24th Feb 2020 10:39
(Alliance News) - Vehicle tracking systems provider Quartix Holdings PLC on Monday reported a drop in annual earnings despite a sharp jump in customer numbers.
Pretax profit for 2019 fell 22% to GBP6.5 million from GBP8.3 million, while revenue slipped 0.3% to GBP25.6 million from GBP25.7 million. Quartix said its customer base increased by 24% to 16,394 from 13,176.
Chief Executive Officer Andy Walters said: "We are delighted with the progress made in 2019. New fleet installations increased by 39% to 43,837 and the client base grew by 24% to 16,394. Further investment has been made in the development of the group's fleet businesses in the United States and France where the vehicle subscription bases increased by 37% to 18,050 and 36% to 25,643, respectively. In the UK the subscription base increased by 16% to 105,631 vehicles."
The company held its full-year payout at 12.4 pence per share.
Walters added: "Our manufacturing partner in China has resumed limited operations following the New Year celebrations due to the difficulties caused by the Coronavirus outbreak.
"Management does not expect any material disruption to supply, but it is monitoring the situation closely."
The company added that it has performed in line with expectations so far in 2020.
Quartix shares were down 1.6% at 428.00 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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