25th Jul 2018 11:44
LONDON (Alliance News) - Quartix Holdings PLC said on Wednesday it posted a slight rise in profit and revenue for the first half of 2018 after a positive performance in its main fleet business.
Quartix, which provides vehicle tracking systems and services for the fleet and insurance sectors, said for the six months to the end of June, pretax profit climbed up to GBP3.9 million from GBP3.8 million the year before, on revenue that grew by 7% to GBP12.9 million from GBP12.1 million.
Although fleet revenue rose by 10% to GBP9.1 million from GBP8.3 million the prior year, insurance revenue remained flat at GBP3.8 million.
Quartix's fleet subscription base rose by 7% to 112,530 vehicles from 105,314 at the end of 2017. The company said there was an expansion of its subscription base in all three of its fleet market territories, the UK & Ireland, France and the US.
Insurance installations marginally rose to 23,969 from 23,947.
Quartix has kept its interim dividend at 2.4 pence per share, and has made a strong start to the second half of 2018, with plenty of opportunities to grow in its key fleet markets.
"We have made good progress in the first half. We have continued to focus on our key fleet business, resulting in strong growth in international markets. As indicated two years ago we have restricted our insurance business to those applications which appropriately value the Group's service and technology, and as a consequence our revenue in that sector was comparable with that of last year," said Managing Director Andy Walters.
Shares in Quartix Holdings were up 0.8% at 370.00 pence on Wednesday.
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