Tracking group Quartix Holdings plc (LON:QTX) told investors it expects revenue and profits for the year to end December to be ahead of market expectations as its core vehicle fleet business continues to grow.
"We are delighted with the progress made in 2017: we have built a good platform to invest in our US operations, achieved satisfactory margins in our insurance business and grown our core fleet customer base by 20%. We look forward to 2018 with confidence," said Andy Walters, chief executive, in a trading update.
READ: Quartix on the right track as it focuses on fleet business
In the year, subscriptions in the core fleet operations increased by 16% in the UK to 83,100 vehicles.
In the USA, the firm added 48% to 9,100 vehicles, and by 31% in France to 13,000 vehicles.
New fleet installations increased by 23% to 27,250 and the client base grew by 20% to just under 11,000.
The firm said it achieved strong free cash-flow, which means it will pay a supplementary dividend along with the final dividend.
WATCH: Quartix buoyed by increase in fleet installations after business rebalancing
Its strategy to focus only on insurance business with satisfactory margins also paid off and some volume of trade lost in the first half came back as the company resumed supply for an insurance customer which had switched to a low-cost competitor earlier in the year, boosting revenues.
Daniel Mendis joined as chief financial officer on January 1 after David Bridge stepped down at the end of the year, although he remains to help prepare for the 2017 results, which will be posted on February 26.