StockMarketWire.com - Vehicle tracking systems supplier Quartix said the spreading coronavirus was starting to impact demand, with growth in installations expected to slow.

New installations in January and February had jumped 30% on-year and order intake had continued strongly throughout March despite the spread of the disease.

However, Quartix said its effects on customers and installation appointments were beginning to become evident

Growth in installations completed was expected to fall to 12% by the end of the first quarter, leaving up to 1,500 installations due for March to be carried over to subsequent months.

In the insurance telematics business, new installations had continued to decline and were expected fall around 3% in the first quarter, with further declines expected later in the year.

'Whilst we are pleased with the progress made in the first three months, our priorities have been the safeguarding and well-being of our employees,' chief executive Andy Walters said.

'We took early action to move to remote working and followed that up with measures to preserve our cash reserves in order to be able to continue investment in our fleet business.'

'We are entering a period of significant uncertainty for our clients, employees and shareholders and will therefore provide a further update at the beginning of May.'


At 9:14am: [LON:QTX] Quartix Holdings Plc share price was -2p at 242p



Story provided by StockMarketWire.com