Business
Interim Results Timetable and Trading Update
Interim Results Timetable and Trading Update.
About this update from Quartix Technologies Plc
[{"type":"text","content":"\n\nQuartix Technologies plc\n(\"Quartix\", \"the Group\" or \"the Company\")\nInterim Results Timetable and Trading Update\n \nQuartix Technologies plc, a leading supplier of subscription-based vehicle tracking systems, analytical software and services, is pleased to announce that it will publish interim results for the six-month period ending 30 June 2023 (the \"Period\") on Monday 31 July 2023. They will be posted on the Company's website that morning, together with accompanying presentations.\n \nH1 Trading\n \nThe Company is pleased to report year-on-year growth in our subscription base during the first half of 2023 of 14%. Year-on-year subscription base growth in H1 was moderate, as Q1 2022 benefited from a large annualised order in the UK, however Q2 saw growth resume to expected levels. New units installed totalled 33,400 units, which was a record number of new subscriptions for a 6-month period. As a consequence, the vehicle subscription base as at 30 June 2023 increased to 252,000 vehicles, with the annualised subscription base value increased by £2.1m (2022 £2.6m) on a constant-currency1 basis to £28.0m. \n \nRecurring revenues remained high at 94% of sales. Price erosion over 12 months, calculated at constant currency rates, continues to improve and was 4.6% compared to 4.8% in the same period in 2022. Attrition has been higher at 13.5% (11.6% PY), primarily due to an increase in business closures and customers downsizing their fleet sizes, caused by external market conditions. The cash balance as at 30 June was £3.2m. For the full year the Board expects revenue, adjusted EBITDA, and free cash flow to be in line with consensus market forecasts2.\n \nYear-on-year subscription base growth in France and our other European territories was excellent at 32% and 53% respectively. Our more mature UK operation continues to perform well and saw 6% year-on-year growth. Strategic changes have redirected investment from our wider US business to territories that will present improved returns on investment in the shorter term. The US strategy will therefore have a narrower, field sales approach, focused specifically on Texas moving forward. \n \nYear-on-year growth in subscription bases by geography as at 30th June are shown in the ta...