Shares in Quartix Technologies PLC (AIM:QTX) rose 12% in early trading on Monday after the vehicle tracking software group said it expected to slightly exceed market forecasts for both revenue and profit this year, following a strong third quarter.
The AIM-listed company, which provides subscription-based telematics systems to small and medium-sized businesses, reported a 14% rise in annualised recurring revenue to £36.1 million and said cashflow for the first nine months of the year had already surpassed full-year expectations.
Quartix generated about £4.3 million in free cashflow during the period, helped by lower hardware costs from its new TCSV17 tracking system. It ended September with £4.6 million in cash after paying a £1.2 million interim dividend.
International growth remains a key driver, with overseas markets now contributing 47% of recurring revenue. The company highlighted progress in France, Italy and Spain, where subscriptions rose more than 30% over the past year.
Chairman Andy Walters said: “Annualised subscription revenues have risen by a record £4.3 million over the past 12 months, and we look forward to the remainder of the year and 2026 with confidence.”
The shares rose 35p to 320p.