings per share increased to 13.18p per share (2024: 10.58 per
share). Diluted earnings per share increased to 13.17p per share (2024: 10.51p
per share).
Dividend policy
It is the Board's objective to deliver a progressive dividend over time, with
the aim of at least maintaining the dividend per share in ordinary
circumstances. In setting the dividend each year, the Board will seek to grow
the dividend sustainably, while giving priority to funding organic investment
in the business, pursuing value‑enhancing opportunities and maintaining a
strong and efficient balance sheet. The Board will also take into account the
Group's cash generation, future cash requirements and the broader
macro‑economic environment.
Dividend
For the year ended 31 December 2025, the Company paid an interim dividend of
2.5p per share in September 2025 and the Board proposes a final dividend of
7.5p per share for approval at the AGM. This results in a total dividend of
10p per share for the financial year ended 31 December 2025, representing a
yield of 3.6% based on the closing share price for 2025, or 4.4% based on the
average share price for the year.
Subject to the approval at the forthcoming AGM, the final dividend of 7.50p
per share will be paid on 30 April 2026 to shareholders on the register as at
7 April 2026. The ex-dividend date is therefore 2 April 2026.
Outlook
We made outstanding progress in 2025 on all key measures: ARR and revenue
growth; profitability; subscription base expansion; new product development
and cost control. Closing ARR was higher than Group revenue for the year, and
this augurs well for the achievement of our financial goals for 2026. We have
maintained our excellent reputation for customer service and this has been
amply demonstrated by the results achieved in 2025.
We will continue to invest in developing and exploiting the many opportunities
we have for growth through our channels to market in each of our current six
target markets and we look forward to reporting on further substantial
progress in 2026.
AGM
The Group's AGM will be held at 10.30 a.m. on 22 April 2026 at the Company's
registered address One Cambridge Square, Cambridge North, Cambridge, CB4 0AE.
Andrew Walters
Executive Chairman
Strategic Report: Operational Review
Strategy and business model
Quartix is a market-led group with a keen focus on product and service
quality. The Group's target market segment consists principally of
small-to-medium businesses with mobile workforces - mainly tradespeople.
Quartix provides its 33,000 customers with operational information and data
which help increase their capacity utilisation - enabling them to improve both
revenue and productivity. 97% of its 1,230 Trustpilot reviews are either 5* or
4*, giving Quartix an overall score of 4.8 and a 5-star rating.
Quartix's service has been operated on a subscription basis since the Group's
foundation in 2001. A key measure of the Group's efficiency is that of its
subscription revenues (ARR) per employee. This measure and some other
important metrics for the business are summarised below:
· ARR/employee (FTE): £208,000 · Subscription base (vehicles) 333,922
· ARR/vehicle £111 · Subscription base growth (TTM) 11%
· Subscriptions as % sales 96% · ARR growth (TTM) 14%
· Hardware as % sales 1% · Largest client as % sales < 1%
Renewed focus on these metrics over the past two years has contributed to
strong results, and the Group will continue to base its future development on
the following five pillars of its core strategy:
1. Market development: Quartix will continue to focus on the development
of channels to market in each of its six target markets.
2. Cost leadership: excellent progress has been made in optimising
manufacturing and operating costs. In 2026 further emphasis will be placed on
the optimisation of the cost of customer acquisition.
3. Continuous enhancement of the Group's core software and telematics
services: excellent progress was made during the year on both its telematics
(hardware/ firmware) platforms and its user applications (both web and
mobile). In addition to this, substantial new ARR was generated through the
release of product enhancements, notably through dashboard cameras.
4. Outstanding service: Quartix maintained its excellent reputation with
fleet customers throughout the year, consistently being rated as "excellent"
by Trustpilot users.
5. Standardisation and centralisation: the expansion into European
markets has been achieved by staff operating under the existing operational
structures in place in the UK, with some sales staff being located in France.
Support and service functions continued to be performed from the UK. We will
increasingly make use of new tools, including AI, to assist in this
Our fleet customers typically use the Group's vehicle telematics services for
many years following an initial contract. Accordingly, the Group focuses its
business model on the development of subscription revenue, with high levels of
revenue retention, 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 and
performance measures section, the annualised recurring revenue increased by
£4.5m, at a constant currency rate, to £37.0m at 31 December 2025.
People
We take great pride in the service we provide, and it is rewarding to see this
reflected in the feedback we receive. Fleet customers consistently give us
excellent reviews, including over 1,200 Trustpilot reviews with an impressive
score of 4.8.
