Quartix Holdings PLC AGM Trading Statement (0996T)
23 March 2021 - 6:00PM
UK Regulatory
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RNS Number : 0996T
Quartix Holdings PLC
23 March 2021
23 March 2021
Quartix Holdings plc
("Quartix", "the Group" or "the Company")
AGM Trading Statement
Quartix Holdings plc, one of Europe's leading suppliers of
subscription-based vehicle tracking systems, software and services,
issues the following trading statement ahead of its Annual General
Meeting later today.
The Board reports that trading for the two-month period to 28
February 2021 was consistent with meeting market expectations for
the year*.
Fleet tracking
The strong progress seen in the second half of 2020 has
continued into 2021. New subscriptions in January were somewhat
impacted by the national lockdown in the UK, however activity
levels increased in February and this momentum has continued into
March. As such, Management estimates that the Group will achieve
growth of 6% in the first quarter of the year (circa 12,450
subscriptions versus 11,768), despite being down 4% after the first
two months of the year.
Growth in orders has been especially strong in the Group's new
European markets, where 912 subscriptions were entered into in the
first two months. France and the US have also showed good progress,
whilst the UK was affected by the national lockdown at the start of
the year but is returning better results in March.
Insurance telematics
As expected, activity for our insurance clients has reduced due
to the lack of driving tests in the current environment.
Installations are expected to be approximately 1,650 in the first
quarter, which is approximately 80% lower than in the same period
of 2020. These volumes are expected to increase in the year as
driving tests recommence, but Management expects insurance revenue
to make up less than 10% of Group revenue in 2021.
Andy Walters, Chief Executive Officer of Quartix Holdings plc,
commented: "We are very pleased with the progress made in the first
quarter, particularly in our international markets where the
opportunity for growth is substantial. As we have previously set
out, we intend to invest further in these opportunities, starting
in the second half of this year."
Footnote:
* The Board believes that consensus market expectations for 2021
prior to this announcement, were as follows: Revenue: GBP25.6m;
Adjusted EBITDA GBP5.1m; Underlying Free Cash Flow (before
expenditure on 3G swap out in the US - see 2020 Annual Report): GBP
4.0m .
For further information, please contact:
Quartix (www.quartix.net)
Andrew Walters, Chief Executive
Daniel Mendis, Chief Operating and
Financial Officer 01686 806 663
finnCap (Nominated Adviser and Broker)
Matt Goode / Kate Bannatyne (Corporate
Finance)
Alice Lane (Corporate Broking) 020 7220 0500
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END
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