Business
Measures taken re Coronavirus and Dividend
Measures taken re Coronavirus and Dividend.
About this update from Quartix Technologies Plc
[{"type":"text","content":"\n \n \n RNS Number : 7141G\n Quartix Holdings PLC\n 19 March 2020\n \n \n \n \n Quartix Holdings PLC\n \n \n 19 March 2020\n \n \n \n \n \n Quartix Holdings plc\n \n \n (\"Quartix\" or the \"Company\")\n \n \n Measures taken by Quartix re Coronavirus and Dividend \n \n \n Quartix Holdings plc, a leading supplier of vehicle telematics services to the fleet and insurance sectors, provides an update to shareholders regarding the measures it has taken to mitigate the effects of the Coronavirus pandemic on its employees and business. The Board has also decided to recommend that shareholders reject resolution 2, to be proposed at its forthcoming AGM on 24 March 2020, which is the resolution proposing the approval of the Company's total final dividend of 10p per share, and which was declared at the time of announcing its 2019 results (\"AGM Resolution 2\"). \n \n \n Measures taken to protect employees and the business\n \n \n On 9 March, and ahead of government advice, management took the decision to offer all of the Company's employees the opportunity to work from home. Approximately 85% of the workforce chose this option, and by Friday 13 March the Company's systems and support teams had implemented remote access, assistance with suitable home computers, IP-based phones and a bank of new telephone numbers (which the company will retain after the crisis) allowing all incoming calls to be diverted to employees' home PCs. Since Monday morning on 16 March, the Company has been operating in this manner. Those employees who continue at the main facility in Wales are now in a single-floor office which is at 10% of its capacity and with substantial space between them.\n \n \n Production shipments from China have continued without problems so far and the Company believes that its final assembly sub-contractor in the UK can operate home working.\n \n \n Trading and financial position\n \n \n A fuller trading update will be given in advance of the Company's AGM on 24 March 2020. At this time we can report that trading to date in 2020 has been in line with management's expectations, with a strong increase in new installations compared to the same period last year. However, we are, of course, beginning to see some weakness in certain customer sectors.\n \n \n The Company has an excellent cash position, with available cash...