Quartix continues shift towards subscription-based model

For managing director Andy Walters, building a subscription base is core to Quartix’s (QTX) business model, as it drives recurring revenue growth. This explains why Quartix, a vehicle tracking specialist, is increasingly concentrating on its fleet business, which has a low attrition rate and saw top-line growth of 15 per cent to £8.3m in the first half. Quartix now has over 10,000 fleet customers, an increase of 22.7 per cent since the 2016 half year, with an average of just under 10 vehicles per customer. Fleet’s invoiced recurring revenue increased to £7.6m (up 16 per cent) and its subscription base grew by 10 per cent.