Quartix Technologies
plc
("Quartix", "the Group" or
"the Company")
AGM Trading Statement and
Directorate Change
Quartix Technologies plc, one of
Europe's leading suppliers of vehicle telematics services and
driver analytics, issues the following trading statement ahead of
the Annual General Meeting later today.
The new unit subscriptions for the
first quarter of 2024 are expected to be approximately 10% higher
than recorded for the same period last year. Growth in new
subscriptions continues to be led by France and Continental
Europe.
Trading for the first two months of
2024 has been consistent with meeting market expectations for the
year1.
The Company also announces that Emily
Rees, Chief Financial Officer, has resigned from the Board of
Quartix Technologies PLC in order to pursue opportunities outside
the Company. The Board thanks Emily for her service to Quartix over
the past three years and wishes her well for the future.
A further update on the selection
process for a successor will be given in due course.
Andy
Walters, Executive Chairman of Quartix Technologies plc,
commented: "The results for the
first two months of 2024 are encouraging, with an increase in
customer acquisition and new unit subscriptions reflecting the
refocus on organic growth in the business."
1 The Board believes that consensus market
expectations for 2024, prior to this announcement, were as follows:
Revenue £32.1m, Adjusted EBITDA £5.4m and underlying free cashflow
of £3.43m (which excludes expected cash expenditure of £2.5m on the
4G upgrade programme during the year)
For further information, please
contact:
Quartix (www.quartix.com)
Andy Walters, Executive
Chairman
01686 806 663
Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
Matt Goode / Seamus Fricker / Trisyia
Jamaludin (Corporate Finance)
020 7220
0500
Tim Redfern / Sunila de Silva
(Corporate Broking)
This
announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014 as retained as part of UK law
by virtue of the European Union (Withdrawal) Act 2018 as
amended.
