Trakm8 Holdings PLC AGM Statement & Trading Update

RNS Number : 6744E

Trakm8 Holdings PLC

19 September 2024

 

19 September 2024

 

Trakm8 Holdings plc

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

AGM Statement & Trading Update

 

John Watkins, Executive Chairman of Trakm8 Holdings plc (AIM: TRAK), the global telematics and data insight provider, will make the following statement on current trading at Trakm8's Annual General Meeting ("AGM") being held today.

 

"Overall, the current financial year has started well, details of which were set out in the announcement on 29 July 2024 of the Company's final results for the year ended 31 March 2024. Pleasingly, to date, Fleet and Optimisation revenues are considerably ahead the comparable period last year, with strong software sales due to contract extensions at Optimisation clients. In contrast, we are disappointed that Insurance revenues continue to be depressed because of the slower rate of capacity being restored to our customers and the running down of high levels of inventory that those customers have been carrying.

 

We expect unaudited revenues for the six months ending 30 September 2024 to be modestly ahead of the same period last year, and although salary and marketing costs are running higher than last year, the higher margin achievable from software sales is anticipated to compensate and lead to half year profitability broadly in line with first half of last year.

 

For the balance of the current financial year, whilst we believe the performance of our Insurance business will improve gradually over the coming months, this is taking longer than originally anticipated to occur.  Fleet and Optimisation revenues are expected to be better than that originally expected, and we remain positive about securing the significant Optimisation contract highlighted at the time of the full year results.

 

As previously announced on 29 July 2024, trading conditions, particularly within the insurance market, means that the results for the current full financial year continue to remain uncertain, but the Board is confident of improving revenues and levels of profitability from recent years."

 

- Ends -

For further information:

Trakm8 Holdings plc
John Watkins, Executive Chairman	Tel: [phone]
Jon Edwards, Chief Financial Officer	www.trakm8.com
Allenby Capital Limited (Nominated Adviser & Broker)	Tel: [phone]
David Hart / Vivek Bhardwaj, Corporate Finance Tony Quirke / Jos Pinnington, Sales and Corporate Broking	www.allenbycapital.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 uses AI data analytics collected from 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 analytics and reporting portal (Trakm8 Insight), integrated telematics/cameras/optimisation, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 275,000 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, Stark, EON, Iceland Foods, Sainsbury's, GSF, Direct Line Group, Ticker and Freedom Group.

 

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005. Trakm8 is also recognised with the LSE Green Economy Mark.

 

www.trakm8.com / @Trakm8

 

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