In the UK market, the company said progress was good for both the insurance sector and the core fleet business, which saw revenues rise by 20% to £11.0m (2013: £9.2m). There was also a 23.2% increase in the subscription base to 59,765 units (2013: 48,501) and 12.5% growth in new fleet installations.

Meanwhile the company also reported strong growth in France, ending the year with 890 customers (2013: 601) and 5,218 vehicles under subscription (2013: 3,601).

And the group expanded its operations to the USA in the year, resulting in the opening of an office in Chicago in April 2014. In preparation for this, the Group completed the necessary development of its operational, accounting and marketing systems (which had been started in 2013), and achieved FCC and PTCRB listing for its TCSV10 tracking system early in the year. The year was completed with 120 fleet customers in this market, with the firm adding that “the prospects for our business development are encouraging”.

Andy Walters, managing director of Quartix, commented: “2014 was a year of good growth for the group: our fleet operations delivered positive progress in both the UK and France and we completed a successful launch in the USA. Insurance sector installations grew by 12.8%. Significant investment was made in product development for both parts of the business, as well as in developing our geographic presence in the fleet sector.

“Having received good institutional support for our Initial Public Offering, we successfully joined AIM in November 2014 and are delighted to have delivered a solid performance in a year of investment.

“The Group has made a strong start to the year, in line with our expectations. The high levels of recurring revenues and opportunities to grow in the UK, France and the USA in fleet combined with continued progress in our insurance business underpin our confidence for the rest of the current financial period and beyond.”