Rising fuel prices have driven demand for better commercial vehicle fleet management, helping Cybit lift full-year revenues by almost 50 per cent to £19.7m.

The telematics company also more than doubled pre-tax profits to £1.7m for the year to March 31. Richard Horsman, chief executive, said telematics could help fleet managers cut fuel costs by up to 9 per cent on trucks averaging fewer than 10 miles per gallon both by ensuring vehicles were not driven too fast and by using more efficient routes.