Quartix Holdings PLC Trading Statement (1610T)
02 July 2018 - 4:00PM
UK Regulatory
TIDMQTX
RNS Number : 1610T
Quartix Holdings PLC
02 July 2018
2(nd) July 2018
Quartix Holdings plc
("Quartix" or the "Company")
Trading Statement
Quartix Holdings plc, a leading supplier of subscription-based
vehicle tracking systems, software and services in the UK,
announces that it will publish interim results for the six-month
period ended 30 June 2018 on Wednesday 25 July 2018. They will be
posted on the Company's website the same day, together with
accompanying presentations.
The Company is pleased to report that trading to date has been
in line with management's expectations for the year as a whole. For
the six months ended 30 June 2018, the Company expects to report
high single-digit growth in revenue compared with the same period
last year, with profit broadly in-line with the same period last
year, which includes the increased investment made by the Company
in its international markets as it seeks to accelerate its
international growth opportunities. Free cash flow for the period
is anticipated to be slightly up against the equivalent period last
year. These comparisons are given on a like-for-like basis, as the
Group's profit and revenue will increase for 2017 and 2018 as a
result of the Group's adoption of IFRS15 (Revenue from Contracts
with Customers).
Andy Walters, Chief Executive, commented:
"We have made excellent progress in our international markets
with our fleet business. New installations of tracking systems grew
by 61% in France to 2820 vehicles, reaching a closing base of
15,390, and in the USA they increased by 62% to 3,400 vehicles,
taking the base to 10,840 vehicles."
"The subscription base for our UK business increased by 3.7% in
the 6 months to 86,300. This reduced rate of growth compared to
last year resulted from lower new installations of 9,000 vehicles.
Management actions are already being taken to reverse the trend,
alongside the growth initiatives underway in international
markets."
"As noted in our trading statement of 27 March, volumes in our
insurance business were lower than they had been in the second half
of 2017, although we saw some stabilisation of this towards the end
of the second quarter. This stabilisation was, in large part, due
to growth achieved in the Company's 'Powered by Quartix' direct
offering to insurance brokers."
"We will continue to invest in our fleet business in the second
half and only add new insurance business if the quality of service
and product innovation we offer are appropriately valued."
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information, please contact:
Quartix (www.quartix.net)
Andy Walters, Chief Executive Officer
Daniel Mendis, Chief Financial Officer 01686 806 663
finnCap (Nominated Adviser and Joint Broker) 020 7220 0500
Matt Goode/Scott Mathieson (Corporate Finance) 020 7894 7000
Alice Lane (Corporate Broking)
Cantor Fitzgerald (Joint Broker)
Marc Milmo/ Catherine Leftley
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTMMGGNNMDGRZM
(END) Dow Jones Newswires
July 02, 2018 02:00 ET (06:00 GMT)
Quartix Technologies (LSE:QTX)
Historical Stock Chart
From May 2024 to Jun 2024
Quartix Technologies (LSE:QTX)
Historical Stock Chart
From Jun 2023 to Jun 2024