Quartix Technologies PLC CEO Succession Update and Trading Update (8641O)
13 Octubre 2021 - 1:00AM
UK Regulatory
TIDMQTX
RNS Number : 8641O
Quartix Technologies PLC
13 October 2021
Quartix Technologies plc
("Quartix", "the Group" or "the Company")
CEO Succession Update and Trading Update
Directorate change: appointment of CEO
Quartix Technologies plc, a leading supplier of
subscription-based vehicle tracking systems, software and services
in the UK, is pleased to confirm that, as announced on July 21,
Richard Lilwall has commenced his appointment as Chief Executive
Officer of the Company, as successor to Andy Walters, who has
retired as Chief Executive Officer following 20 years in the role.
Mr Lilwall has also joined the Board of Quartix Technologies plc
and Mr Walters remains on the Board in a non-executive
capacity.
Mr Lilwall was previously VP and European Managing Director of
Teletrac Navman, a leading international supplier of vehicle
tracking and telematics services and systems.
Q3 Trading update
The Board is pleased to report that it expects revenue, profit
and free cash flow for the year to 31 December 2021 to be in line
with current consensus market forecasts, which are shown at the
foot of this announcement (1) .
The Company's subscription base has grown by 12% to just over
195,000 vehicles in the first 9 months of 2021, driven in
particular by strong growth in France and the Company's new
territories*. New subscriptions in the first 9 months of the year
have increased by 22% compared with the same period in 2020 (as
shown below) and by 13% compared with 2019.
Region New subscriptions New subscriptions Growth
(units) (units)
first 9 months first 9 months
2021 2020
UK and Eire 17,718 15,886 12%
------------------- ------------------- ------
France 8,502 6,297 35%
------------------- ------------------- ------
USA 6,881 6,577 5%
------------------- ------------------- ------
New territories* 4,571 2,085 119%
------------------- ------------------- ------
Total 37,672 30,845 22%
------------------- ------------------- ------
*Note - new territories included: Spain, Poland, Germany and
Italy
The annualised recurring revenue of the fleet subscription base
was GBP23.5m on 1 October, representing a gain, in constant
currency terms, of GBP1.5m since the start of the year, based on
exchange rates as at 1 October.
Andy Walters, retiring CEO of Quartix, commented:
"I have followed Richard's progress with interest over the past
20 years. He created a very successful telematics distributorship
early in his career and has excelled at every role he has
undertaken since then. I am delighted that he has now joined the
Board as CEO. He is passionate about the potential in the
telematics market, and I know that he will be an excellent fit
within the Company's culture. I shall continue in the role of
Founder Non-Executive Director on the Board of Quartix Technologies
plc.
(1) The Board believes that consensus market expectations for
2021 prior to this announcement, were as follows: Revenue:
GBP25.6m; Adjusted EBITDA GBP5.0m; Free Cash Flow(2) : GBP3.5m.
(2) Underlying Free Cash Flow stated before expenditure on 3G
swap out in the US - see 2020 Annual Report.
For further information, please contact:
Quartix (www.quartix.net)
Richard Lilwall, Chief Executive Officer
Emily Rees, Chief Financial Officer 01686 806 663
finnCap (Nominated Adviser and Broker)
Matt Goode / Kate Bannatyne / Milesh Hindocha
(Corporate Finance)
Alice Lane (Corporate Broking) 020 7220 0500
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCMTBPTMTTBBMB
(END) Dow Jones Newswires
October 13, 2021 02:00 ET (06:00 GMT)
Quartix Technologies (LSE:QTX)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Quartix Technologies (LSE:QTX)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024