LONDON (ShareCast) - (Sharecast News) - Vehicle tracking systems supplier Quartix Holdings reported a 3% fall in group revenue in its half-year results on Wednesday, to £12.5m.
The AIM-traded firm said that consisted of 11% growth in its fleet revenue for the six months ended 30 June, to £10.1m, while its insurance revenue declined 35% to £2.5m.

Its operating profit slipped to £3.2m from £3.8m year-on-year, while its adjusted EBITDA was £3.5m, down from £4.1m, and its profit before tax decreased to £3.2m from £3.9m.

Diluted earnings per share totalled 5.67p, down from 6.86p.

The company's free cash flow rose 12% to £3.2m, with cash generated from operations improving 5% to £3.5m.

Net cash increased to £5.1m from £4.9m, while Quartix's operating cash conversion rose to 109% from 86%.

The board proposed an interim dividend of 2.4p per share.

"We are delighted with the expansion of our fleet subscription base in the first half, which resulted from an increased level of investment in customer acquisition," said chief executive officer Andy Walters.

"New fleet installations grew by 48% compared with the same period last year.

"We also invested in research and development, business systems and new market development, having successfully launched our telematics services in Poland and Spain."

Walters said the firm was "well positioned" for future growth in its fleet business, and was continuing to review the opportunities to invest in that further.

"We remain confident of at least meeting expectations for revenue, profit and cashflow for the year."

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