StockMarketWire.com - Vehicle telematics services provider Quartix reported a 12% fall in annual profit, owing to a provision related to fleet units in the US, though its underlying earnings rose.

Pre-tax profit for the year through December decreased to £5.7 million, down from £6.5 million year-on-year, even as revenue rose 0.8% to £25.8 million.

Quartix booked a provision of £1.6 million in respect of a swap out of 3G fleet units. Its adjusted earnings rose 12% to £7.9 million.

The company declared a final dividend payment of 17.7p per share, up from 10p year-on-year, including 15.30p for a supplementary dividend, giving a total payout for the year of 21.07p.

'It is very pleasing to report strong growth in our fleet customer and subscription bases during 2020, despite the difficulties encountered through the coronavirus pandemic, particularly in the first half,' chief executive Andy Walters said.

'Although the latest lockdown in the UK has had an adverse impact on customer activity in the first two months of 2021, we expect new fleet subscriptions to be close to the levels achieved in the same period last year, but with much stronger prospects for March.'

'The high levels of recurring revenues and opportunities to grow the fleet business in the UK, US, France and each of our new territories underpin our confidence for the current financial period and beyond.'


At 9:37am: [LON:QTX] Quartix Holdings Plc share price was 0p at 361p



Story provided by StockMarketWire.com