Quartix trades in line during first two months of 2021

(Sharecast News) - Subscription-based vehicle tracking provider Quartix Holdings said on Tuesday that trading for the two-months ended 28 February was consistent with meeting market expectations for the full-year.
Quartix stated the "strong progress" seen in the second half of 2020 had continued into 2021, with new subscriptions in January somewhat impacted by the national lockdown in the UK before increasing in February and March.

As a result, Quartix now estimates that it will achieve growth of 6% in the first quarter of the year, despite being down 4% after the first two months of the year.

The AIM-listed group also highlighted that growth in orders had been "especially strong" in its new European markets, where 912 subscriptions were entered into in the first two months, while France and the US also showed good progress. The UK, however, was affected by the national lockdown at the start of the year but was said to returning "better results" in March.

Chief executive Andy Walters said: "We are very pleased with the progress made in the first quarter, particularly in our international markets where the opportunity for growth is substantial. As we have previously set out, we intend to invest further in these opportunities, starting in the second half of this year."

As of 1000 GMT, Quartix shares were flat at 510.0p.