‘AI is here to empower, not replace, people,’ says Loqus CEO Joe Fenech Conti

For Loqus Holdings CEO Joe Fenech Conti, Artificial Intelligence (AI) is a core element of the company’s DNA.

“Over the past 15 years AI has been at the heart of our technology journey,” he said. “From the earliest use of machine learning and heuristic optimisation, AI has played a key role in powering the intelligence behind our systems.”

In the company’s Annual Report and Financial Statements, Mr Fenech Conti emphasised that Loqus’s approach to AI is practical and people-focused. “We use AI to strengthen, not replace, human capability,” he said. “It enables our teams and clients to work more efficiently, with greater speed and accuracy.”

He added that large language model tools mark a new stage of automation and that Loqus is adapting its processes to take advantage of these developments.

The past financial year saw Loqus focus on tightening operations and restoring profitability. The group also carried out a targeted restructuring to improve efficiency, which included a reduction in headcount and a realignment of resources to support a major new client rollout. Research and development expenditure was slightly lower than the previous year, but investment in product innovation continued.

The group reported its highest-ever revenue, close to €13 million, a 9 per cent increase over the previous year. Growth was driven by the company’s openFleet platform, which remains central to its offering and now accounts for most of its recurring revenue.

“Our strategy continues to focus on sustainable revenue growth within the fleet management sector, with openFleet as the cornerstone,” Mr Fenech Conti said.

In the short term, the company is targeting clients in markets with established delivery infrastructures, while in the medium term it aims to reach mid-tier customers through openFleet Pro, a version designed for faster deployment and scalability through a partner-led model.

While market conditions in the UK remain challenging, Loqus is broadening its reach. The company is developing a partner network in France to strengthen its European presence and has appointed a sales consultant in Dubai to explore opportunities across the GCC region.

Looking ahead, Loqus plans to deepen client relationships, increase brand visibility through industry engagement, and continue expanding its partner ecosystem across Europe. Its strategy rests on four pillars: market diversification, increased visibility, rapid deployment, and customer-centric innovation.

Mr Fenech Conti, who has increased his indirect shareholding in Loqus to 59.54 per cent through JFC Holdings Limited, said this reflects his confidence in the group’s potential and strategic direction.

“Our people… are our most valuable asset,” he said. “By investing in our people, we are investing in our future.”

He concluded that Loqus is entering its next phase with its ambitions clear: “To build on the stability we have achieved, accelerate the growth of our recurring revenue base, expand our market presence, and continue delivering exceptional value to all stakeholders.”

Loqus Holdings plc has posted a profit of €118,000, compared to 2023/2024’s loss of €625,000, in an environment that “demanded discipline, adaptability and careful decision-making.”

Profit before tax amounted to €220,006, compared to last year’s loss of €648,024.

While the company itself recorded a pre-tax loss of €155,626 (2024: €146,915), the group’s overall results underscore its commitment to sustainable performance and prudent financial management, the company said.

Loqus Holdings, formerly Datatrak, was the first company to be listed on the Alternative Companies List (ACL) of the Malta Stock Exchange. The ACL is designed to support new ventures, fast-growing firms and family-owned businesses by giving them access to equity or loan capital through the exchange.

Featured Image: Joe Fenech Conti / LinkedIn