As befits a vehicle tracking technology company, Quartix Holdings plc (LON:QTX) is on the right route to achieving full-year expectations.
The company said performance in the first half of 2017 had been in line with management’s expectations and consistent with achieving market expectations for the year as a whole.
New installations of tracking systems grew by 44% year-on-year to 14,300 vehicles and the group ended the period with more than 10,000 fleet customers and in excess of 97,000 active vehicle subscriptions, revealed Andy Walters, managing director of Quartix.
“New UK installations grew by 44% to 10,450, increasing the subscription base to 78,000 vehicles; in France they rose by 30% to 1760 vehicles, reaching a closing base of over 11,400; and in the USA they increased by 60% to 2,090, lifting the base to 7,700 vehicles," Walters disclosed.
Insurance installations were down by 35% on a year earlier, but this reflected management’s decision to jettison those contracts where the returns were less than optimal.
Walters said management was happy with the way this decision is working out, and group gross margin in the first half of the year is expected to have been broadly in line with last year.
"We will continue to invest in our fleet business in the second half and only add back insurance volume where our quality of service and product innovation mean that we can command attractive margins," Walters asserted.