 released strong results on Monday, with an 8 percent profit increase.){kind=link}
Driver tracking company Quartix Holdings (LON:QTX) released strong results on Monday, with an 8 percent profit increase driven by sales to the insurance industry.
Quartix, who make and operate devices to track driver competency, saw group revenue increase by 19 percent to £23.3 million. Fleet, the company’s largest operation, saw its revenue increase by 15 percent to £14.9 million, whilst revenue from its insurance arm soared 25 percent to £8.4 million.
Adjusted EBITDA rose by 9 percent to £6.8 million, with profit before tax also getting a 9 percent to £6.5m
Andy Walters, Managing Director of Quartix, said he was “delighted” with the progress made in 2016, after its fleet subscription base by 19 percent to more than 87,000 vehicles in total.
“This growth was strong in the second half, following our decision to refocus management efforts on the fleet business after a strong first half in the insurance division. We completed some key product initiatives and expanded our footprint in the USA, where we believe the opportunity to be more than 5 times the size of the UK market. We will be making additional investment in the year in the development of our fleet business including further development of the US market” he continued.
“The group has made a good 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.”
Quartix’s tracking devices were originally used by large lorry and freight companies, but have recently seen an increase in interest from the insurance industry. Quartix shares rose over 10 percent on the news, currently up 13.85 percent at 370.00 (1446GMT).