Fleet vehicle tracking specialist (and Investor’s Champion Portfolio company) has announced a trading statement alongside for the first half of the financial year to December 2019. It’s a reassuring reminder that this company is making steady progress in a fast-growing industry.
Annual revenues are expected to come in ahead of expectations at Quartix (LON: QTX) after the vehicle tracking specialist reported a strong first half performance. Sales in the year to December 2019 are now expected at £25m, compared to consensus estimates of £24.1m.
True, that’s a slight decline compared to the £25.7m of revenues booked last year but this shouldn’t come as a surprise. Since June 2016, management have reiterated its view that fleet tracking, rather than insurance is the key market for long term growth. Sales in the insurance division – which now contributes less than 20% of the top line – declined by £1.3m in the first half of 2019 and are expected to continue to fall next year.
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The company’s trading update reveals that it is strength in the fleet tracking division (the destination…
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