TIDMQTX
RNS Number : 0784M
Quartix Holdings PLC
26 July 2017
26 July 2017
Quartix Holdings plc
("Quartix", "the Group" or "the Company")
Interim Results
Quartix Holdings plc (AIM:QTX), a leading supplier of vehicle
tracking systems and services to the fleet and insurance sectors,
is pleased to announce its unaudited results for the half year
ended 30 June 2017.
Financial highlights:
-- Group revenue of GBP11.5m (2016: GBP11.6m)
-- Fleet revenue grew by 15% to GBP8.3m (2016: GBP7.2m)
-- As anticipated, insurance revenue decreased - to GBP3.2m (2016: GBP4.4m)
-- Adjusted EBITDA* of GBP3.5m (2016: GBP3.4m)
-- Operating profit of GBP3.2m (2016: GBP3.3m)
-- Profit before tax of GBP3.2m (2016: GBP3.3m)
-- Diluted earnings per share of 5.78p (2016: 5.82p)
-- Cash generated from operations of GBP2.9m (2016: GBP3.6m)
-- Free cash flow of GBP2.6m (2016: GBP3.1m)
-- Operating cash conversion** of 90% (2016: 107%)
-- Interim dividend of 2.4p per share proposed
* EBITDA adjusted for share based payment expense of GBP0.2m
** Cash generated from operations of GBP2.9m divided by
operating profit of GBP3.2m
Operational highlights
Fleet
Excellent progress in the main fleet business
-- Subscription base grew by 10% to 96,971 vehicles (31(st) December 2016: 87,889)
-- Fleet installations grew by 45% to 14,324 (2016: 9,898)
-- Customer base increased by 11% to 10,076 (31(st) December 2016: 9,105)
-- Fleet invoiced recurring revenue increased by 16% to GBP7.6m (2016: GBP6.5m)
-- Attrition* on a rolling 12-month basis was 10.1%,
significantly below the 14% industry average
* Attrition is calculated as the difference between the number
of new unit installations and the increase in active subscriptions
between 1 July 2016 and 30 June 2017, expressed as a percentage of
the mean subscription base between those two points in time:
(26,647-17,757)/88,093 = 10.1%
UK & Ireland
-- 77,953 active vehicle subscriptions, up 9% (31 December 2016:
71,712)
-- 7,193 customers, up 9% (31 December 2016: 6,602)
France
-- 11,405 active vehicle subscriptions, up 14% (31 December
2016: 9,986)
-- 1,596 customers, up 12% (31 December 2016: 1,428)
USA
-- 7,613 active vehicle subscriptions, up 23% (31 December 2016: 6,191)
-- 1,287 customers, up 20% (31 December 2016: 1075)
Insurance
Successfully transitioned away from lower-margin insurance
business
-- Insurance installations decreased by 35% to 23,947 (2016: 37,060).
-- Reinstatement of some volume lost in first half is now
expected in the second half, at increased pricing.
-- Higher minimum pricing established, backed by proven quality
levels which have now been benchmarked against the competition
during the first half
-- One small additional direct insurance customer commenced installations in the period
-- Discussions are underway with several additional brokers and
insurers with respect to our direct offering
-- The SafeSpeed database has gained excellent feedback from
insurers since launch in 2016, and has shown its potential to help
reduce young driver injuries and fatalities
Andy Walters, Managing Director of Quartix, commented:
"We have made good progress in the first half. As indicated a
year ago, we have focused on our key fleet business, resulting in
much stronger growth in the subscription base. This led to an
anticipated decline in new insurance installations, however fleet
revenue growth largely compensated for this and total revenue was
broadly consistent with last year, at GBP11.5m (2016:
GBP11.6m)."
"As part of the investment in the future of our fleet business
we have made a number of senior level recruitments in the past 12
months, and I am delighted to announce that Ed Ralph, who joined as
Chief Operating Officer in February, is now appointed to the main
board of Quartix Holdings plc. Ed brings extensive experience and a
proven track record in technology management, digital marketing and
eCommerce. From 2001 to 2015 he built and led the technology team
at Abcam plc, having joined the company as its 7th employee, when
its revenue was just GBP200k."