These achievements highlight the dedication, creativity, and teamwork of our
people and underscore our commitment to delivering an outstanding customer
experience. Quartix was awarded a Gold Award in 2023
following an assessment by Investors in Customers, a testament to our
exceptional customer service.
Our brand's reputation for excellence was further validated this year as we
received the Fleet News 2026 Reader Recommended Award for the second
consecutive year, demonstrating the positive perception and strong awareness
of the Quartix brand. Building on this momentum, Quartix was named 'Telematics
Supplier of the Year' at the 2026 What Van? Awards, a distinction that
recognises our leadership in enhancing fleet safety and driving operational
efficiency
Quartix remains one of the few major suppliers to operate without auto-renewal
clauses. We believe our industry-leading service levels negate the need for
contractual 'lock-ins,' a philosophy that is validated by high customer
retention and a strong pipeline of referral opportunities. Furthermore, our
credibility in the market is reflected by our inclusion on all major UK public
sector procurement frameworks.
Our sustained financial performance is underpinned by a steadfast commitment
to service excellence and continuous product innovation. By remaining aligned
with the foundational principles that define the Quartix brand, we ensure that
our core business delivers consistent value to our stakeholders. The Board
extends its sincere thanks to every employee whose hard work and dedication
contributed to our continued growth in 2025.
Research and development
The new TCSV17 telematics system continues to perform well and has now
completely replaced the previous generation system in production. The new,
plug-in OBD (user-installed) version of this architecture for UK/European
networks ("TCSV18") has completed type approval and is entering production. It
will play a significant role in the remainder of the 4G upgrade programme for
France, as noted below. A further derivative of the TCSV18 for the US market
is now at prototype stage, and it is anticipated that this will enter type
testing in Q1 2026. As well as 4G support these products offer significant
performance improvement and reduced cost compared to previous generations.
Standardised user interface and common code base for both web and mobile
applications
The reorganisation and consolidation of existing software teams and creation
of a new UI/front-end application team referred to in July continue to foster
significant improvement in development progress. Feedback on the alpha release
of the Group's new web application user interface has been very positive. In
addition to further enhancements made towards the end of the year it has been
released in beta version to customers. This code will form the basis of the
next generation of mobile application, also intended for release this year.
Connected dashboard cameras - fully integrated with the web application
Launched in 2024, our connected dashcam solution provides customers with
detailed, high-resolution coverage of collisions and other significant events
during vehicle usage. The uploading of footage is either initiated by
accelerometer triggers in the telematics system or user requests. This
information is then attached to and integrated within the report suite,
supporting customers in driver training, insurance matters and in reducing
fraudulent claims against them.
Further development of this option will include launch in selected new market
applications as well as the integrated use of tracking and location
information from the camera in our web and mobile applications.
All of our investment in research and development was fully expensed in the
year with a total cost of £0.8m in 2025 (2024: £0.9m).
4G Upgrade Programmes
Good progress has been made in carrying out the 4G upgrade programme in
France. 17,000 of the original 50,000 tracking systems now remain to be
upgraded by the end of 2026. Of these, more than 80% are user-installed units
which have been purposefully left until this year; partly in awaiting the
availability of the TCSV18 (referenced above) and partly in case of further
delays in the network change programme. The Group is confident of completing
this project on time.
In its trading update issued in October 2025, the Group stated its then-held
view that the sunsetting of the 2G network in the UK would not take place
before 2030. Subsequently, its principal supplier of SIM cards and network
services, with which the Group has maintained a successful 25-year
relationship, has brought forward the expected commencement of the programme
to 2029. Through additional contractual support provided by the network
partner, together with the Group's plans to accelerate the natural replacement
of 2G units, the anticipated impact of the 2G network sunset in 2029 is
expected to be minimised.
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. The Board believes the
Group's 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.
In 2022 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 10-25% in fuel consumption.
Capacity for future growth
Quartix is well-positioned for substantial profitable growth in its fleet
business. The Group plans to capitalize on this opportunity by making
strategic investments in sales channels throughout 2026 and beyond.
Management believes that significant portions of its existing addressable
markets remain untapped, presenting ample opportunity for expansion.
Simultaneously, Quartix aims to capture market share from competitors in more
mature markets.
