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Quartix - Much to play for in the US fleet market

April 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares moved ahead after 2016 results. Sales were up 19% to £23.3m. Pretax profit was up 10% to £6.5m and eps 21% to 12.7p on a low tax rate of 7% thanks to “patent box” relief. Quartix continued to generate a tidal wave of cash with £7m generated in UK and French operations whilst there was £1m outflow on the early stage US business.Fleet was 64% of group revenue with Insurance 36%. CEO Andy Walters is coy on giving a divisional split of gross margin suffice to say that the blended margin is 61%.I think it is fair to note that H1 had been boosted by an exceptional insurance performance but then H2 saw margins recede sharply as insurance becomes a cut throat dog-eat-dog business, causing Quartix to shy away. Reflecting th ...

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