Quartix Technologies – Interims due next Monday should see its shares, now 225p, start to recover to over 275p in due course
Mark Watson-Mitchell - 22.07.2026
Next Monday, 27th July, Quartix Technologies (LON:QTX), which is a leading supplier of subscription-based vehicle tracking systems, software and services, will be declaring its Interim Results for its six months to end-June.
The figures should be good, while the accompanying statement will help to confirm estimates of a strong second half, leading to around a healthy uplift in its pre-tax profits for the year.
The group, which is capitalised at some £110m, has this year seen its shares as low as 206p and as high as 340p, they are now perking upwards at 223p.
The Business
Founded in 2001, Quartix is a leading provider of subscription-based vehicle tracking systems, software and services, supporting organisations to improve the efficiency, safety and sustainability of their fleets.
Its technology combines ease of installation with powerful telematics software that delivers real-time insights into vehicle location, driver behaviour and fleet performance.
Customers can access detailed reports - including timesheets, route histories and key operational metrics - from any internet-enabled device, helping to reduce costs, streamline operations and lower environmental impact.
Quartix operates a simple and flexible subscription model with no upfront hardware costs, making advanced fleet management accessible to businesses of all sizes.
The addressable market is growing strongly: according to Berg Insight, the number of active fleet management systems in Europe is projected to reach 27.6m by 2028, representing a compound annual growth rate (CAGR) of 11.1%.
With an efficient, digital-first sales model and a strong international presence, Quartix is well-positioned to capture growth opportunities in this dynamic and evolving market.
Latest Trading Update
On Wednesday, 8th July, the group issued an Interim Trading Update, which stated that it anticipated a strong set of interim figures to end-June, with an estimated revenue of £19.4m, up from £17.3m in the prior year period, and an EBITDA of £6.9m, an increase from £6.2m.
The adjusted EBIT was projected at £4.6m, compared to £4.0m previously, and free cashflow is estimated at £2.6m, up slightly from £2.5m.
Annualised Recurring Revenue (ARR) has grown by 11% to £38.9m on a trailing-twelve-month basis, with £2.1m of that growth occurring in the current period, though Net Revenue Retention marginally decreased to 96.9%.
The customer base grew by 6% to 33,550 and the subscription base by 7% to 342,679, despite a slight decrease in new customer and subscription acquisition during the period.
The company stated that it expects to achieve market expectations for the full year and that it plans to declare an interim dividend of 2.7p per share.
Management Comment
Executive Chairman Andy Walters stated that:
" We have made solid progress in the first half of 2026.
Over the past 12 months, annualised subscription revenue has increased by £3.8m, or 11%, to £38.9m, representing continued double-digit growth.
We enter the second half of the year with a strong order book for installation and expect improved performance in H2.
The Board is confident of delivering results for the full year in line with market expectations."
The Equity
There are some 48.46m shares in issue.
The larger holders include Andrew John Walters, Chmn, (22.42%), Liontrust Investment Partners (9.96%), Andrew Martin Kirk (8.28%), Raymond James Wealth Management (8.18%), Sanford DeLand Asset Management (6.95%), Schroder Investment Management (6.42%), William Arthur Hibbert (5.50%), Kenneth Vincent Giles (3.86%), and JP Morgan Asset Management (3.13%).
Broker Views
The company believes that market expectations for 2026 are for revenue of £40.3m, with adjusted EBIT of £10.1m and a generating free cashflow of £4.7m.
There are some four broking analysts following the group, three of whom call the shares out as a Buy, while the other suggests that they are a Hold.
The consensus average Target Price is 365p, with the Lowest at 330p and the Highest at 400p.
That top call is made by analysts Michael Hill and Kimberley Carstens at house broker Cavendish Capital Markets.
They state that:
“Quartix is focused on scaling its Fleet subscription business, which benefits from recurring revenue of over 95%, and differentiates due to an outstanding quality of service, as demonstrated by its 4.8 out of 5.0-star rating on Trustpilot.
To further increase net revenue retention, it is enhancing the platform’s capabilities, while selectively investing in growth in international markets.
As revenue scales, gross margin of c70% enables strong operational gearing and EFCF growth, and after dividends of over £48m since IPO in 2014, we expect Quartix will continue to return excess cash.
We expect Quartix will be excellently positioned to continue to outperform in the coming years, with the potential for further revenue upside, further enhancements to gross margin, and further optimisation of overheads driving upside to EBIT and EFCF.
We look forward to the group’s robust momentum continuing through FY26.”
Their estimates for the current year to end-December are for revenues to increase to £40.2m (£35.7m), with adjusted pre-tax profits of £10.1m (£8.7m), generating earnings of 16.3p (13.3p) and maintaining its dividend at 10.0p per share.
For the 2027 year, the analysts have pencilled in £43.5m sales, £10.9m profits, 17.6p earnings and an increased dividend of 10.5p per share.
Zeus Capital has a 350p TP, while Canaccord Genuity look for 330p.
My View
What I really like about this cash-rich group is its ability to really grow its annualised recurring revenues.
Its shares at 225p are trading on 13.8 times current year earnings and only 12.8 times its earnings for next year.
I see them rising back up to 275p and above, hopefully next week’s statement will help the process.
(Profile 17.10.2024 @ 150p set a Target Price of 185p*)
(Profile 04.07.25 @ 249p set a Target Price of 300p*)
(Profile 14.04.26 @ 265p set a Target Price of 330p*)
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