"We are also announcing today that, following 10 years of
exceptional service to the business, our Financial Director, David
Bridge, has indicated that he would like to retire from the
business. David remains committed to the company and will work with
the rest of the Board to ensure an orderly transition is effected
in due course. I would like to record my personal thanks for the
enormous contribution that he has made to the business since
January 2008. He will be greatly missed and we wish him well for
the future. A separate announcement has been made today concerning
Ed's appointment and our succession plans for David's role."
"Pleasingly, the strategic decision taken last year to focus on
our fleet business has delivered strong subscription growth.
Furthermore, the news that we are to resume supply in the second
half for an insurance programme which had been switched to a
low-cost supplier provides an excellent endorsement of our quality
and service levels. This is expected to lead to a more acceptable
balance in margin in future between the two parts of our business
and a clearer understanding in the market of the value we
deliver."
"Although the insurance business remains less predictable than
our fleet business, we will use any additional income from it to
invest in the future of our fleet operations as the business
develops, and hence we remain on track to meet market profit
expectations for the year as a whole".
For further information, please contact:
Quartix (www.quartix.net) 01686 806 663
Andrew Walters, Managing Director
David Bridge, Financial Director
finnCap (Nominated Adviser and Broker) 020 7200 0500
Matt Goode /Scott Mathieson (Corporate Finance)
Stephen Norcross / Alice Lane (Corporate Broking)
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Interim Financial Results Report
The Group's Interim Financial Statements for the 6 months ended
30 June 2017 are available in the "Investors" section of our
website at: www.quartix.net/investors.php
About Quartix
Founded in 2001, Quartix is a leading supplier of
subscription-based vehicle tracking systems, software and services.
The Group provides an integrated tracking and telematics data
analysis solution for fleets of commercial vehicles and motor
insurance providers which improves productivity and safety and
which lowers costs by capturing, analysing and reporting vehicle
and driver data.
Quartix is based in the UK and is listed on the AIM market of
the London Stock Exchange (AIM:QTX).
Chairman's Statement
Summary
The past half year has shown continued strong demand for the
Group's vehicle tracking systems, software and services. New fleet
subscriptions increased by 45% to 14,324 (2016: 9,898), revenue in
this sector grew by 15% to GBP8.3m (2016: GBP7.2m) and recurring
revenue increased by 16% to GBP7.6m (2016: GBP6.5m). Following the
decision taken a year ago to focus on only those insurance
applications which deliver satisfactory margins, sales to UK based
insurance customers decreased by 26% to GBP3.2m (2016: GBP4.4m).
Despite this reduction, the growth in fleet revenue ensured that
Group revenue was broadly consistent with last year, at GBP11.5m
(2016: GBP11.6m).
Total sales in the UK were GBP10.1m (2016: GBP10.7m). Sales to
fleet customers in this market increased by 9% to GBP6.8m (2016:
GBP6.3m) and the subscription base grew to 77,953 vehicles,
representing an increase of 18% over the past 12 months (30 June
2016: 66,089). This was driven by good progress in each of the
Group's three main channels during the first half, namely: direct
sales, distribution and price comparison websites.
The Group made good progress in France, where the subscription
base rose by 26% over the past year to 11,405 vehicles (30 June
2016: 9,058). Development of each of our channels to market is
ongoing and revenue in France in the first half increased by 30% in
local currency to EUR1.0m (2016: EUR0.8m).
The Group continued to develop its operations successfully in
the USA, taking its subscription base to 7,613 vehicles. This is
87% higher than it was 12 months ago (30 June 2016: 4,067). During
this time the Group has invested in the development of products to
satisfy forthcoming legislation concerning the logging of driver
hours. The initial release of the product is in use and receiving
positive feedback from customers, and a full release of the main
application is expected in the second half. Revenue increased by
76% to $0.7m (2016: $0.4m).
Successful development of our sales channels in the UK was by
far the most significant contributor to first half growth in new
fleet installations: UK fleet installations rose by 45% to 10,476.
In the second half we will look towards using this expertise for
the USA as well by managing these channels from the UK.
