Record financial results for Peterborough vehicle technology company

The company, which has its UK headquarters in Peterborough where it employs 50 people, saw revenues surge by 50 per cent in 2015 to £30 million.

Operating profits for the same period went up 23 per cent to £4.3 million.

The Norwegian-owned company, which operates in six countries, says high sales numbers, profitable operations and four new business acquisitions have contributed to the success.

Chris Miller, chief executive of ABAX UK, which has a five year deal with Peterborough United under which the club’s ground has been renamed the ABAX stadium, said: “We have seen great potential in the UK market.

“We continue to grow in the UK and have recently launched a core campaign to warn owners of business with van fleets to keep on top of HMRC regulations, an area ABAX excels helping companies with our market-leading Triplog products.”

Petter Quinsgaard, ABAX chief executive, said: “2015 was a great year and we surpassed the 2014 results before the end of the third quarter.”

ABAX develops products to support businesses and individuals who use a vehicle at work. These products include fleet management software, Triplog mileage capture technology and equipment monitoring devices.

Mr Quinsgaard added: “We are pleased to report we have experienced a high growth rate at the same time as we have managed to keep operations profitable.

“With four new acquisitions we remain true to our growth strategy and the course we have sat for the company.

“ABAX has taken yet another step up in 2015 and we have strengthened our position amongst the leading players of our industry in Europe.”

ABAX’s other acquisitions were of Norwegian companies Bli Best AS and FrontTek AS, and Dutch company Trevler Holding BV.