Shares in Quartix Technologies PLC (AIM:QTX) revved up 9% after the vehicle tracking specialist said revenue and profit were better than expected last year.
"The company finished 2024 on a strong note and the board now believes that this will lead to a slightly higher level of profit in 2025 than previously estimated," the company said in a statement.
It estimated that revenue would be £32.4 million for 2024 (£29.9 million in 2023), pre-tax profit £6 million (£5.1 million last time) and free cashflow £2.5 million (£1.3 million), with a net cash balance of £3.1 million at the end of December.
Annualised recurring revenue, which Quartix says is "the key forward-looking measure of growth", increased £3.5 million or 12% last year to £32.2 millio, representing an increase of 67% over the ARR growth achieved in 2023.
The aim is to achieve "at least £3.5 million" in ARR growth during 2025.