| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Quartix trading in line as fleet unit strength offset by insurance weakness
StockMarketWire.com
|
Vehicle tracking systems group Quartix said trading for the two-month period to 28 February was consistent with market expectations for the full year.
Consensus market expectations for 2021 were for revenue of £25.6 million and adjusted earnings before interest, tax, depreciation and amortisation of £5.1 million.
In a trading update to coincide with its AGM, the company said strong progress in its fleet-tracking business seen in the second half of 2020 had continued into 2021.
'New subscriptions in January were somewhat impacted by the national lockdown in the UK, however activity levels increased in February and this momentum has continued into March,' Quartix said.
'As such, management estimates that the Group will achieve growth of 6% in the first quarter of the year (circa 12,450 subscriptions versus 11,768), despite being down 4% after the first two months of the year.'
As expected, activity for insurance clients had reduced due to a lack of driving tests in the current environment.
Installations were expected to be about 1,650 in the first quarter, which was about 80% lower year-on-year.
Those volumes were expected to increase in the year as driving tests recommenced, but the company still expected insurance revenue to make up less than 10% of group revenue in 2021.
At 9:13am: (LON:QTX) Quartix Holdings Plc share price was 0p at 361p
Story provided by StockMarketWire.com
|
|
|
|
|
|
