Quartix Holdings PLC Directorate Changes and Trading Update (4109Z)

TIDMQTX

RNS Number : 4109Z

Quartix Holdings PLC

21 May 2021

Quartix Holdings plc

("Quartix", "the Group" or "the Company")

Directorate Changes and Trading Update

Quartix Holdings PLC (AIM: QTX), a leading supplier of vehicle tracking systems, is pleased to announce that, as noted in its trading update of 11 January 2021, Emily Rees has been promoted to Chief Financial Officer and joins the board of Quartix Holdings plc as an Executive Director of the Company with immediate effect. She replaces Daniel Mendis who has stepped down from the Company's Board and who will now devote his time entirely to commercial and operational matters.

Ms. Rees has spent the past three years in senior financial positions within KRM (Great Britain) Limited (trading as Ecco Shoes), most recently as Regional Head of Finance and HR for Western Europe. Prior to this she worked for Pizza Express (Restaurants) Limited and Tesco Stores Limited. Ms. Rees is a member of the Chartered Institute of Management Accountants and holds a BSc (Hons) in Government and Economics from the London School of Economics and Political Science. Ms. Rees joined the Company as Finance Director in April and will be based at the Newtown Office as soon as it reopens.

Mr Mendis, who was previously Chief Operating and Financial Officer, has taken up the new role of Group Commercial and Operations Director in which he will focus specifically on development of the fleet business, including responsibility for all sales channels worldwide.

Trading Update

The Board is pleased to report that the Company has made good progress in 2021 and that trading for the four-month period to 30 April 2021 was consistent with meeting market expectations for the year*. A more detailed trading update will be provided in early July.

Andy Walters, Chief Executive Officer of Quartix commented:

"We are delighted to welcome Emily to the Board at Quartix. The financial and commercial experience she has gained in her previous roles will be of great use in her new role. She has quickly developed a good understanding of our business and we are pleased to confirm her appointment to the Board.

Daniel Mendis has made a very significant contribution to the Company since joining us in January 2018 and we are pleased to be able to be able to offer him this new role, which is key to the development of our business and his career path.

I look forward to continuing to work with Emily and Dan as we continue to grow our fleet business."

* The Board believes that consensus market expectations for 2021 prior to this announcement, were as follows: Revenue: GBP25.6m; Adjusted EBITDA GBP5.1m; Underlying Free Cash Flow (before expenditure on 3G swap out in the US - see 2020 Annual Report): GBP4.0m.

For further information, please contact:

 
  Quartix (www.quartix.net) 
   Andrew Walters, Chief Executive            01686 806 663 
  finnCap (Nominated Adviser and Broker) 
   Matt Goode / Kate Bannatyne (Corporate 
   Finance) 
   Alice Lane (Corporate Broking)              020 7220 0500 
 

Regulatory disclosures

In accordance with Rule 17 and Schedule 2(g) of the AIM Rules for Companies, Emily Catherine Rees (formerly Emily Catherine Roberts), aged 31, is, or has been within the last five years, a director or partner in the following companies and partnerships:

 
 Current directorships and partnerships   Past directorships and partnerships 
                                           held within the last five years 
 Manbey Mews Ltd                          N/A 
                                         ------------------------------------ 
 

Emily does not have an interest in any Quartix shares. There is no other information required to be disclosed under Rule 17 and Schedule 2(g) of the AIM Rules for Companies.

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May 21, 2021 02:00 ET (06:00 GMT)