LONDON (ShareCast) - (ShareCast News) - A hunger for vehicle tracking drove growth at Quartix in the 2015 calendar year, with the company reporting some solid growth in its final results on Monday.
The AIM-traded supplier of vehicle tracking systems to the fleet and insurance sectors saw group revenues increase by 28% during the period, to £19.7m.

Of that, fleet revenues grew 17% to £13m, and insurance revenues grew a sizeable 56% to £6.7m.

Quartix's operating profit increased by 24% to £6m, and its profit before tax increased by 19% to £6m as well.

Diluted earnings per share were 10.53p, up from 2014's 8.55p. Net cash increased to £3m, from £0.2m in the prior period.

Quartix managing director Andy Walters said all of the business operations continued to perform at a high level during the year.

"Our core fleet business, which accounted for 66% of group revenue, delivered considerable progress in a further year of investment," he said.

"Continued growth in the UK was combined with excellent progress in France and in the USA, where our first full year of trading saw us reach an installed base of 3,179 vehicles under subscription," Walters added.

Insurance sector installations grew by 74%, and significant investment was made in product development for both parts of the business, as well as in developing its geographic presence in the fleet sector, it was reported.

"The group has made a strong 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," Walters concluded.

Quartix's board proposed a final dividend of 4p per share, and affirmed its commitment to distribute excess cash by way of supplementary dividends.

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