The Company's "Powered by Quartix" initiative for the insurance
sector, which it launched at the middle of last year, offers
insurance brokers an off-the-shelf telematics product allowing them
to compete effectively in the young driver market. It is currently
in use by two brokers and supported by one underwriter. Further
prospects in terms of brokers and underwriters are being developed,
and discussions are in course. This initiative has proven to be of
great importance to the Company in showcasing its capabilities and
service levels directly; in gaining much greater awareness with
insurers and the market in general; and in promoting the Company's
SafeSpeed contextual speed scoring system for the assessment of
accident risk. The SafeSpeed database is unique in comparing the
behaviour of young drivers on particularly dangerous roads (such as
single-carriageway rural roads) with that of more experienced fleet
drivers on exactly the same road, helping to identify and coach
those who are at risk of accident. Loss ratios on the first
programme to use it have been very good so far.
Results
Group revenue for the half year was GBP11.5m (2016: GBP11.6m).
Fleet revenue grew by 15% to GBP8.3m (2016: GBP7.2m) and insurance
revenue decreased by 26% to GBP3.2m (2016: GBP4.4m). Sales to the
insurance sector as a percentage of overall revenue reduced to 28%
(2016: 38%).
Increased focus on our core fleet business led to the recurring
element of subscriptions growing to represent 65% of Group turnover
(2016: 55%). Although the higher level of this subscription revenue
helps to improve the margin mix, we also funded growth of 45% in
new fleet installations for the period (2017: 14,324 units
installed; 2016: 9,898 units installed). The cost of all new fleet
tracking systems and installations is absorbed in cost of sales, as
are commissions paid to indirect sales channels, which contributed
to the growth. Material costs per unit also rose considerably as a
consequence of the weakness of the pound against the dollar. It is
pleasing, therefore, that gross profit was consistent with last
year overall, reflecting the improvement in margin mix. Operating
profit for the half year decreased by 3% to GBP3.2m (2016:
GBP3.3m). This is in line with achievement of market expectations
for the year. Profit before tax was also 3% down at GBP3.2m (2016:
GBP3.3m).
Operating cash conversion was good, at 90%, resulting in pre-tax
cash generated from operations of GBP2.9m (2016: GBP3.6m). Free
cash flow conversion was 82%, resulting in free cash flow from
operations after tax and investing activities of GBP2.6m (2016:
GBP3.1m). The Group had net cash of GBP4.8m as at 30 June 2017
(GBP6.2m at 31(st) December 2016), having paid a dividend of
GBP4.3m in May.
Although good, cash flow was not as strong as it had been for
the same period in 2016. This resulted from a number of factors,
including the impact of reduced insurance volumes on deferred
revenue provisions and timing differences with last year; some of
these factors should reverse in the second half.
Earnings per share
Basic earnings per share were 5.92p (2016: 5.89p). On a fully
diluted basis earnings per share were 5.78p (2016: 5.82p).
Dividend
The Board has recommended an interim dividend of 2.4p (2016
2.2p) per share, amounting to GBP1,141,641 in aggregate. This was
approved by the Board on 25th July 2017. The interim dividend will
be paid on 14 September 2017 to shareholders on the register as at
18 August 2017.
Dividend Policy
Following the publication of its final results for 2017, the
Board plans to announce a final dividend for the year with the
aggregate of the interim and final dividend set at approximately
50% of cash flow from operating activities, which is calculated
after taxation paid but before capital expenditure. The Board will
also look to distribute the excess of cash balances over GBP2m by
way of a supplementary dividend. The surplus cash will be
calculated by taking the year end cash balance and deducting the
proposed regular dividend. The policy will be subject to
review.
Governance and the Board
The Board is comprised of two Non-Executive Directors: myself
and Jim Warwick, and three Executive Directors: Andrew Walters,
David Bridge and Ed Ralph; Ed is appointed as chief operating
officer today, and I would like to take the opportunity of
welcoming him to the Board. Ed brings extensive experience and a
proven track record in technology management, digital marketing and
eCommerce from his time at Abcam, and these skills will play a
vital role in the next stages of the Group's development.
As noted previously by Andy Walters, David Bridge has indicated
that, following 10 years of excellent service to the Group, he
would like to step down from the Board in due course. I would like
to take the opportunity to add my thanks for the significant
contribution that he has made to the development of the Group's
business over that period, and to wish him well for the future.
David remains committed to the Group and he is working with the
board in seeking a successor; progress on this will be announced in
due course.
For further details regarding Corporate Governance and the
Board, please see the "Investors" section of our website
(www.quartix.net/investors.php).