To drive growth, the Group will focus on two key strategies:
· Implementing data-driven optimization across the sales and marketing
funnel
· Executing automation and simplification initiatives across business
processes
These targeted investments in sales channels are expected to continue to yield
positive results in 2026, with anticipated increases in both new fleet unit
installations and the value of the annualized subscription base. This approach
aligns with Quartix's commitment to sustainable growth and market leadership
in the vehicle telematics industry
Andrew Walters
Executive Chairman
Strategic Report: Financial Review
Financial Overview
Year ended 31 December Restated
£'000 (except where stated) 2025 2024 % change
Revenue 35,707 31,808 12
Gross profit 26,128 22,773 15
Gross margin 73.2% 71.6%
Operating profit 8,680 6,482 34
Operating margin 24.3% 20.4%
EBITDA (Note 3) 10,695 23
13,160
EBITDA Margin 36.9% 33.6%
8,755 6,362 38
Adjusted EBIT (note 4)
Profit for the year 6,381 5,118 25
Earnings per share 13.18 10.58 25
Diluted earnings per share 13.17 10.51 25
Cash generated from operations 12,587 10,279 23
104.6% 104.0%
EBITDA conversion to cash generated from operations
Free cash flow (excluding acquisition) 5,170 2,569 101
Revenue
Revenue increased by 12% to £35.7m (2024: £31.8m). Group revenue that
originates from territories outside the UK totals 44%, exposing this portion
to currency fluctuations against the GBP. Revenue growth at a constant
currency, in the year was 12%.
Gross margin
Gross margins have increased year-on-year from 71.6% in 2024 to 73.2% in 2025.
The Group achieved a further reduction in the cost to manufacture its
4G-compatible tracking systems with the TCSV 17 tracking system being released
into production in the second half of 2025. This - coupled with revenue
growing at a faster rate than cost of sales, has contributed to the increase
in gross margin year on year.
Overheads
Sales & marketing investment increased by 17% to £8.3m (2024: £7.1m).
Following the cost optimisation initiatives undertaken in 2024, as outlined in
the Interim Statement on 24 July 2025, the Group completed a reorganisation
programme during the first half of the year to accelerate development of its
core telematics platform. The reorganisation programme in the first half of
2025 resulted in costs of £0.4m which were expensed as incurred. Following
the recruitment of three new members of the front-end development team, the
restructuring is expected to deliver annualised savings of approximately
£0.4m. Despite the impact of these non-recurring costs, administrative
expenses remained well-controlled, reducing to £9.1m (2024: £9.3m).
Taxation
The Group's effective tax rate was affected by the change in accounting
policy, with a rate in the restated 2024 comparative period of 20.7% which
increased to 26.4% in 2025. For the 2024 financial period, the UK corporation
tax return is being refiled to reflect the capital allowances now claimable.
Under the full expensing relief currently available, all qualifying additions
in that year are eligible for immediate tax deduction. The Group has
voluntarily disclosed this change in accounting policy to HMRC to ensure that
any impact on prior-year claims is appropriately accounted for.
The underlying effective tax rate, excluding prior year adjustments, was 22.9%
in 2025 (2024: 20.0%). The Group's effective tax rate benefits from
accelerated capital allowances, R&D credit tax relief and utilisation of
losses in the USA.
Statement of financial position
Property, plant and equipment, increased to £17.0m (2024: £15.5m) following
the change in accounting policy to recognise the tracking systems and
associated costs under IAS 16: Property, plant and equipment.
Contract cost assets (as restated) increased to £1.9m (2024: £1.7m). Cash
increased to £5.6m (2024 £3.1m). Trade and other receivables increased to
£4.6m (2024: £4.1m), which correlates to growth in revenue. Trade and other
payables decreased to £3.9m (2024: £4.0m).
Contract liabilities represent customer income invoiced in advance of
satisfying performance obligations, which are expected to be recognised as
revenue in future years. These increased to £4.2m in 2025 (2024: £3.8m).
Cash flow
Cash generated from operations before tax was £12.6m (2024: £10.3m). Tax
paid in 2025 was higher at £2.1m (2024: £1.3m) following the change in
profile of payments in account, resulting in a £700k payment in December 2025
for the 2025 financial year. As a result, under the new accounting policy,
cash flow from operating activities after taxation but before capital
expenditure was £10.5m (2024: £9.0m).
Free cash flow (cash flow from operating activities and after investing
activities) was £5.2m (2024: £2.6m). Included in the cash outflows in 2024
were the balancing payment to Konetik shareholders under the share purchase
agreement of £0.2m and £0.4m of Konetik operating costs. 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 -
in 2025 the Group conducted a review of the technical and business systems
teams and identified a need to reorganise the teams which resulted in some
redundancies but also allowed the opportunity to recruit a new front end
development team with a focussed skill set on UI development. 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 recognises the risk that the progressive shutdown of 2G mobile
networks in the UK and continental Europe could disrupt service to customers
using legacy 2G devices. In France, formal announcements have been made by
network operators confirming the withdrawal of 2G services by the end of 2026,
and the Group has responded by implementing a proactive programme to replace
2G units from 1 January 2024, thereby minimising disruption to customers and
avoiding concentrated operational or financial impacts close to the shutdown
dates.
