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

For more information on companies in this article

Related Content

  • Q-Free tag order from Portugal
    March 13, 2012
    Q-Free has received an order for tolling tags (OBUs) from Portugal’s only tag issuer, Via Verde, part of the Brisa Group which is one of Portugal’s leading tolling concessionaires.
    Read More
  • BorgWarner to acquire Remy International
    July 15, 2015
    US automotive industry components and parts supplier BorgWarner is to acquire Remy International, a leading producer of rotating electrical components. With key technologies and operations in ten countries on five different continents, BorgWarner says Remy is strongly positioned to benefit from global growth. “We look forward to welcoming Remy’s talented employees to BorgWarner. Their products and capabilities will strengthen BorgWarner’s position in the rapidly developing powertrain electrification tre
    Read More
  • Stockholm renews contract with Q-Free
    November 12, 2012
    The Swedish Transport Administration (Trafikverket) has extended its contract with Q-Free for the servicing and maintenance of the congestion charging infrastructure in Stockholm. Valued at approximately US$3.13 million the contract has been extended for a year, starting 1 January 2013, Q-Free’s CEO, Oyvind Isaksen, said, “We see Sweden as a very important and exciting market going forward. Our continuing participation in service and maintenance activities is essential for our local presence and not at lea
    Read More
  • Countering falling fuel tax revenue with mileage fees
    April 20, 2016
    Eric G. O’Rear and Wallace E. Tyner look at the benefits of mileage charges and how these might be implemented. Since the early 1900s, taxes on petrol (gasoline) and diesel fuels have been used to finance the construction and maintenance of roadway infrastructure and, in some countries other government spending too. Now, a combination of improved fuel economy, the advent of hybrid and alternative fuelled vehicles and a reluctance in some countries (especially the US) to increase fuel taxes has led to a d
    Read More

Highlighted Content