Quartix Holdings PLC Trading Statement (2986J)
December 04 2018 - 2:00AM
UK Regulatory
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RNS Number : 2986J
Quartix Holdings PLC
04 December 2018
Quartix Holdings plc
("Quartix" or the "Company")
Trading Statement
Quartix Holdings plc, one of Europe's leading suppliers of
subscription-based vehicle tracking systems, software and services,
is pleased to provide an update on trading for the 10-month period
to 31 October 2018.
The Board believes that profit (adjusted EBITDA) is likely to
exceed market expectations* for the year to 31 December 2018 by
between 10 and 15 per cent. This is largely as a result of the
Group's adoption of IFRS15 (Revenue from Contracts with Customers),
which has increased profit and revenue in 2018 as noted in the
trading statement on 2 July 2018. The estimate is dependent on the
trading results for November and December 2018. Revenue and free
cashflow are expected to be slightly ahead of market
expectations*.
The Company has continued to make strong progress in its core
fleet business in the USA and France and is pleased to report that,
having noted in the interim results statement on 25 July 2018 that
growth in the UK subscription base had slowed in relation to the
equivalent period for 2017, the changes made since July are
beginning to take effect.
Management expectations for 2019 remain unchanged and the
Company expects to provide a post year-end trading update in
mid-January 2019.
* The Board believes that consensus market expectations for
2018, prior to this announcement, were as follows: revenue:
GBP24.6m; adjusted EBITDA GBP7.5m; free cash flow: GBP5.4m.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information, please contact:
Quartix (www.quartix.net)
Andrew Walters, Chief Executive
Daniel Mendis, Chief Financial Officer 01686 806 663
finnCap (Nominated Adviser and Broker)
Matt Goode /Scott Mathieson (Corporate
Finance)
Alice Lane (Corporate Broking) 020 7220 0500
Cantor Fitzgerald (Joint Broker)
Marc Milmo
Catherine Leftley 020 7894 7000
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
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