Quartix’s profits grew by 64% over 2013

money graph profit going up upwards financial

Telematics ‘black box’ provider Quartix is to float on the AIM segment of the London Stock Exchange, with shares expected to be priced at 116p, The Telegraph reports.

This values the telematics firm at £54m, netting £11m for the eight members of its management team selling shares as part of the float.

The shares are expected to start trading on 6 November 2014.

Quartix was founded in 2001, and since then has installed more than 120,000 black boxes and currently works with six major insurers in the UK.

In 2013, sales grew by 60% with turnover reaching £13m. Adjusted pre-tax profit climbed 64% to £4.6m from £2.8m in 2012.

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