In the UK, the Group's principal network provider has now communicated its
intention to begin switching off 2G services from May 2029, within the broader
industry commitment to retire 2G networks by 2033. Quartix is mitigating this
risk by prioritising the installation of 4G‑capable or multi‑network
roaming solutions in all new deployments and by progressively replacing 2G
units through service interventions and natural customer churn, which reduces
exposure in advance of the planned shutdown.
Management will continue to monitor announcements from network operators
across the rest of continental Europe and will adapt its migration and
customer‑communication strategies as necessary, with the objective of
ensuring continuity of service and limiting any adverse operational or
financial effects arising from the transition away from 2G technology.
Business Disruption
Like any business, the Group is subject to the risk of business disruption,
including failures or interruptions in communications infrastructure, physical
disruption to our sites and issues affecting key suppliers. If not
appropriately mitigated, such events could impair the Group's ability to
provide services to its customers. The Group maintains a Business Continuity
Plan and business interruption insurance which cover certain events, and these
are reviewed periodically to help mitigate these risks.
The Group manages and supports its EU customers centrally from its offices in
the UK. Current post‑BREXIT trading and data adequacy arrangements have not
required the relocation of core operations into the EU, though the existing
French company remains important to the logistics of moving goods between
France and customers in the EU.
The frequent changes in US tariffs during the year, together with broader
geopolitical tensions, could lead to more volatile global prices and trade
disruptions, with a corresponding impact on global supply chains. In 2025, in
order to reduce the tariffs payable by Quartix on tracking systems, elements
of the manufacturing and assembly process were moved to the UK meaning that
the country of origin for all tracking systems going forwards is the UK rather
than China. Dashcams, which are sourced as a third‑party manufactured
product with only minimal final assembly undertaken in the UK, continue to be
classified as made in China and are therefore subject to higher tariffs. The
risk of component shipment delays arising from tariffs or geopolitical
developments is mitigated through appropriate stockholding at the Group's
third‑party manufacturing warehouse in China.
Ongoing geopolitical instability, including the conflict in the Middle East
and associated pressures on global energy and freight markets, has not to date
had a direct or material impact on the Group's operations, supply chain or
demand for its services. Notwithstanding this, the Group has increased its
inventory of key components following the year end in order to reduce the risk
of having to absorb significant short‑term cost increases of component parts
used in its hardware products. The Board is confident that the Group would be
able to absorb higher input costs for a temporary period without a material
effect on its results.
Elevated inflation and higher interest rates may put pressure on profit
margins and cash flows across the wider economy, particularly for businesses
reliant on debt or refinancing. The Group has no external debt but recognises
that these conditions may adversely affect its customers and, in turn, their
ability to meet payment obligations. The Group continues to review and
strengthen its credit control and collection processes, including the use of a
third‑party debt collection partner operating across all territories once
receivables exceed 45 days overdue, in order to mitigate the risk of
non‑collection.
Cyber Security and Information Resilience
The Group relies on the secure operation of its systems and the protection of
its data to serve customers and safeguard its commercial position. A
significant cyber incident, including ransomware or unauthorised access
through third parties, could disrupt operations and damage reputation. Cyber
risk is therefore treated as a standing business risk rather than solely an IT
matter.
The Group maintains formal information security policies covering access
control, system security, change management, data protection and incident
response. Security risks are reviewed regularly by senior management, and
independent external specialists are engaged to perform penetration testing
and targeted security assessments. Findings are tracked and addressed through
agreed remediation plans.
Access to systems is controlled and monitored, internet-facing services are
subject to review, and vulnerabilities are managed through patching and
configuration controls. The Group maintains backup and recovery arrangements
designed to restore critical services in the event of disruption. Procedures
are in place to respond to and manage security incidents, including escalation
to senior management and engagement of specialist advisers where required.
The Group also recognises the risks associated with suppliers and partners and
applies appropriate oversight where third parties have access to systems or
data.
Cyber threats continue to evolve, and the Group keeps its arrangements under
regular review to ensure they remain appropriate to the scale and nature of
the business. While no system can be made entirely immune from attack, the
Directors consider that the Group has reasonable and proportionate measures in
place to manage cyber risk.
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.
