Quartix (LSE:QTX) said annualised recurring revenue increased by £3.9 million to £39.7 million, representing growth of 11%, as the vehicle tracking and telematics provider maintained subscription growth across its core markets.
The company expects full-year revenue to be in line with market expectations, while adjusted profit before tax is forecast to be modestly ahead of expectations.
Quartix said the anticipated profit performance partly reflects cost savings that had originally been expected to be reinvested during the current year. That investment has now been deferred to 2027.
For the first nine months of the year, the company generated estimated free cash flow of approximately £4.7 million. Quartix ended the period with cash of £5.3 million and no debt.
Customer and Subscription Numbers Increase
Quartix reported trailing 12-month growth of 6% in its customer base and 7% in subscriptions.
The company recorded growth in France, Italy and Spain, while performance in the US was broadly flat. Net revenue retention was 97.3%.
Quartix also reported customer uptake of its new video telematics product in the UK and is preparing to introduce the offering more widely across its European markets.
Management said it remains confident that the company will meet its full-year expectations.
Separately, Quartix has appointed BDO as its external auditor following a competitive tender process. BDO replaces PKF Littlejohn.
More about Quartix
Quartix Technologies provides subscription-based vehicle tracking software and telematics services to commercial fleet operators across the UK, Europe and the US.
The company generates recurring revenue from its subscription base and provides fleet monitoring and video telematics products.
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