Trakm8 Holdings PLC AGM Statement & Trading Update (4700A)

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RNS Number : 4700A

Trakm8 Holdings PLC

12 September 2018

12 September 2018

Trakm8 Holdings plc

('Trakm8', the 'Group' or the 'Company')

AGM Statement & Trading Update

Trakm8, a leading telematics and data supplier to global markets, is today holding its Annual General Meeting at 10:30 a.m. at the offices of Buchanan, 107 Cheapside, London EC2V 6DN. Executive Chairman John Watkins will make the following statement on current trading at the meeting.

"The Board is pleased to report that the outlook for the year ending 31 March 2019 is in line with market expectations, with an improved financial performance driven by continued growth in the telematics business more than offsetting the eliminated CEM activities.

Trakm8 reports that trading in the first five months of the current financial year commencing 1 April 2018 has been, as previously advised, behind that of the same period last year. The decline is largely due to both the elimination of GBP1.6m CEM work undertaken during this period last year and the working down of the launch stocks by one of our significant customers. Fleet connections have continued to increase satisfactorily, however at one of our significant insurance customers, telematics policy cancellations have modestly exceeded new policy sales.

The second half of the year will benefit from resumption of volume shipments to the significant customer referenced above and increased momentum in the fleet management market. The Directors are also confident that new contracts to be awarded, particularly in the insurance space, will drive additional revenues in the second half of the year.

The Group will report its half year results as usual in early December."

Investors Event

Following the AGM, from 11.00am to 13.00pm at the offices of Buchanan, the Company will hold an event for analysts and investors at which private investors are welcome to attend. No new material financial information will be disclosed in the presentations. A videocast of the meeting will subsequently be available on the Group's IR website.

- Ends -

For further information:

 
Trakm8 Holdings plc 
John Watkins, Executive Chairman       Tel: [phone] 
Jon Furber, Finance Director                      www.trakm8.com 
 
Arden Partners plc (Nominated Adviser  Tel: [phone] 
 & Broker) 
Paul Shackleton / Alex Penney             www.arden-partners.com 
 

Media enquiries:

 
Buchanan 
Chris Lane / Tilly Abraham  Tel: [phone] 
[e-mail]            www.buchanan.uk.com 
 

About Trakm8

Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group analyses data collected by its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.

The Group's product portfolio includes the latest data and reporting portal (Trakm8 Insight), integrated telematics/cameras, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 250,000 connections.

Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Saint Gobain, EON, Iceland Foods, Direct Line Group and Young Marmalade.

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.

www.trakm8.com / @Trakm8

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September 12, 2018 02:00 ET (06:00 GMT)