Shares in Quartix Technologies PLC (AIM:QTX) fell a quarter early on after the vehicle tracking group downgraded its revenue expectations following a review by returning founder and new chairman Andy Walters.
“Although the company has made good progress in annualised recurring revenues, the board does not now believe that the rate of growth has been sufficient to achieve current market expectations for revenue in 2023 or 2024,” investors were told in a trading statement.
As a result, Quartix has reduced its forecasts for the two years by £900,000 and £2.6 million respectively.
At 8.11 am, the stock was down 50p at 150p.