Quartix announces supplementary dividend following solid performance

Vehicle tracking specialist Quartix expects full-year revenues, profits and free cash-flow to be in line with forecasts after a solid performance from its core fleet business in the USA and France.

As a result of its strong free cash-flow, Quartix now expects to pay a supplementary dividend alongside the final ordinary dividend.

In terms of trading, Quartix said its internal process and structural changes made since July had begun to take effect - with its UK subscription base growing 10% to 91,200 vehicles.

On the other hand, new installations slipped 6% to 18,580.

In its insurance unit, new installations were 29% lower at 41,255 - a figure Quartix expects to continue to decline further in 2019.

Chief executive Andy Walters said: "We finished the year with a strong level of new fleet business in all territories and are delighted with the progress made in 2018 overall."

"We also completed some exciting new technology developments during the year and look forward to 2019 with confidence."

As of 1100 GMT, Quartix shares were untraded at 260p.