We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Trakm8 Holdings Plc | LSE:TRAK | London | Ordinary Share | GB00B0P1RP10 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.25 | 8.50 | 10.00 | 9.25 | 9.25 | 9.25 | 0.00 | 07:36:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Transportation Equipment,nec | 20.2M | -783k | -0.0157 | -5.89 | 4.62M |
TIDMTRAK
RNS Number : 5303U
Trakm8 Holdings PLC
24 November 2023
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation
24 November 2023
TRAKM8 HOLDINGS PLC
("Trakm8" or the "Group")
Half Year Results
Trakm8 Holdings plc (AIM: TRAK), the global telematics and data insight provider, announces its unaudited results for the six months ended 30 September 2023:
Financial Highlights
6 months 6 months Year to to to 31 30 Sept 30 Sept March 2023 2023 2022 ----------- Unaudited Unaudited Audited GBP000 GBP000 GBP000 ---------- ---------- ----------- Revenue 8,537 9,012 20,197 ---------- ---------- ----------- of which, recurring revenue(1) 5,234 5,076 10,466 ---------- ---------- ----------- Profit/(Loss) before tax 13 (2,413) (1,243) ---------- ---------- ----------- Adjusted Profit/(Loss) before tax(2) 119 (1,077) 306 ---------- ---------- ----------- Profit/(Loss) after tax 94 (1,775) (774) ---------- ---------- ----------- Cash generated from operations 2,349 1,435 4,314 ---------- ---------- ----------- Net Bank Debt(3) 5,570 6,243 5,618 ---------- ---------- ----------- Basic earnings/(loss) per share 0.22p (3.55p) (1.57p) ---------- ---------- ----------- Adjusted basic earnings/(loss) per share 0.38p (1.37p) 0.95p ---------- ---------- -----------
1 Recurring revenues are generated from service and maintenance fees
2 Before exceptional costs and share based payments
3. Total borrowings less cash excluding IFRS 16 adjustment for leased property and motor vehicles
Operational Overview
-- H1 2023 results:
o Revenues modestly lower due to significant insurance capacity driven reduction in demand
o Gross margins significantly improved
o Overheads significantly reduced
o Losses eliminated with a shift towards profitability
o Improved cash generation from operations - c. 63 per cent increase on the comparable period
-- H2 2023/24 and FY2025 outlook:
o Insurance capacity not expected to return significantly this year; however new customers improving demand for H2 2023/24 and capacity is expected to recover for FY25
o Major automotive customer demand expected to positively impact FY25
o Substantial investment in second Data Centre to reduce operation costs by GBP0.6m per annum
o Large Optimisation software contract sale still expected to conclude in FY24
Outlook
The Board expects to meet market expectations, provided a significant software sale is secured late in FY24. In this respect, discussions are ongoing to secure a large optimisation software sales contract, and while there can be no certainty, the Board remains confident of the prospects of concluding such discussions in FY24.
- Ends -
For further information:
Trakm8 Holdings plc John Watkins, Executive Chairman Tel: +44 (0) 1675 434 200 Jon Edwards, Chief Financial Officer www.trakm8.com Allenby Capital Limited (Nominated Adviser Tel: +44 (0)20 3328 5656 & Broker) David Hart / Vivek Bhardwaj, Corporate www.allenbycapital.com Finance Tony Quirke / Joscelin Pinnington, Sales and Corporate Broking
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 324,000 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 Building Materials, EON, Iceland Foods, GSF Car Parts, Direct Line Group, 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
Executive Chairman's Statement
Results
I am pleased to report Trakm8's unaudited results for the six months ended 30 September 2023 ("H1 2023").
The first half of the financial year was in line with recent Company guidance. Revenues for the unaudited six-month period ended 30 September 2023 were modestly lower in comparison to the corresponding period of the previous financial year at GBP8.54m (H1 2022: GBP9.01m).
In H1 2023, there was a 2% increase in Fleet & Optimisation revenues to GBP4.90m and a reduction of 13% in Insurance revenues to GBP3.63m. We have reported previously on the dreadful current state of the UK motor insurance market, and this has had a significant impact on us. We estimate that the loss of insurance capacity has reduced revenues in the financial period concerned by GBP1.6m with overall c onnections reducing by 7% to 324,000 (FY ending 31.3.2023: 348,000) . Notwithstanding this deterioration, there are some positives with a 14% uplift in our Automotive revenues during the financial period as a result of the success of our customers' service, maintenance and repair activities.
The Group is pleased to report a significant improvement in the profitability of the Group with an Adjusted Profit of GBP0.10m (H1 2022: loss GBP1.08m), Profit before Tax of GBP13k (H1 2022: loss GBP2.41m) and Profit after Tax of GBP0.10m (H1 2022: loss GBP1.78m).
