Shares in Cybit Holdings rose 10 per cent after the vehicle and marine telematics company announced a 27 per cent increase in pre-tax profits to £2.1m in the year to March 31.

The Aim-quoted company, which is also preparing to pay a maiden dividend by applying for a cancellation of its share premium account, increased revenues from £19.7m to £25.5m ($41.5m). About £2.5m came from Truck24, which was acquired for €4m on the last day of the previous financial year and has taken the company into the German logistics market. Like-for-like sales growth was 14 per cent.