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Quartix, one of the leading global suppliers of subscription-based vehicle tracking systems is pleased to report its 2020 financial results. The Quartix Board confirms that the business generated £5.5 million free cash flow. This achievement marks the business’ 20th year in operation, which proved to be a year like no other.
New vehicle subscriptions for the first months of 2020 put Quartix in a good position to weather the unexpected storm of the coronavirus pandemic. Inevitably, the business saw new subscriptions reduce as nations went into lockdown but Quartix saw a fast recovery and was still able to achieve its ambitious targets. Despite the year’s events, the business maintained a strong momentum, keeping new subscriptions, overall, within 2% of those for 2019 and 30% ahead of 2018.
Figures remained on an upward trajectory. Fleet customer base increased by 16% to 19,000, fleet revenue by 6.0% and active subscription base by 15%, taking the business to 173,793 tracked vehicles. During 2020, the number of Quartix subscriptions in the USA soared 30% higher than 2019 and in newer European territories, Quartix saw a 284% increase in revenue and 116% growth in new installations.
The business’ results, together with accompanying presentations, can be found on its website at quartix.com/investors.
Although mileage travelled by Quartix UK customers during March 2020 was less than 50% of the norm, the tracking company’s data showed that fleets quickly adapted to keep activity levels high throughout the proceeding national lockdowns. By early December, activity levels were rising above the normal level, showing a common will to continue business and drive the economy forward.
Quartix has continued to invest in its software and telematics technology, including developing a 4G-supported tracking device. During Covid-19, Quartix saw an increase in customer preference for self-installed devices across all geographical regions, giving customers increased flexibility on where and when installations take place. The company’s continued drive to provide self-service for its users has seen several system enhancements released throughout the year.
“We are especially proud of this year’s results,” says Andy Walters, CEO of Quartix. “It’s a tremendous relief that pandemic didn’t stop us from investing in our fleet tracking system in 2020. This success is a testament to both our teams and our customers.” After a year of home working, Quartix employees are keen to safely reunite in the new Welsh office and to welcome several new staff members in person for the first time since lockdown.