Quartix Technologies: founder returns, to issue a profit warning!
Having anticipated an "accelerated financial performance for the remainder of the year" in a recent update, the outlook for this telematics group has taken an unexpected turn for the worse. Read on here for our thoughts on a business we have covered extensively since IPO in 2014. The shares have tumbled but should offer decent recovery potential. (Free to read)
Former CEO and founder Andy Walters returned to telematics group Quartix Technologies (AIM:QTX) last week as Chairman and his preliminary review of the business has uncovered some issues, which we cover here The reassuring bit… The annualised recurring revenue of the fleet subscription base continues to grow, climbing to £28.7m on 1 October, an increase, in constant currency terms, of £2.1m year on year. The number of vehicles under subscription has grown by 13.0% to just under 259,000 vehicles with new units installed in the first 9 months of the year up 4.3%, although that’s a decline in growth rate.…