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Quartix is pleased to report good financial results for the first half of 2021 and a 17% increase in its fleet subscription base over the past 12 months, now surpassing 180,000 vehicles.
Despite the challenges that the pandemic presented, the company’s new fleet installations were 31% ahead of the same period last year and, more significantly, 13% ahead of pre-pandemic record (2019) levels, with new installations in international markets exceeding those in the UK for the first time. Since the flotation of the company in 2014, Quartix has more than doubled the value of its recurring subscription revenues from £10.2m (June 2014) to £23.0m (June 2021).
Fleet revenue now represents 93% of total revenue (2020: 85%). As Quartix moves away from the insurance sector, insurance revenue decreased by 61% to £0.9m (2020: £2.3m) and the business made a 25% increase in fleet customer acquisitions investment, totalling £4.1m (2020: £3.2m). A regional breakdown of the business’ performance within the fleet sector is below.
UK & Ireland
- New fleet subscriptions increased by 21% to 12,055 units (6 months June 2020: 9,994)
- 120,451 active vehicle subscriptions, up 5% (31 December 2020: 115,065)
- 10,943 customers, up 4% (31 December 2020: 10,573)
- New fleet subscriptions increased by 42% to 5,631 (6 months June 2020: 3,957)
- 35,364 active vehicle subscriptions, up 13% (31 December 2020: 31,345)
- 4,811 customers, up 12% (31 December 2020: 4,299)
Other European territories
- New fleet subscriptions increased by 140% to 2,955 units (6 months June 2020: 1,229)
- 6,494 active vehicle subscriptions, up 66% (31 December 2020: 3,904)
- 1,429 customers, up 55% (31 December 2020: 920)
- New fleet subscriptions increased by 14% to 4,852 units (6 months June 2020: 4,274)
- 25,846 active vehicle subscriptions, up 10% (31 December 2020: 23,479)
- 3,515 customers, up 8% (31 December 2020: 3,247)
Andy Walters, Chief Executive Officer of Quartix, comments: “We are grateful to our employees for the way in which they have maintained the growth momentum in our fleet business throughout the pandemic. We have supported this through continued investment in sales, marketing and recruitment: we have recruited telephone sales staff in all territories and will see a significant increase in our field sales presence in France in the autumn. Fleet now represents 93% of our revenue and the transition away from low-margin insurance installations is complete. Subject to any changes in government guidelines in Wales and England we will be returning to our offices in September and continue to be confident of meeting market expectations for the year.”
The business’ H1 interim results, together with accompanying presentations are published at quartix.com/investors. The Quartix Board is pleased to confirm it generated £1.4 million free cash flow, leaving the business on track for 2021.