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Quartix profit falls 18% amid lower insurance revenue, higher fleet spending

By BFN News | 08:22 AM | Wednesday 24 July, 2019


Vehicle tracking system provider Quartix Holdings posted an 18% fall in annual profit, as revenue declined in its insurance division and it spent more on its stronger fleet division. Pre-tax profit for the year through June fell to £3.2m, as revenue fell 3% to £12.5m. Fleet revenue rose 11% but insurance revenue fell 35%. Quartix said it had significantly increased investment in marketing, sales resource, distribution, tracking systems and installation costs for its fleet operations. It held its annual dividend steady at 2.4p per share. '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,' chief executive Andy Walters said. 'New fleet installations grew by 48% compared with the same period last year.' 'We also invested in R&D, business systems and new market development, having successfully launched our telematics services in Poland and Spain.' 'We are well positioned for future growth in our fleet business and continue to review the opportunities to invest in this further.' 'We remain confident of at least meeting expectations for revenue, profit and cashflow for the year.' At 8:22am: (LON:QTX) Quartix Holdings Plc share price was -9p at 275p Story provided by StockMarketWire.com

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