LONDON (ShareCast) - (Sharecast News) - Vehicle tracking firm Quartix expects full-year revenues, profits and free cash flow to be "slightly ahead" of current market forecasts.

Quartix said on Monday that current estimates for revenues and free cash flow were £25.6m and £5.9m, respectively, while adjusted underlying earnings were projected to be roughly £7m - including an expected uplift of £300,000 as a result of an accounting policy change.

The AIM-listed firm said it made "excellent progress" in its core fleet business in the UK, France and the USA, and added that it also entered "a range of new territories with encouraging results".

Revenues in Quartix's fleet business were expected to have grown by around 10%, accounting for approximately 80% of total revenues.

Quartix said it continued its transition away from its lower-margin insurance operations, with new installations in the sector declining by 12% to 36,386 as a consequence.

Given the success achieved in existing markets and the encouraging results seen from expansion into new territories, Quartix intends to invest further in sales, marketing and technological development during 2020 and 2021.

Chief executive Andy Walters said: "We are delighted with the progress made in 2019. Growth in all markets was excellent and the company's fleet subscription base grew by 22% to 151,000 vehicles.

"We also completed some exciting new technological developments during the year and will continue to invest in the growth of our fleet subscription business. We look forward to 2020 with confidence."

As of 1035 GMT, Quartix shares were up 4.37% at 379.90p.

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