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Quartix installations slip; sees some rebound in France

By BFN News | 08:49 AM | Tuesday 02 June, 2020


Vehicle tracking system supplier Quartix said trading in the first four months of 2020 had improved on-year, though it also saw a drop in installations. New fleet installations in May fell 25% on-year, compared to a 60% fall recorded for April. 'The resumption of some business activity on 11 May helped a strong rebound in France and the company will provide a full breakdown by territory in its interim results, which will be released at the end of July,' Quartix said. UK vehicle mileage fell by 54% to its lowest point during the working week 30 Mar to 3 April and had only partially recovered to 32% below normal levels by 22 May. French vehicle mileage fell by 63% to its lowest point during the working week ending 23 - 27 March, one week before the UK. Activity rates in France appeared to be recovering at a faster pace than in the UK, however, with the aggregate level just 9% below the baseline by 22 May. New installations for insurance were limited by both installation capacity and demand in April, but mainly by reduced demand in May. 'As stated in the trading statement of 27 April, the board's view is that the Covide-19 pandemic is unlikely to have a material impact on profit and cash flow in the first half of 2020,' Quartix said. 'But given the uncertainty that remains, the board is still unable to provide guidance for the financial performance in the second half of 2020 and for 2021.' At 8:49am: (LON:QTX) Quartix Holdings Plc share price was -9p at 376p Story provided by StockMarketWire.com

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