During the period, material increases in motor insurance premiums and capacity constraints caused Insurance unit sales to reduce by 31% to 66,000 and Insurance & Automotive connections to decrease by 7% to 259,000 (FY ending 31.3.23: 279,000). Notwithstanding this, we do believe that new policies written will exceed cancelled policies going forward.
In Fleet & Optimisation, o ur focus on Enterprise and higher margin business has resulted in connections decreasing by 6% to 65,000 (FY Ending 31.3.23: 69,000), with higher attrition in the small fleet sector, but revenues continuing to grow as previously reported. Fleet unit sales also decreased by 38% to 5,000 but with corresponding device revenues up 20% as more complex solutions continued to be delivered to new and existing customers.
Pleasingly, Recurring Revenues in the period increased over the previous year by 3% to GBP5.23m and represent 61% of the Group's overall revenues. In addition, the Group generated GBP0.20m of software revenues (H1 2022: GBP0.12m), which represent 2% of the Group's overall revenues. Software contract revenues are again weighted to the second half of the financial year, as was the case in previous financial years, from both new and existing customers who rely on our solutions for their fleet operations.
The supply chain challenges of the previous year are largely behind us. We have designed all new hardware products with the latest components that are more expensive than those they replaced, but we expect that these new components will start to reduce in cost next year. Despite this material cost impact, gross profit margin has improved to 67% (H1 2022: 58%). This is due in part to improved factory efficiencies but also the higher recurring revenues as a percentage of sales. Despite the insurance demand reduction, commitments to suppliers for components have not commensurately been deferred and inventory has accordingly continued to increase. It is expected that this increase in inventory will be reduced somewhat this financial year, with further reductions taking place in the next financial year.
In 2018, we launched the RH600, the first 4G live streaming integrated telematics camera, which has since received multiple industry awards. This year we have launched the RH800, which has core technology based on the RH600 but is capable of being used in the five camera solutions which are increasingly common. We expect that the RH800 will be the same leap forward in technology for the market that the RH600 was.
At the end of H1 2022, the Company embarked on a refocus of business activities and as a result was able to significantly reduce overheads. Overall, overheads have reduced by GBP913k compared to the previous financial period.
Financial position
Cash generation from operations was GBP2.35m (H1 2022: GBP1.44m) and as at 30 September 2023, the Group's net bank debt, excluding the impact of the IFRS16 lease liability, was GBP5.57m (H1 2022 GBP6.24m), representing a reduction of GBP0.05m compared to the end the previous financial year. The capital investment project for our second data centre of GBP0.5m increased debt by GBP0.2m in the financial period concerned. Further capital investment is anticipated to be committed in early H2 2023. The Board believes that this capital investment should generate significant return on investment over the coming months and will ensure that we continue to deliver cutting edge solutions to our customers. As at 30 September 2023, the Group had GBP0.87m of cash on hand and a further GBP0.50m of available funds under an existing overdraft facility.
The overall cash outflow for the financial period was GBP0.25m (H1 2022: inflow of GBP0.29m).
Strategy
The Group has been following the strategy outlined in its final results for the year ended 31 March 2023, which was announced on 4 July 2023. Our focus is to provide ever more meaningful insights to our customers using the data generated by our installed devices and other connections so that they can run their operations more efficiently and safely.
Our primary strategy going forward is continuing to grow the business through more connections, increased device sales and higher service fees. However, there have been serious headwinds in the motor insurance market with material policy price increases and a reduction in capacity. Although we have secured a number of additional customers, there has been a reduction in total connections. Despite this, we believe that the point has come that growth in connections will now restart. We are also expecting our Optimisation business to expand further into the home delivery space.
Trakm8 has focused on delivering market leading technology and ensures that the solutions are generating the best possible returns for our customers. We have reduced the levels of expenditure in R&D as we now have the latest technology in all our devices and our Insight platform is mostly feature complete. The launch of the RH800 for multicamera applications is a significant step forward in the Fleet market. We continue to own the majority of intellectual property in our value chain. We have been building out greater functionality of existing solutions. As a result, going forward we will meet our objectives of remaining a leading-edge technology company but at a lower investment cost.
Our third strategy has been to improve the efficiencies of our business in every possible way. We have been successful in significantly reducing our future overhead costs by GBP2.1m per annum and have implemented the investment in a second data centre, which will reduce our hosting costs by GBP0.6m per annum. We will continue to seek out further external cost reductions.
