LONDON (ShareCast) - (ShareCast News) - AIM-listed supplier of subscription-based vehicle tracking systems Quartix Holdings said on Monday that it was on track to meet market expectations for the year as trading in the first half of 2017 has been in line with management's expectations.
The company said new installations of tracking systems rose 44% on the year to 14,300 vehicles and it ended the period with more than 10,000 fleet customers and 97,000 active vehicle subscriptions. New UK installations were up 44% to 10,450, increasing the subscription base to 78,000. In France, they rose 30% to 1,760 vehicles, reaching a closing base of over 11,400, while US installations were 60% higher at 2,090, lifting the base to 7,700.

Managing director Andy Walters said: "Following the decision taken last year to concentrate management time on our core fleet business and to focus on only those insurance opportunities which deliver adequate returns, insurance installations decreased by 35% compared to 2016. We are pleased with progress made in this transition and group gross margin for the period is expected to have been broadly in line with last year.

"We will continue to invest in our fleet business in the second half and only add back insurance volume where our quality of service and product innovation mean that we can command attractive margins."

At 1028 BST, Quartix shares were flat at 377p.

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