Quartix Technologies PLC (AIM:QTX) picked up 5% to 160p as the vehicle tracking or telematics group stated that the issues of 2023 were behind it and half-year profits would be around £2.6 million.
In March, the group decided to shut down the €3.9 million German acquisition Konetik just six months after acquiring it due to 'insignificant' revenues.
Closure will cost £0.5 million this half year, it added, but otherwise expects revenue, adjusted EBITDA, pre-tax profit and free cashflow for the period of £16.0m, £2.6m, £2.6m and £0.9m respectively.
Andy Walters, Quartix’s executive chairman, commented: "It is extremely pleasing to have recorded strong growth in the value of our subscription base over the past 12 months.
“Annualised recurring revenues have increased by just over £3m since July 2023 and two thirds of that increase was achieved in the first half of 2024.
“Double-digit percentage growth was also achieved in new vehicle subscriptions, the vehicle subscription base and customer acquisition rates.
“The customer base grew by 9% over the past year and we expect to improve this further as we continue to focus on customer acquisition with businesses in the SME category.”
Shares rose 7.5p to 160p.