Quartix Technologies PLC - Newtown, Wales-based vehicle tracking system provider - Says the progress in new subscriptions recorded in 2022 has continued into 2023. New unit installations in the first two months increased 9% in total compared with the same period last year. Growth in new subscriptions continued to be led by the French team.

Notes that trading for the first two months of 2023 has been consistent with meeting market expectations for the year. Consensus market expectations for 2023 is revenue of £30.8 million and adjusted earnings before interest, tax, depreciation and amortisation of GB6.2 million. In 2022, Quartix reported revenue of £27.5 million and adjusted Ebitda of £6.1 million.

Chief Executive Officer Richard Lilwall says: ‘The results for the first two months of 2023 have been encouraging, with the increase in new subscriptions reflecting the investments in sales and marketing initiatives made in 2022, and which are planned to be continued this year. Customer interest in our EVolve electrical vehicle analytics, and our newly launched Quartix Check condition measurement tool is positive.’

Current stock price: 277.00 pence, up 2.6% in London on Friday morning

12-month change: down 27%

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