Andy Walters
Executive Chairman
Consolidated Statement of Comprehensive Income
Year ended 31 December Restated
2025 2024
Notes £'000 £'000
Revenue 2 35,707 31,808
Cost of sales (9,579) (9,035)
Gross profit 26,128 22,773
Sales & marketing expenses (8,300) (7,106)
Administrative expenses (9,148) (9,258)
Fair value gain - 73
Operating profit 8,680 6,482
Finance income receivable 15 2
Finance costs payable (28) (26)
Profit for the year before taxation 8,667 6,458
Tax expense (2,286) (1,340)
Profit for the year 6,381 5,118
Other Comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange difference on translating foreign operations 271 (152)
Other comprehensive income for the year, net of tax 271 (152)
Total comprehensive income attributable to the equity shareholders of Quartix 6,652 4,966
Technologies plc
Earnings per ordinary share (pence) 5
Basic 13.18 10.58
Diluted 13.17 10.51
Consolidated Statement of Financial Position
31 Dec 2025 Restated Restated
31 Dec 2024 1 Jan 2024
Notes £'000 £'000 £'000
Non-current assets
Goodwill 14,029 14,029 14,029
Property, plant and equipment 17,027 15,466 13,407
Deferred tax assets - - 1,319
Contract cost assets 428 382 244
Total non-current assets 31,484 29,877 28,999
Current assets
Inventories 25 25 26
Contract cost assets 1,477 1,353 1,091
Trade and other receivables 4,595 4,115 4,186
Cash and cash equivalents 5,567 3,101 2,380
Total current assets 11,664 8,594 7,683
Total assets 43,148 38,471 36,682
Current liabilities
Trade and other payables 3,949 4,029 3,955
Provisions 21 66 469
Contract liabilities 4,174 3,782 3,679
Current tax liabilities 679 1,026 2,688
8,823 8,903 10,791
Non-current liabilities
Lease liabilities 505 411 520
Deferred tax liabilities 921 320 -
1,426 731 520
Total liabilities 10,249 9,634 11,311
Net assets 32,899 28,837 25,371
Equity
Share capital 7 484 484 484
Share premium account 7 6,332 6,332 6,332
Equity reserve 143 163 392
Capital redemption reserve 4,663 4,663 4,663
Translation reserve (174) (445) (293)
Retained earnings 21,451 17,640 13,793
Total equity attributable to equity shareholders of Quartix Technologies plc 32,899 28,837
25,371
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 2 9,020 9,022
Restated balance 484 6,332 4,663 392 (293) 13,793 25,371
Shares issued - - - - - - -
Increase in equity reserve in relation to options issued and cancelled - - - (113) - 65 (48)
Recycle of equity reserve to P&L - - - (116) - 116 -
Dividend paid - - - - - (1,452) (1,452)
Transactions with owners - - - (229) - (1,271) (1,500)
Foreign currency translation differences - - - - (152) - (152)
Restated Profit for the year - - - - - 5,118 5,118
Restated Total comprehensive income - - - - (152) 5,118 4,966
Restated Balance at 31 December 2024 484 6,332 4,663 163 (445) 17,640 28,837
Shares issued - - - - - - -
Increase in equity reserve in relation to options issued and cancelled - - - 74 - - 74
Recycle of equity reserve to P&L - - - (94) - 94 -
Dividend paid - - - - - (2,664) (2,664)
Transactions with owners - - - (20) - (2,570) (2,590)
Foreign currency translation differences - - - - 271 - 271
Profit for the year - - - - - 6,381 6,381
Total comprehensive income - - - - 271 6,381 6,652
Balance at 31 December 2025 484 6,332 4,663 143 (174) 21,451 32,899
Consolidated Statement of Cash Flows
2025 Restated
2024
Notes £'000 £'000
Cash generated from operations 6 12,587 10,279
Taxes paid (2,082) (1,326)
Cash flow from operating activities 10,505 8,953
Investing activities
Additions to property, plant and equipment (6,034) (6,804)
Proceeds from disposal of assets 684 594
Interest received 15 2
Acquisition of subsidiary, net of cash acquired 0 (176)
Cash flow used in investing activities (5,335) (6,384)
Cash flow from operating activities 5,170 2,569
after investing activities (free cash flow)
Financing activities
Repayment of lease liabilities (213) (166)
Proceeds from share issues - -
Dividend paid (2,664) (1,452)
Cash flow used in financing activities (2,877) (1,618)
Net changes in cash and cash equivalents 2,293 951
Cash and cash equivalents, beginning of year 3,101 2,380
Exchange differences on cash and cash equivalents 173 (230)
Cash and cash equivalents, end of year 5,567 3,101
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 2025. 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 UK-adopted International Financial Reporting
Standards ('IFRS') and with the requirements of the Companies Act 2006
applicable to companies reporting under those standards, this announcement
does not of itself contain sufficient information to comply with UK-adopted
IFRS. The Group will publish full financial statements that comply with
UK-adopted IFRS. The audited financial statements incorporate an unqualified
audit report.
