LONDON (Alliance News) - Vehicle tracking systems supplier Quartix Holdings PLC on Monday posted a big rise in pretax profit and revenue for 2015, helped by significant growth in sales to the insurance sector.
Quartix said its pretax profit rose 20% to GBP6.0 million from GBP5.0 million a year earlier as revenue increased 28% to GBP19.7 million from GBP15.3 million. Fleet management revenue rose to GBP13.0 million from GBP11.0 million, but the growth was driven by its smaller insurance telematics arm, where revenue increased 56% to GBP6.7 million from GBP4.3 million.
The company will pay a final dividend of 4.0 pence per share, taking its total dividend up to 6.0p. The year before, Quartix paid a 3.0p final dividend only, having listed in London in November 2014.
Quartix said its subscription customer base increased 23% year-on-year, while fleet installations rose 32%. Growth in France was very robust in the year, the group said, while its customer based surged higher in its first full year of trading in the US.
"All of our business operations continued to perform at a high level in 2015," said Managing Director Andy Walters. "Significant investment was made in product development for both parts of the business, as well as in developing our geographic presence in the fleet sector."
"The group has made a strong start to the year, in line with our 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," Walters added.
Quartix shares were up 6.9% to 334.00p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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