25th Feb 2019 11:44
LONDON (Alliance News) - Quartix Holdings PLC on Monday reported a double-digit rise in profit for 2018 amid revenue growth as the company's Fleet division performed well despite declines in Insurance.
Quartix, which provides vehicle telematics to the fleet and insurance sectors, reported a pretax profit of GBP8.1 million, up 22% from GBP6.6 million the year before.
This was on revenue that grew by 5% to GBP25.7 million from GBP24.5 million the prior year.
Fleet revenue, which makes up 73% of group revenue saw a 10% rise to GBP18.8 million from GBP17.1 million. The Fleet segment produced a positive performance during the period, winning 3,532 new fleet customers, up from 2,779 in 2017.
In Insurance however, revenue declined by 7% to GBP7.0 million from GBP7.4 million as the number of tracking systems installed fell by 29% to 41,255 units from 57,826 units the year before.
However the decrease was expected, as in July Quartix made the decision to only focus on insurance opportunities which offered satisfactory margins.
Quartix declared a final dividend of 10.0 pence per share, bringing the total payout to 12.4p, down from 13.50p for 2017.
"The group has made a strong start to the year in each of its markets. The high levels of recurring revenues and opportunities to grow the fleet business in the UK, USA, France and the rest of Europe underpin our confidence for the current financial period and beyond," said Chief Executive Officer Andy Walters.
Shares in Quartix Holdings were up 2.9% at 250.00 pence on Monday.
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