Quartix Technologies PLC (AIM:QTX) shares jumped 13% after a strong start to 2025, with new installations hitting a milestone in January and customer acquisition accelerating further.
The vehicle tracking firm reported a record 12% rise in annual recurring revenue to £32.2m for 2024, alongside a 25% increase in adjusted pre-tax profit to £6.3m. Cost controls and higher sales investment helped drive profitability.
Customer growth was also strong, with fleet subscriptions up 13% to 300,168 and new customer acquisitions rising 19%.
The company launched a new telematics platform at the end of 2024, expected to cut manufacturing costs from mid-2025.
Quartix expects recurring revenue and adjusted profit before tax to grow by 10% this year. With positive momentum continuing across all six territories, the company remains optimistic about its outlook and plans to provide a further update in April.
In early trading, the shares rose 21.4p to 178.4p.