JOHN WATKINS
Executive Chairman
Unaudited Consolidated Statement of Comprehensive Income for the six months to 30 September 2023
Six months Six months Year to to 30 September to 30 September 31 March 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Note Revenue 3 8,537 9,012 20,197 Cost of sales (2,817) (3,786) (7,445) Exceptional cost of sales - - (261) ---------------- ---------------- --------- Gross profit 5,720 5,226 12,491 Other income 4 - 16 16 Administrative expenses excluding exceptional costs (5,184) (6,097) (11,860) Exceptional administrative costs 7 (94) (1,319) (1,272) ---------------- ---------------- --------- Total administrative costs (5,278) (7,416) (13,132) Operating profit/(loss) 442 (2,174) (625) Finance income 13 29 50 Finance costs 8 (442) (268) (668) ---------------- ---------------- --------- Profit/(Loss) before taxation 13 (2,413) (1,243) Income tax 96 636 460 ---------------- ---------------- --------- Profit/(Loss) for the period 109 (1,777) (783) Other Comprehensive Income Items that may be subsequently reclassified to profit or loss: Exchange differences on translation of foreign operations (15) 2 9 ---------------- ---------------- --------- Total other comprehensive income (15) 2 9 ---------------- ---------------- --------- Total Comprehensive Profit/(Loss) for the period attributable to owners of the parent 5 94 (1,775) (774) ---------------- ---------------- --------- Profit/(Loss) before taxation 6 13 (2,413) (1,243) ---------------- ---------------- --------- Exceptional cost of sales - - 261 Exceptional administrative costs 94 1,319 1,272 IFRS2 Share based payments charge 12 17 16 ---------------- ---------------- --------- Adjusted profit/(loss) before tax 119 (1,077) 306 Earnings per ordinary share (pence) attributable to owners of the Parent Basic 9 0.22 (3.55) (1.57) Diluted 9 0.22 (3.55) (1.57) The results relate to continuing operations.
Unaudited Consolidated Statement of Changes in Equity for the six months to 30 September 2023
Share Share Merger Translation Treasury Convertible Retained Total capital premium reserve reserve reserve loan reserve earnings equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance as at 1 April 2022 500 14,691 1,138 203 (4) - 3,348 19,876 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Comprehensive income Loss for the period - - - - - - (1,777) (1,777) Other comprehensive income Exchange differences on translation of overseas operations - - - 2 - - - 2 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Total comprehensive income - - - 2 - - (1,777) (1,775) Transactions with owners IFRS 2 Share-based payments - - - - - - 17 17 Convertible
Loan - - - - - 11 - 11 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Transactions with owners - - - - - 11 17 28 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Balance as at 30 Sept 2022 500 14,691 1,138 205 (4) 11 1,588 18,129 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Comprehensive income Profit for the period - - - - - - 994 994 Other comprehensive income Exchange differences on translation of overseas operations - - - 7 - - - 7 Total comprehensive income - - - 7 - - 994 1,001 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Transactions with owners IFRS2 Share-based payments - - - - - - (1) (1) Transactions with owners - - - - - - (1) (1) ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Balance as at 31 March 2023 500 14,691 1,138 212 (4) 11 2,581 19,129 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Comprehensive income Profit for the period - - - - - - 109 109 Other comprehensive income Exchange differences on translation of overseas operations - - - (15) - - (15) Total comprehensive income - - - (15) - - 109 94 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Transactions with owners IFRS2 Share based payments - - - - - - 12 12 Convertible loan - - - - - - - - Transactions with owners - - - - - - 12 12 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Balance as at 30 Sept 2023 500 14,691 1,138 197 (4) 11 2,702 19,235 ----------------------- ------------------- -------------------- ------------------- ------------------ --------------------------- -------------------------- ------------------------ Unaudited Consolidated Statement of Financial Position as at 30 September 2023 As at As at As at 30 September 30 September 31 March 2023 2022 2023 Note Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Non-current assets Intangible assets 10 23,397 23,277 23,382 Plant, property and equipment 1,125 1,034 1,103 Right of use assets 11 1,994 1,751 1,711 Deferred income tax asset - - - Amounts receivable under finance leases - 39 4 ------------- ---------------- --------- 26,516 26,101 26,200 ------------- ---------------- --------- Current assets Inventories 2,813 1,352 2,426 Trade and other receivables 6,362 7,158 7,948 Corporation tax receivable 861 1,150 856 Cash and cash equivalents 874 1,174 1,119 ------------- ---------------- --------- 10,910 10,834 12,349 ------------- ---------------- --------- Current liabilities Trade and other payables (8,532) (8,806) (9,196) Borrowings 12 (5,847) (897) (1,031) Right of use liability 12 (557) (487) (466) Provisions - - (74) ------------- ---------------- --------- (14,936) (10,190) (10,767) ------------- ---------------- --------- Current assets less current liabilities (4,026) 644 1,582 ------------- ---------------- --------- Total assets less current liabilities 22,490 26,745 27,782 ------------- ---------------- --------- Non-current liabilities Trade and other payables (474) (474) (828) Borrowings 12 (213) (6,176) (5,435) Right of use liability 12 (1,273) (1,258) (1,113) Provisions (261) (160) (166) Deferred income tax liability (1,034) (548) (1,111) ------------- ---------------- --------- (3,255) (8,616) (8,653) ------------- ---------------- --------- Net assets 19,235 18,129 19,129 ------------- ---------------- --------- Equity Share capital 13 500 500 500 Share premium 14,691 14,691 14,691
