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Investors cheered as vehicle tracking and fleet management specialist Quartix (LON:QTX) reported its profit and revenue for last year will beat market hopes.
The firm, which will release results for the year to December at the end of next month, said its combined base in the USA and France almost doubled in the year, to 11,000 units.
As a result, both profit and sales will be “ahead of market expectations”.
Andy Walters, managing director, said: "We are delighted with the progress made, having finished the year with more than 73,000 fleet vehicles under subscription.
“Despite the competitive nature of the insurance sector, our new unit installations in that market grew by 74% to 57,000 vehicles, and our insurance division continued to make a positive contribution to the business.”
FinnCap said: “From the bare numbers provided in the trading update we see that Fleet sales have been impressive, with over 35% growth across the year from c60k to 73k vehicles now being tracked.”
The strong results mean the firm will continue to invest heavily in its products, meaning the company is well-placed for the year ahead, Walters added.
Shares in the firm jumped 9% to 265p.