Quartix FY revenue and profits in line with expectations

Vehicle tracking systems and software firm Quartix Technologies expects full-year revenue, profit, and free cash flow to be in line with current consensus market forecasts.

Quartix said on Wednesday that its subscription base had grown by 12% to just over 195,000 vehicles in the first nine months of 2021, driven in particular by strong growth in France and its new territories.

Year-to-date new subscriptions increased 22% year-on-year and by 13% compared with 2019's pre-Covid comparative.

The AIM-listed group stated that annualised recurring revenue of the fleet subscription base was £23.5m on 1 October, representing a gain, in constant currency terms, of £1.5m since the start of the year, based on exchange rates.

Elsewhere, Quartix said chief executive Andy Walters had stood down from the role following 20 years from the role and had been succeeded by Richard Lilwall.

As of 1330 BST, Quartix shares were down 0.22% at 445.0p.