Quartix Technologies confident of meeting FY expectations

15th Oct 2024 09:14

(Sharecast News) - Vehicle tracking systems and software business Quartix Technologies said on Tuesday that it was confident of meeting FY expectations for both profit and free cashflow as annualised recurring revenues delivered YTD growth.

Quartix said a renewed focus on its core business continued to drive strong growth in its annualised recurring revenue, its key forward-looking measure of growth and financial performance, which grew by £2.7m to roughly £4.4m in the nine months ended 30 September.

The AIM-listed group added that a verage revenue per unit during the nine month period decreased by 0.1% on a constant currency basis, representing a "significant improvement" in performance when compared to the same period in 2023, during which it experienced a decrease of 3.4%.

Quartix also stated it was confident of meeting FY expectations for revenues of £32.9m, adjusted underlying earnings of £5.8m and unadjusted free cashflow of £2.1m.

Chairman Andy Walters said: "The rate of growth in the company's recurring revenues, customer base and new subscriptions over the period is very pleasing. I am immensely grateful to all my colleagues and the management team at Quartix who have so successfully refocused the company on its core business activity since my return to the board a year ago, and we look forward to the future with confidence."

As of 1145 BST, Quartix shares were down 0.33% at 153.0p.

Reporting by Iain Gilbert at Sharecast.com