IAS 16 Property, Plant and equipment
The group has transitioned its accounting policy regarding the treatment of
equipment, installation and carriage costs to align with IAS 16. Prior to
this, the group accounted for these costs under IFRS 15 Incremental costs of
obtaining a contract, which recognised the incremental costs over their
expected contract term. As a consequence of this policy change, the financial
statements have been restated at 1 January 2024. Further information on the
impact of the change in policy is disclosed in note 9.
Statutory accounts for the year ended 31 December 2024, 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 change in accounting policy as
explained in note 9, The accounting policies applied are consistent with those
described in the Annual Report & Accounts for the year ended 31 December
2024.
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 markets is as
follows:
2025 Restated
2024
£'000 £'000
United Kingdom 19,899 18,416
France 9,217 7,861
Other European Territories 3,335 2,359
United States of America 3,256 3,172
35,707 31,808
As a result of the change in accounting policy as detailed in note 9, the
Group's PPE disaggregated by primary geographical markets is as follows:
2025 2024
£'000 £'000
United Kingdom 9,022 8,171
Mainland Europe 6,629 5,574
United States of America 1,376 1,721
17,027 15,466
The Group's revenue disaggregated by pattern of revenue recognition is as
follows:
2025 Restated
2024
£'000 £'000
Goods and services transferred over time 34,391 30,530
Revenue recognised at a point in time 1,316 1,278
35,707 31,808
Goods and services transferred over time represent 96.3% of total revenue
(2024: 96.1%).
For 2025, revenue includes £3.7m (2024: £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 Earnings before interest, tax, depreciation and amortisation (EBITDA):
2025 Restated
2024
£'000 £'000
Operating profit 8,680 6,482
Depreciation on property, plant and equipment, owned 38 47
Depreciation on property, plant and equipment, right of use 185 147
Depreciation on property, plant and equipment, owned appliances 3,060 2,639
Impairment of property, plant & equipment, owned appliances (42) 296
Loss on disposal of plant and equipment 1,239 1,084
EBITDA 13,160 10,695
4 Adjusted earnings before interest and tax (Adj EBIT)
Adjusted Earnings before interest and tax (Adj EBIT):
2025 Restated
£'000 2024
£'000
EBITDA 13,160 10,695
Share-based payment expense (incl. cash-settled) 75 (47)
Fair value gain on re-estimate of future earn out payments - (73)
Depreciation on property, plant and equipment, owned (38) (47)
Depreciation on property, plant and equipment, right of use (185) (147)
Depreciation on property, plant and equipment, owned appliances (3,060) (2,639)
Impairment of property, plant & equipment, owned appliances 42 (296)
Loss on disposal of plant and equipment (1,239) (1,084)
Adjusted EBIT 8,755 6,362
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 year. All earnings per
share calculations relate to continuing operations of the Group.
Profits/(Loss) attributable to shareholders £'000 Weighted average number of shares Basic profit per share amount in pence Fully diluted Diluted earnings per share amount in pence
weighted average number of shares
Earnings per ordinary share
Year ended 31 December 2025 6,381 48,420,583 13.18 48,433,474 13.17
Restated Year ended 31 December 2024 5,118 48,392,178 10.58 48,708,067 10.51
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.
6 Notes to the cash flow statement
Cash flow adjustments and changes in working capital
Restated
2025 2024
£'000 £'000
Profit before tax 8,667 6,458
Foreign exchange (278) 213
Depreciation & impairment on PPE 3,241 3,129
Loss on disposal 1,239 1,084
Interest income (15) (2)
Lease interest expense 28 26
Share based payment expense 75 (47)
Impairment - (204)
Operating cash flow before movement in working capital 12,957 10,657
(Increase)/decrease in trade and other receivables (428) 12
(Increase)/decrease in contract cost assets (131) (429)
(Increase)/decrease in inventories - 1,386
(Decrease)/increase in trade and other payables (149) (1,495)
(Decrease)/increase in contract liabilities 338 148
Cash generated from operations 12,587 10,279
7 Equity
Number of ordinary shares of £0.01 each Share capital £'000 Share premium £'000
Allotted, called up and fully paid
At 1 January 2025 48,392,178 484 6,332
Issued share capital 37,978 - -
At 31 December 2025 48,430,156 484 6,332
The only shares issued in the year to 31 December 2025 were from staff share
option exercises (2024: none).