Outlook
The Group has made a good start to the second half, in line with
management's expectations. The high levels of recurring revenue and
opportunities to grow in the UK, France and the USA in fleet
combined with the reinstatement of some lost volume and improved
pricing in the insurance business, underpin our confidence for the
rest of the year and beyond. We will continue to use the financial
strength of the business to invest in our core fleet
operations.
Paul Boughton
Chairman
Consolidated Statement of Comprehensive Income
30 June 2017 30 June 2016 31 December 2016
Half year ended 30 June 2017 Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
========== ============= ====================
Revenue 3 11,510 11,574 23,339
Cost of sales (4,440) (4,483) (9,276)
---------- ------------- --------------------
Gross profit 7,070 7,091 14,063
Administrative expenses (3,860) (3,769) (7,520)
---------- ------------- --------------------
Operating profit 3,210 3,322 6,543
Finance income receivable 9 8 21
Finance costs payable - (17) (24)
---------- ------------- --------------------
Profit for the period before taxation 3,219 3,313 6,540
Tax expense (413) (531) (453)
Profit for the period 2,806 2,782 6,087
Other Comprehensive income:
Items that may be reclassified subsequently to profit
or loss:
Exchange difference on translating foreign operations 110 (125) (255)
Other comprehensive income for the year, net of tax 110 (125) (255)
========== ============= ====================
Total comprehensive income attributable to the equity
shareholders of Quartix Holdings plc 2,916 2,657 5,832
========== ============= ====================
Adjusted EBITDA 3,459 3,445 6,808
------------------------------------------------------- ------ ---------- ------------- --------------------
Earnings per ordinary share (pence) 5
========== ============= ====================
Basic 5.92 5.89 12.87
Diluted 5.78 5.82 12.70
========== ============= ====================
All of the activities of the Group in the current period are
classed as continuing and there is no other comprehensive
income.
Consolidated Statement of Financial Position
Company registration number: 06395159
30 June 2017 30 June 2016 31 December 2016
Unaudited Unaudited Audited
Assets Notes GBP'000 GBP'000 GBP'000
============= ============= =================
Non-current assets
Goodwill 14,029 14,029 14,029
Property, plant and equipment 298 376 360
Deferred tax assets 108 68 141
============= ============= =================
Total non-current assets 14,435 14,473 14,530
Current assets
Inventories 633 618 680
Trade and other receivables 3,102 2,727 2,591
Cash and cash equivalents 4,775 4,598 6,249
------------- ------------- -----------------
Total current assets 8,510 7,943 9,520
Total assets 22,945 22,416 24,050
Current liabilities
Trade and other payables 2,681 2,853 2,892
Borrowings - 498 -
Deferred revenue 2,589 2,483 2,591
Current tax liabilities 422 535 238
============= ============= =================
5,692 6,369 5,721
Total liabilities 5,692 6,369 5,721
Net assets 17,253 16,047 18,329
============= ============= =================
Equity
Called up share capital 7 476 473 474
Share premium account 7 4,869 4,674 4,702
Equity reserve 295 175 281
Capital redemption reserve 4,663 4,663 4,663
Translation reserve (194) (174) (304)
Retained earnings 7,144 6,236 8,513
============= ============= =================
Total equity attributable to equity shareholders of
Quartix Holdings plc 17,253 16,047 18,329
============= ============= =================
Consolidated Statement of Changes in Equity
Share Capital
Share premium redemption Equity Translation Retained
capital account reserve reserve reserve earnings Total equity
GBP'000 GBP,000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- ------------ ------------ ------------- ------------- ------------- -------------
Balance at 31
December 2015 472 4,631 4,663 177 (49) 5,303 15,197
------------- ------------ ------------ ------------- ------------- ------------- -------------
Shares issued 1 43 - - - - 44
Increase in
equity
reserve in
relation to
options
issued - - - 55 - - 55
Adjustment for
exercised
options - - - (43) - 43 -
Deferred tax
on share
options (14) (14)
Dividend paid - - - - - (1,892) (1,892)
------------- ------------ ------------ ------------- ------------- ------------- -------------
Transactions
with owners 1 43 - (2) - (1,849) (1,807)
------------- ------------ ------------ ------------- ------------- ------------- -------------
Foreign
currency
translation
differences - - - - (125) - (125)
Profit for the
period - - - - - 2,782 2,782
------------- ------------ ------------ ------------- ------------- ------------- -------------
