Quartix Technologies plc
Quartix Technologies plc is one of Europe's leading suppliers of subscription-based vehicle tracking systems, analytical software and services, serving mainly small-to-medium businesses with mobile workforces (principally tradespeople) across the UK, France, USA, Italy, Spain and Germany. The Group designs, develops, manufactures (via a third-party Chinese facility) and supplies telematics hardware and a web/mobile software platform on a recurring subscription basis, with 333,922 vehicle units subscribed and 32,942 customers at FY2025 year end. It has operated on a subscription model since its 2001 foundation and holds London Stock Exchange's Green Economy Mark.
10 annual reports read, FY2016 to FY2025
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Sources: Companies House (10)
FY2026Next report expected 7 Mar 2027
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Quartix Technologies sells subscription vehicle-tracking systems and software, mainly to small businesses whose staff work on the road, such as tradespeople. In 2025 its revenue rose to £35.7m from £31.8m, and profit before tax climbed to £8.7m from £6.5m. The report credits more vehicles signing up, more new customers, price rises and sales of add-on dashboard cameras. Cheaper 4G tracking units also helped. Against that, spending on sales and marketing rose, and a first-half reorganisation brought one-off costs of £0.4m. Last year's figures were restated after the accounting regulator challenged how the company treated its tracking devices, and the company has set money aside for a possible resulting tax bill. Cash at the year end was £5.6m, up from £3.1m. The company has no borrowings and raised no money from shareholders. The dividend for the year rose to 10p from 4.5p. Management called 2025 "outstanding progress" and looks forward to further substantial progress in 2026, with more investment in sales. The auditor gave a clean opinion. Risks flagged include older mobile networks being switched off and finding good staff.
From the reportevery line sits on the page it namesWhat drove revenueGrowth in fleet subscription base (vehicle units)
Subscription base grew 11% to 333,922 units; new fleet subscriptions up 7% to 79,576
page 5AndAnnualised Recurring Revenue (ARR) growth
ARR increased £4.5m (+14%) to £37.0m on constant currency, a 25% increase over 2024's ARR growth
page 5What moved the margintailwindLower manufacturing cost of 4G-compatible tracking systems (TCSV17 into production H2 2025)
Gross margin increased from 71.6% (2024) to 73.2% (2025) partly due to reduced cost to manufacture 4G-compatible tracking systems
page 12AndtailwindRevenue growing faster than cost of sales
Revenue growth outpaced cost of sales growth, contributing to gross margin increase
page 12One-offs in the year£400k charge: Reorganisation/restructuring costs (H1 2025, technical and business systems teams; some redundancies, new front-end development team recruited)
page 13What management saidWe made outstanding progress in 2025 on all key measures: ARR and revenue growth; profitability; subscription base expansion; new product development and cost control. Closing ARR was higher than Group revenue for the year, and this augurs well for the achievement of our financial goals for 2026.
page 8The dividendProgressive dividend policy over time, aiming at least to maintain dividend per share in ordinary circumstances; the Board seeks to grow the dividend sustainably while prioritising funding of organic investment, value-enhancing opportunities and a strong, efficient balance sheet, taking into account cash generation, future cash requirements and the macro environment. FY2025: interim dividend of 2.5p paid September 2025; final dividend of 7.50p proposed (total 10.00p for the year, 2024: 4.50p), representing a yield of 3.6% on the closing 2025 share price.
page 8Going concern and the auditDirectors adopted the going concern basis after reviewing detailed budgets/cash flow forecasts for at least 24 months, including a combined severe-but-plausible downside scenario (zero new-subscription growth, higher attrition, 5% price erosion), under which the Group maintains a positive cash balance throughout. The Group has no external debt and is not exposed to refinancing/covenant risk. Auditor PKF Littlejohn LLP issued an unmodified/unqualified audit opinion on both Group and Parent Company financial statements, with Key Audit Matters on revenue recognition and deferred revenue (contract liabilities); overall Group materiality was £545,000 (1.5% of turnover).
page 40The risks it names first- Attracting and retaining the right number of good quality staff, particularly technical/development talentp.14
- Reliance on Mobile-to-Mobile (M2M) network connectivity, including progressive 2G network shutdowns in the UK (from May 2029) and continental Europe (France by end 2026)p.14
- Business disruption from supplier failures, communications infrastructure outages, tariff volatility (US tariffs, China-sourced dashcams) and geopolitical instability affecting supply chainsp.14
- Cyber security and information resilience, including ransomware or unauthorised access to systems/datap.15
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