Leading vehicle tracking specialist Quartix has posted annual operating profits of more than £2 million for 2008 – and is confident of registering further sales and profits growth in 2009.

Sales at the Newtown based firm approached £5 million on a base of almost 2,000 UK customers – representing 20,000 installed vehicle tracking systems.

Announcing the results, managing director Andy Walters said: “Despite the fact 2008 was a tough year for parts of the industry, we won some major new contracts and achieved strong growth in our SME customer base.

“Our operating performance was excellent, with cash flow matching the strength of our profitability.

“In an environment where our competition is reducing staff numbers we continue to recruit and invest in our future.

“The key to our success, and our responsiveness to our customers, are our product design and service.”

Quartix is one of the few UK companies to design and build its own tracking system, which is assembled at Cambridge. The latest version, the TCSV, has been installed in more than 10,000 vehicles since its introduction in 2007.

“The TCSV is one of the most advanced and integrated systems on the market, and we will continue to add further functionality to it in 2009,” added Andy Walters.

For the fourth year running Quartix was judged among the country’s top ten SMEs in last year’s National Business Awards, and is considered well placed to strengthen its market position in 2009.

The company, which has offices at Newtown, Powys and Cambridge, plans to launch several new products and pricing initiatives over coming weeks – all of which have been designed to help customers cope with the credit crunch.