Total
comprehensive
income - - - - (125) 2,782 2,657
------------- ------------ ------------ ------------- ------------- ------------- -------------
Balance at 30
June 2016 473 4,674 4,663 175 (174) 6,236 16,047
============= ============ ============ ============= ============= ============= =============
Shares issued 1 28 - - - - 29
Increase in
equity
reserve in
relation to
options
issued - - - 58 - - 58
Adjustment for
exercised
options - - - (13) - 13 -
Deferred tax
on share
options - - - 61 - - 61
Dividend paid (1,041) (1,041)
Transactions
with owners 1 28 - 106 - (1,028) (893)
============= ============ ============ ============= ============= ============= =============
Foreign
currency
translation
differences - - - - (130) - (130)
Profit for the
period - - - - - 3,305 3,305
============= ============ ============ ============= ============= ============= =============
Total
comprehensive
income - - - - (130) 3,305 3,175
------------- ------------ ------------ ------------- ------------- ------------- -------------
Balance at 31
December 2016 474 4,702 4,663 281 (304) 8,513 18,329
------------- ------------ ------------ ------------- ------------- ------------- -------------
Shares issued 2 167 - - - - 169
Increase in
equity
reserve in
relation to
options
issued - - - 158 - - 158
Adjustment for
exercised
options - - - (104) - 104 -
Deferred tax
on share
options - - - (40) - - (40)
Dividend paid - - - - - (4,279) (4,279)
============= ============ ============ ============= ============= ============= =============
Transactions
with owners 2 167 - 14 - (4,175) (3,992)
============= ============ ============ ============= ============= ============= =============
Foreign
currency
translation
differences - - - - 110 - 110
Profit for the
period - - - - - 2,806 2,806
============= ============ ============ ============= ============= ============= =============
Total
comprehensive
income - - - - 110 2,806 2,916
============= ============ ============ ============= ============= ============= =============
Balance at 30
June 2017 476 4,869 4,663 295 (194) 7,144 17,253
============= ============ ============ ============= ============= ============= =============
Consolidated Statement of Cash Flows
30 June 2017 30 June 2016 31 December 2016
Unaudited Unaudited Audited
Notes GBP'000 GBP'000 GBP'000
============= ============= ====================
Cash generated from operations 6 2,881 3,570 6,812
Taxes paid (237) (408) (639)
============= ============= ====================
Cash flow from operating activities 2,644 3,162 6,173
Investing activities
Additions to property, plant and equipment (33) (120) (189)
Interest received 9 8 21
============= ============= ====================
Cash flow from investing activities (24) (112) (168)
Cash flow from operating activities after investing
activities (free cash flow) 2,620 3,050 6,005
Financing activities
Repayment of long term borrowings - (500) (1,000)
Interest paid - (20) (29)
Proceeds from share issues 7 169 44 73
Dividend paid (4,279) (1,892) (2,933)
============= ============= ====================
Cash flow from financing activities (4,110) (2,368) (3,889)
Net changes in cash and cash equivalents (1,490) 682 2,116
Cash and cash equivalents, beginning of period 6,249 4,040 4,040
Exchange differences on cash & cash equivalents 16 (124) 93
============= ============= ====================
Cash and cash equivalents, end of period 4,775 4,598 6,249
============= ============= ====================
Notes to the Financial Statements (unaudited)
1 Basis of preparation
The financial information has been prepared in accordance with
recognition and measurement principles of International Financial
Reporting Standards ("IFRS") and International Financial Reporting
Interpretations Committee ("IFRIC") interpretations that had been
published by 30 June 2017 as endorsed by the European Union ("EU").
The accounting policies adopted are consistent with those of the
financial statements for the year ended 31 December 2016, as
described in those financial statements. In preparing these interim
financial statements, the Board has not sought to adopt IAS 34
"Interim financial reporting".
The figures for the six month periods ended 30 June 2017 and 30
June 2016 have not been audited. The figures for the year ended 31
December 2016 have been extracted from, but do not constitute, the
consolidated financial statements of Quartix Holdings plc for that
year. Those financial statements have been delivered to the
Registrar of Companies and included an Auditors' Report, which was
unqualified and did not contain a statement under section 498(2) or
section 498(3) of the Companies Act 2006.
