(Sharecast News) - Vehicle tracking technology company Quartix said in a trading update on Monday that the rate of year-on-year growth in both annualised recurring revenue and unit installs continued to be "strong" in the third quarter.
The AIM-traded firm said the growth rates were expected to continue in the last quarter of the year.
It said the annualised recurring revenue of the fleet subscription base was £26.9m on 1 October, representing a gain at constant currency of £2.6m year-on-year, based on exchange rates on 1 October.
The company said its subscription base had grown by 17% on the year, to just over 229,000 vehicles.
New units installed in the first nine months of the year increased 24% compared with the same period in 2021.
The board said it expected revenue, profit and free cash flow for the year ending 31 December to be in line with current consensus market forecasts.
"We are delighted with the continuing growth in annualised recurring revenue to £26.9m at the end of the third quarter, in line with our expectations," said chief executive officer Richard Lilwall.
"We are also very pleased with growth in new subscriptions being particularly led by France, followed by further progress in other European countries.
"The UK continues to deliver double-digit growth in a more mature market. Our strategy for increasing the subscription base in the US continues to be refined."
At 1137 BST, shares in Quartix Technologies were up 1.52% at 333p.
Reporting by Josh White at Sharecast.com.
Quartix Tech (QTX)