Quartix Holdings PLC AGM Trading Statement (2823H)
24 Marzo 2020 - 8:00AM
UK Regulatory
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RNS Number : 2823H
Quartix Holdings PLC
24 March 2020
Quartix Holdings plc
("Quartix" or the "Company")
AGM Trading Statement
Quartix Holdings plc, one of Europe's leading suppliers of
subscription-based vehicle tracking systems, software and services,
issues the following trading statement ahead of its Annual General
Meeting later today.
The Board reports that trading for the two-month period to 29
February 2020 was consistent with meeting market expectations for
the year*.
Fleet tracking
Strong progress at the end of 2019 continued into 2020, with new
installations for the first two months 30% ahead of the same period
last year (8,400 versus 6,300). Order intake has continued strongly
throughout March, despite the Coronavirus pandemic, but its effects
on our customers and installation appointments are beginning to
become evident. Management estimates that growth in installations
completed will reduce to 12% by the end of the first quarter (circa
12,000 versus 10,600) leaving up to 1,500 installations due for
March to be carried over to subsequent months, with the majority of
this backlog in the UK.
Growth in new orders has been broadly spread across our existing
territories, with France showing the strongest progress. We made a
good start to the year in our new territories, with 600 new
installations in the first two months, but orders have dropped
considerably in March, particularly in Italy and Spain.
Coronavirus
The Company published a detailed note concerning the measures it
had taken on 19(th) March. Virtually all staff are now working
remotely and, so far, business capacity is unaffected. Over the
past few days, however, we have heard from a number of customers
who are taking vehicles off the road because of falling demand.
This has not been restricted to the catering, hospitality and
leisure sectors. We are working hard to help these customers and it
is a priority of ours to maintain our fleet customer base through
this crisis.
We recognise that this is a period of significant uncertainty
for our shareholders, as well as for our employees and customers
and will, therefore, schedule a further update by RNS at the
beginning of May.
Insurance telematics
As previously outlined, new installations for our insurance
clients have continued to decline and are expected to be
approximately 8,100 units in the first quarter, which is
approximately 3% lower than they were in the same period of 2019.
This is in line with the Board's expectations, but further declines
are expected later in the year.
Andy Walters, Chief Executive Officer of Quartix Holdings plc,
commented: "whilst we are pleased with the progress made in the
first three months, our priorities have been the safeguarding and
well-being of our employees. We took early action to move to remote
working and followed that up with measures to preserve our cash
reserves in order to be able to continue investment in our fleet
business. We are entering a period of significant uncertainty for
our clients, employees and shareholders and will therefore provide
a further update at the beginning of May. "
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Footnote:
* The Board believes that consensus market expectations for 2020
(based upon forecasts from finnCap and Shore Capital) prior to this
announcement, were as follows: Revenue: GBP26.0m; Adjusted EBITDA
GBP6.7m; Free Cash Flow: GBP5.3m.
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/ Hannah Boros (Corporate
Finance)
Alice Lane (ECM) 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.
END
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