Quartix Technologies confident of meeting FY expectations

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