8 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 5 and 36 months. Options are forfeited if the
employee leaves the Group before the options vest.
Movements in the number of equity-settled share options outstanding and their
related weighted average exercise prices are as follows:
2025 2024
Weighted average exercise price per share Options Weighted average exercise price per share Options
in pence number in pence number
Outstanding at 1 January 239.2 203,666 243.0 671,316
Granted 245.2 183,650 1.0 37,218
Cancelled - - 360.0 (74,965)
Expired - (25,000) - -
Lapsed 268.8 (38,548) 1.0 (323,627)
Forfeited - - 0.9 (106,276)
Exercised 1.0 (37,978) - -
Outstanding at 31 December 262.3 285,790 239.2 203,666
Exercisable at 31 December 291.0 102,900 292.5 166,448
The weighted average fair value of equity settled options granted during the
year ended 31 December 2025 was 126.4p (2024: 135.1p).
There were 37,978 options exercised in the year ended 31 December 2025 (2024:
none exercised).
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
During the year the Group received a letter from the FRC requesting further
information in relation to the accounting treatment of the tracking units and
associated installation and carriage costs and the presentation of related
cash flows for the year ended 31 December 2024.
Since 2022, the Group has recognised equipment costs, installation costs and
carriage costs as incremental costs over an average expected contract term, on
a systematic basis in line with IFRS 15.
The review conducted by the FRC focused entirely on the Group's 2024 Annual
Report and Accounts and was subject to the following inherent limitations as
set out in its communication with Quartix on 20 October 2025:
· The FRC review is based on the Groups 2024 Annual Report and Accounts
and does not benefit from detailed knowledge of the Groups business or an
understanding of the underlying transactions entered into. The review was
however conducted by staff of the FRC who have an understanding of the
relevant legal and accounting framework;
· Correspondence from the FRC with Quartix provides no assurance that
the Group's Annual Report and Accounts are correct in all material aspects;
· The FRC's role is not to verify the information provided but to
consider compliance with reporting requirements. Such letters are written on
the basis that the FRC (which includes its officers, employees and agents)
accepts no liability for reliance on them by the Group or any third party,
including but not limited to investors and shareholders.
Reclassification of tracking units and dashcams as property, plant and
equipment
Following the FRC review and management's reassessment of the Group's
accounting for tracking systems and dashcams, it has been concluded that these
items meet the definition of property, plant and equipment under IAS 16
Property, Plant and Equipment. Although customers have physical possession of
the devices, the Group retains legal title and the ability to disconnect and
reconnect the devices to its telematics services, and therefore retains
control of the assets. The devices are used in the supply of telematics
services, are expected to be used for more than one period, and may be
redeployed between customers.
As a result of this reassessment, tracking systems and dashcams are recognised
as property, plant and equipment on initial recognition and remain classified
as such until disposal. Directly attributable costs, including installation
and carriage costs, form part of the cost of these assets in accordance with
IAS 16.
In addition, the replacement provision for units to be provided to customers
free of charge as a result of the network upgrade in France, originally
recognised in 2023, is eliminated in full with replacement units now
recognised as part of Property, Plant and Equipment. Any finance cost
recognised to unwind the provision in the 2024 accounting period will
therefore be reversed as a prior year adjustment in the tables below.
Change in accounting policy and restatement
In accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors, the Group has applied this change in accounting policy
retrospectively in the consolidated financial statements for the year ended 31
December 2025, being the first financial statements authorised for issue after
the change. Comparative information has been restated where necessary, and,
because the change affects periods prior to the earliest comparative
presented, the Group has also restated the opening statement of financial
position for the earliest prior period presented.
Previously, the costs of tracking systems and dashcams (including installation
and carriage costs) were recognised as contract cost assets and amortised over
the average initial contract term. Under the revised policy, these costs are
capitalised within property, plant and equipment and depreciated over the
economic life of the devices in accordance with IAS 16.
Where a customer has not purchased the tracking system, Quartix retains legal
title to the unit and has a contractual right to charge the customer a 'lost
unit' fee if the unit is lost or not returned on termination of services.
Under the revised accounting policy, these fees are no longer recognised as
revenue but are instead presented as a gain on disposal of property, plant and
equipment. This change in presentation resulted in a decrease in revenue of
£594k for the year ended 31 December 2024, with a corresponding increase in
gains on disposal classified within cost of sales.
In 2026, following completion of the Group reporting process, Quartix intends
to refile its 2024 UK corporation tax return together with a voluntary
disclosure for earlier years to reflect the revised accounting policy and the
related claim for capital allowances on the telematics appliances concerned.
