24th Jul 2019 11:05
(Alliance News) - Vehicle tracking firm Quartix Holdings PLC held its interim dividend Wednesday after profit and revenue both dipped, despite the subscription base continuing to grow.
For the six months ended June, pretax profit declined 18% to GBP3.2 million from GBP3.9 million the year prior. This was after revenue fell 2.3% to GBP12.6 million from GBP12.9 million the year before.
"We are delighted with the expansion of our fleet subscription base in the first half, which resulted from an increased level of investment in customer acquisition," Quartix Chief Executive Officer Andy Walters said.
The subscription base at Quartix grew 12% to 138,081 vehicles from 123,157 the year prior.
"New fleet installations grew by 48% compared with the same period last year," Walters continued. "We also invested in R&D, business systems and new market development, having successfully launched our telematics services in Poland and Spain."
Quartix proposed a 2.4 pence per share interim dividend, unchanged on the year prior. The firm added it would consider paying a special dividend in addition to a final dividend later on the year, this will be considered after looking at the "excess" cash balances beyond GBP2 million.
At the end of the interim period, Quartix held GBP5.1 million in net cash from GBP4.9 million the year prior.
"We are well positioned for future growth in our fleet business and continue to review the opportunities to invest in this further," Walters added. "We remain confident of at least meeting expectations for revenue, profit and cashflow for the year."
Shares in Quartix were 2.5% lower at 277.00 pence in London on Wednesday.
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