Q-Free reports increased revenue, major tag order

Q-Free has been awarded an order for OBU610 tags from Roads and Maritime Services (RMS) in Australia at a value of US$2.4 million, to be delivered within the second quarter of 2015. “Q-Free has supplied more than two million tags to RMS, representing an important basis for our activity in Australia. We are pleased to see the continued strength of this particular relationship and of our competitiveness in the Australian market,” comments Q-Free CEO Thomas Falck. Q-Free also reported increased revenues
August 14, 2014 Read time: 2 mins

108 Q-Free has been awarded an order for OBU610 tags from 6722 Roads and Maritime Services (RMS) in Australia at a value of US$2.4 million, to be delivered within the second quarter of 2015.

“Q-Free has supplied more than two million tags to RMS, representing an important basis for our activity in Australia. We are pleased to see the continued strength of this particular relationship and of our competitiveness in the Australian market,” comments Q-Free CEO Thomas Falck.

Q-Free also reported increased revenues for the first half of 2014, up by 24 per cent to US$57.6 million from the same period in 2013; EBITDA was US$6.3 million, EBIT was US$503,000 million, and pre-tax profit was US$292,000.

The second quarter of 2014 saw Q-Free revenues increase by 26 per cent from 2013 to US$30.3 million for the second quarter 2014; EBITDA improved to US$3.4 million from US$2.6 million, EBIT improved to US$357,000 from US$48,700, while pre-tax profit improved to US$48,700 from a loss US$373,000 in the second quarter 2013.

The company says revenue over the last two years has reflected a substantial increase in product sales and lower project revenues. This trend continued in the second quarter 2014, with product sales reaching the highest level since the fourth quarter 2011.

Q-Free has taken steps to improve its future revenue generation, including a profit improvement program and improved customer focus on the small and mid-sized segment of the road user charging market to broaden the scope of business. Organisational changes, together with previously-announced acquisitions, will enable Q-Free to provide a broader portfolio of products and value added services to its customers and strengthen the company’s position. Going forward, Q-Free will focus on realising synergies within the Group and on growing the business further, both with organic growth as well as add-on acquisitions.

Q-Free continues to see a positive long-term outlook, with opportunities both in the traditional road user charging market and in the market for advanced transportation management systems.

Charging, Tolling & RUC

Related Content

  • August 11, 2014
    Q-Free wins in Australia
    Q-Free has been awarded a frame agreement for ITS OBU610 tags from Interlink Roads in Australia. The three-year contract is valued at a minimum of US$2.5 million but has the potential to be increased. The fourth generation OBU610 combines more than 20 years’ of proven technology and experience to provide future-proof investment. The tag is easily attached to and removed from the vehicle windscreen and is designed to support all applicable 5.8GHz CEN DSRC protocols in the world of for automatic registrat
    Read More
  • January 6, 2014
    OBU orders and CEO changes for Q-Free
    Portuguese tag issuer Via Verde, part of the Brisa Group, has ordered on-board units from Q-Free in an order worth approximately US$1.9 million. The order will be delivered within the second quarter of 2014. Q-Free’s fourth generation OBU610 is small and unobtrusive, yet powerful enough to support all applicable 5.8GHz CEN DSRC protocols for automatic registration, identification and fee collection from vehicles. “Via Verde has been customer of Q-Free since 1995 and we have now supplied more than 3.2
    Read More
  • July 17, 2014
    Q-Free acquires Open Roads Consulting
    Q-Free has signed a Share Purchase Agreement (SPA) for the acquisition of Open Roads Consulting for a cash consideration of approximately US$6.2 million. Further consideration is dependent on future financial performance. The transaction is expected to be closed within the end of the third quarter 2014. The acquisition represents a milestone for Q-Free and is a strategically good match with other advanced traffic management systems (ATMS) and road user charging (RUC) activities within the group. It will
    Read More
  • May 22, 2014
    Strategic organisational changes at Q-Free
    Q-Free has carried out a revision of the company strategy and will make organisational changes in order to strengthen its market position. CEO Thomas Falck, who was appointed CEO on 6 January 2014, on an initial six-month contract, will remain at the helm through 2014 in order to oversee a successful implementation of the changes. Going forward, Q-Free will operate three business areas: road user charging (RUC); advanced transportation management systems (ATMS); and the new business area managed services
    Read More

Highlighted Content