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Vehicle tracking system supplier Quartix posted a 28% rise in first-half profit, as growth at its fleet business more than offset weakness in its insurance division.
Pre-tax profit for the six months through June increased to £4.3m, up from £3.4m on-year, as revenue rose 4% to £13.1m.
Quartix raised its interim dividend to 2.5p per share, up from 2.4p, and also declared a supplementary dividend of 0.87p per share.
The company's fleet subscription base grew by 7% to 160,648 vehicles.
'Having started the year 30% ahead of last year in terms of new fleet subscriptions, both fleet and insurance installations were very badly affected in late March and throughout April,' chief executive Andy Walters said.
'Since then our new fleet subscriptions have progressed each month and insurance installations have also increased.'
'Provided that the effects of any second wave of infection in our target markets are limited we expect our field and distribution sales to start their recovery during the coming months; we would then expect profit for the full year to be at least in line with market estimates prior to the Pandemic 1 and revenue and free cash flow to be approximately in line with market estimates.'
At 9:53am: (LON:QTX) Quartix Holdings Plc share price was +25p at 335p