29th Jul 2024 12:14
(Alliance News) - Quartix Technologies PLC on Monday reported an increase in first-half earnings, driven by a rise in the firm's fleet subscriptions and customer base.
Quartix is a Cambridge, England-based supplier of subscription-based vehicle tracking systems, software and services.
It said revenue in the first-half of 2024 surged 10% to GBP16.1 million from GBP14.6 million a year before. The rise was driven by a 10% climb in Fleet revenue, which represents 99% of total revenue.
Quartix reported a 13% increase in pretax profit to GBP2.7 million from GBP2.4 million a year before.
The increased fleet revenue was driven by a 12% increase in the firm's subscription base to 282,922 vehicle tracking units from 251,787 a year before.
Its customer base rose around 8.5% on-year to 28,586 from 26,337.
Despite this, Quartix said its performance in the US was "adversely affected" by organisational and marketing changes made in 2022 and 2023.
Additionally, the firm noted that during this period it made the decision to liquidate Konetik and its Hungarian branch subsidiary due to significant operating costs and insignificant revenue. Quartix acquired Charlottenburg, Germany-based Konetik back in September last year for EUR3.9 million.
Quartix maintained its interim dividend at 1.50 pence per share, unchanged from a year before.
Quartix shares were up 16% at 185.87p in London early on Monday afternoon.
Executive Chair Andrew Walters commented: "The company made very substantial progress in the first half of the year... The issues faced by the company in 2023 have now been put behind it, enabling it to refocus strongly on its core business and to structure for further growth."
By Lydia Doye, Alliance News reporter
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