3rd Mar 2015 09:48
LONDON (Alliance News) - Quartix Holdings PLC proposed a maiden dividend, as it posted a rise in pretax profit for 2014, in its first results since listing on AIM last November.
Quartix provides vehicle tracking systems and services for the fleet and insurance sectors. It proposed a maiden final dividend of 3 pence.
The company reported pretax profit of GBP5.0 million, up from GBP4.6 million in 2013, as a rise in revenue of GBP15.3 million from GBP13.2 million helped to offset higher administrative costs and exceptional charges related to its listing on AIM.
The company saw a strong performance from both its core fleet segment, and sales to insurance based customers. It installed 49,197 new tracking systems in the year, compared to 43,646 in 2013.
Quartix opened an office in Chicago last April, expanding its operations in the US. At the end of the year it had 120 fleet customers in this new market.
Quartix said it has made a strong start to 2015, in line with its expectations.
"The high levels of recurring revenues and opportunities to grow in the UK, France and the USA in fleet combined with continued progress in our insurance business underpin our confidence for the rest of the current financial period and beyond," said Managing Director Andy Walters in a statement.
Shares in Quartix are trading up 3.1% at 168.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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