2 Going concern
The Group's forecasts and projections, taking account of
reasonably possible changes in trading performance, show that the
Group is able to generate sufficient liquidity.
The Group enjoys a strong income stream from its fleet
subscription base while current liabilities include a substantial
provision for deferred revenue which is a non-cash item.
After assessing the forecasts and liquidity of the business to
the end of the following calendar year and the longer term
strategic plans, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational
existence for the foreseeable future. The Group therefore continues
to adopt the going concern basis in preparing the interim
results.
3 Segmental analysis
The Group has concluded that it operates only one operating
segment as defined by IFRS 8, being the design, development and
marketing of vehicle tracking devices and the provision of related
data services. The information used by the Group's chief operating
decision makers to make decisions about the allocation of resources
and assessing performance is presented on a consolidated Group
basis. All revenue, costs, assets and liabilities relate to the
single activity; and accordingly no segmental analysis is
presented.
An analysis of turnover by type of customer and geography is
stated below:
30 June 2017 30 June 2016 31 December 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
============ ============ ================
By customer base
Fleet 8,291 7,196 14,909
Insurance 3,219 4,378 8,430
============ ============ ================
11,510 11,574 23,339
============ ============ ================
30 June 2017 30 June 2016 31 December 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
============== ============ ================
Geographical analysis by destination
United Kingdom 10,068 10,678 21,249
France 895 619 1,408
Republic of Ireland 4 2 5
United States of America 543 275 677
============== ============ ================
11,510 11,574 23,339
============== ============ ================
4 Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA)
30 June 2017 30 June 2016 31 December 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
============ ============ ================
Operating profit 3,210 3,322 6,543
Depreciation 91 68 152
------------ ------------ ----------------
EBITDA 3,301 3,390 6,695
Share-based payment expense 158 55 113
------------ ------------ ----------------
Adjusted EBITDA 3,459 3,445 6,808
============ ============ ================
5 Earnings per share
The calculation of the basic earnings per share is based on the
profits attributable to the shareholders of Quartix Holdings plc
divided by the weighted average number of shares in issue during
the period. The earnings per share calculation relates to
continuing operations of the Group.
Fully Fully
Basic diluted diluted
Weighted profit weighted profit
Profits average per average per
attributable number share number share
to shareholders of shares amount of shares amount
in
GBP'000 in pence pence
----------------- ----------- --------- ----------- ----------
Earnings per ordinary
share
Period ended 30
June 2017 2,806 47,402,743 5.92 48,549,415 5.78
Period ended 30
June 2016 2,782 47,251,723 5.89 47,761,493 5.82
Year ended 31
December 2016 6,087 47,292,755 12.87 47,929,813 12.70
For diluted earnings per share, the weighted average number of
ordinary shares is adjusted to assume the conversion of all
dilutive potential ordinary shares. Dilutive potential ordinary
shares are those share options where the exercise price is less
than the average market price of the Company's ordinary shares
during the period.
6 Note to the cash flow statement
Cash flow adjustments and changes in working capital
30 June 2017 30 June 2016 31 December 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
============ ============ ================
Profit before tax 3,219 3,313 6,540
Foreign exchange 97 - (326)
Depreciation 91 68 152
Interest income (9) (8) (21)
Interest expense - 17 24
Share based payment expense 158 55 113
Operating cash flow before movement in working capital 3,556 3,445 6,482
(Increase)/decrease in trade and other receivables (520) (135) 5
Decrease/(increase) in inventories 45 21 (39)
(Decrease)/increase in trade and other payables (200) 239 364
============ ============ ================
Cash generated from operations 2,881 3,570 6,812
============ ============ ================
7 Equity
Number of ordinary shares of
GBP0.01 each Share capital GBP'000 Share premium GBP'000
================================== ===================== =====================
Allotted, called up and fully paid
At 1 January 2016 47,175,704 472 4,631
Shares issued 117,250 1 43
At 30 June 2016 47,292,954 473 4,674
Shares issued 53,000 1 28
At 31 December 2016 47,345,954 474 4,702
Shares issued 222,400 2 167
================================== ===================== =====================
At 30 June 2017 47,568,354 476 4,869
================================== ===================== =====================
All shares issued in the period to 30 June 2017 relate to the
exercise of share options.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR QELFLDDFEBBK
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