- Wednesday, October 16, 2024
Shares of Quartix Technologies have taken a hit after the company announced that it will not meet market expectations for revenue in 2023 and 2024 due to lower-than-anticipated growth.
At 0719 GMT, shares were down by 21% or 42.5 pence, trading at 157.5 pence.
The UK-based supplier of vehicle-tracking systems revealed on Friday that its annualized recurring revenue from the fleet subscription base stood at £28.7 million ($35 million) as of October 1st. This marked a constant-currency increase of £2.1 million compared to the same period last year.
Although the company reported year-on-year subscription base growth in France (32.7%) and other European territories (15.5%), it experienced declines in both the UK (-3.3%) and the U.S. (-32.4%). As a result, Quartix Technologies will now prioritize efforts to boost its customer base in these regions.
In response to the revenue shortfall, the board has revised its expectations for 2023 and 2024, reducing projected revenue by approximately £900,000 and £2.6 million, respectively.
While the possibility of a reduced ordinary dividend payment at year-end is being considered, no supplementary dividend will be granted for the year ending December 2023.
All Rights Reserved © 2024
Post a comment