Fleet telematics firm Abax has posted a 31.5% rise in company revenue in 2016 to NOK 472 million (50.3m euros).

ABAX signed a deal with China Mobile at the China Mobile IOT event in Shanghai last December.

The Norwegian-owned firm credited the rise to business acquisitions and expansion into new markets.

The annual report showed the company, which operates in seven European countries and also launched in China last year, had an EBITDA increase of 34.5% to NOK 68.2 million (7.3m euros).

Bjørn Erik Helgeland, Abax chief operating officer, said: “It is always great to see fantastic results published, but most important is that we dare to keep pushing and keeping a high pace within the company. This ethos is also why we chose to substantially invest in creating new technology in 2016.”

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