As set out in the tables below, the current tax liability as at 1st January
2024 has increased by £1.1m as a result of the uncertain provision in the UK
and the tax charge in 2024 reduces by £0.2m - £0.4m reduction relating
specifically to Current tax.
Deferred tax asset at 1st January 2024 reduced by £0.9m which is primarily
made up of the reversal of the deferred tax asset recognised in 2023 for the
2G replacement provision, which has been eliminated.
As at 1 January 2024, the restatement increased the Group's net assets by
£9,022k to £25,371k. The restatement affects all primary statements;
however, in the consolidated cash flow statement the impact is limited to a
reclassification of cash flows from operating activities to investing
activities, with no effect on free cash flow. Further details of the
restatements by line item are set out below.
The impact of capitalising telematics appliance costs as PPE per IAS 16 on the
financial statements:
A Consolidated Statement of Financial Position
1 January 2024 As previously reported Adjustments As Restated
£'000 £000 £'000
Property, plant and equipment 684 12,723 13,407
Deferred tax assets 1,144 (855) 289
Contract cost assets(1) 5,444 (4,109) 1,335
Stock 1,411 (1,385) 26
Other assets 20,595 - 20,595
Total assets 29,278 6,374 35,652
Current tax liabilities (557) (1,101) (1,658)
Provisions (4,218) 3,749 (469)
Other liabilities (8,154) - (8,154)
Total liabilities (12,929) 2,648 (10,281)
Net Assets 16,349 9,022 25,371
Retained earnings 4,773 9,020 13,793
Translation reserve (295) 2 (293)
Other 11,871 - 11,871
Total Equity 16,349 9,022 25,371
(1) As at 31 December 2023, Contract cost assets are restated as current
(£1.1m) and non-current (£0.2m)
( )
31 December 2024 As previously reported Adjustments As Restated
£'000 £000 £'000
Property, plant and equipment 560 14,906 15,466
Deferred tax assets 737 (737) -
Contract cost assets(2) 6,170 (4,435) 1,735
Stock 1,732 (1,707) 25
Other 21,245 - 21,245
Total assets 30,444 8,027 38,471
Current tax liabilities (369) (657) (1,026)
Provisions (2,251) 2,185 (66)
Other (8,222) (320) (8,542)
Total liabilities (10,842) 1,208 (9,634)
Net Assets 19,602 9,235 28,837
Retained earnings 8,269 9,371 17,640
Translation reserve (309) (136) (445)
Other 11,642 - 11,642
Total Equity 19,602 9,235 28,837
(2) As at 31 December 2024, Contract cost assets are restated as current
(£1.3m) and non-current (£0.4m)
B Consolidated Statement of Comprehensive Income
For the year ended 31 December 2024 As previously reported Adjustments As Restated
£'000 £000 £'000
Revenue 32,402 (594) 31,808
Cost of sales (9,886) 851 (9,035)
Other expenses (including FX variance) (16,052) (239) (16,291)
Operating profit 6,464 18 6,482
Net finance costs (151) 127 (24)
Tax expense (1,547) 207 (1,340)
Net profit 4,766 352 5,118
Other comprehensive income (14) (138) (152)
Total Comprehensive income 4,752 214 4,966
9.85 0.73 10.58
Earnings per ordinary share (pence)
Diluted earnings per ordinary share (pence) 9.78 0.73 10.51
C Consolidated Statement of Cash Flows
For the year ended 31 December 2024 As previously reported Adjustments As Restated
£'000 £000 £'000
Profit 4,766 352 5,118
Adjusted for:
- tax expense 1,547 (207) 1,340
Profit before tax 6,313 145 6,458
Foreign exchange 304 (91) 213
Depreciation 194 2,935 3,129
Loss on disposal - 1,084 1,084
Other (227) - (227)
Operating cashflow before working capital 6,584 4,073 10,657
Changes in contract cost assets (832) 403 (429)
Changes in inventories (320) 1,706 1,386
Other (1,335) - (1,335)
Cash generated from operations 4,097 6,182 10,279
Taxes paid (1,326) - (1,326)
Cash flow from operating activities 2,771 6,182 8,953
Investing Activities
Additions to property, plant and equipment (28) (6,776) (6,804)
Proceeds from disposals of assets - 594 594
Other (174) - (174)
Cash flow from investing activities (202) (6,182) (6,384)
2,569 2,569
Cash flow from operating activities and after investing activities (free cash -
flow)
Further details of share-based payments are given in the Group's audited
accounts, which are available at www.quartix.net/investors/
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