Merger reserve 1,138 1,138 1,138 Translation reserve 197 205 212 Treasury reserve (4) (4) (4) Convertible loan reserve 11 11 11 Retained earnings 2,702 1,588 2,581 ------------- ---------------- --------- Total equity attributable to owners of the parent 19,235 18,129 19,129 ------------- ---------------- ---------
Unaudited Consolidated Cash Flow Statement for the six months to 30 September 2023
Six months Six months Year to to to 31 March 30 September 30 September 2023 2022 2023 Note Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Net cash generated from operating activities 14 2,349 1,435 4,314 --------------- --------------- ---------- Cash flows from investing activities Purchases of property, plant and equipment (373) (332) (749) Proceeds from sale of property, plant - - - and equipment Purchases of software - (8) (12) Capitalised Development costs (1,102) (1,447) (2,658) --------------- --------------- ---------- Net cash used in investing activities (1,475) (1,787) (3,419) --------------- --------------- ---------- Cash flows from financing activities New convertible loan note - 1,580 1,580 Loan arrangement fees (42) (13) (36) Repayment of bank loans (469) (512) (1,095) Repayment of obligations under lease agreements (229) (324) (619) Interest paid (379) (209) (610) --------------- --------------- ---------- Net cash generated from financing activities (1,119) 522 (780) --------------- --------------- ---------- Net (decrease)/increase in cash and cash equivalents (245) 170 115 Cash and cash equivalents at beginning of period 1,119 1,004 1,004 --------------- --------------- ---------- Cash and cash equivalents at end of period 874 1,174 1,119 --------------- --------------- ---------- 1. Basis of preparation
The Group's interim results for the 6 months to 30 September 2023 (prior year 30 September 2022) were approved by the Board of Directors on 23 November 2023.
As permitted this Interim Report has been prepared in accordance with UK AIM Rules for Companies and not in accordance with IAS 34 "Interim Financial Reporting" and therefore is not fully in compliance with IFRS.
Trakm8 Holdings PLC ("Trakm8") is a public limited company incorporated in the United Kingdom under the Companies Act 2006. Trakm8 is domiciled in the United Kingdom and its ordinary shares are traded on AIM, the market operated by the London Stock Exchange plc.
The accounting policies adopted in the preparation of the interim financial statement are the same as those set out in the Group's annual financial statements for the year ended 31 March 2023. The financial statements have been prepared on the historical cost basis except for certain liabilities and share based payment liabilities which are measured at fair value.
The interim financial statements have not been audited or reviewed by Group's auditors pursuant to the Auditing Practice Board guidance on 'Review of Interim Financial Information' and do not include all of the information required for full annual financial statements.
The financial information contained in this report is condensed and does not constitute statutory accounts of the Group within the meaning of Section 434(3) of the Companies Act 2006. Statutory accounts for the year ended 31 March 2023 have been delivered to the Registrar of Companies. The audit report of those accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498(2) or (3) of the Companies Act 2006.
Going concern
The consolidated interim financial statements are prepared on a going concern basis. The directors report that, having reviewed current performance and projections of its working capital and long term funding requirements, including assessments against the covenants agreed with our bank and downward sensitivity analysis, they are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements
2. Risks and uncertainties
The Board has considered the principal risks and uncertainties for the remaining half of the financial year and determined that the risks presented in the 31 March 2023 Annual Report, described as follows, also remain relevant to the rest of the financial year: Deteriorating economic climate; Cyber-attack and data security; Attracting and maintaining high quality employees; Operating in a fast moving technology industry where we will always be at risk from new products being launched; Significant operational failure; Adverse mobile network changes; Access to long term and working capital; Electronics supply chain under constraint; Business disruption from communicable diseases. These are detailed on pages 20 to 22 of the 2023 of the Annual Report, a copy of which is available on the Group's website at www.trakm8.com.
3. Segmental Analysis
The chief operating decision maker ("CODM") is identified as the Board. It continues to define all the Group's trading under the single Integrated Telematics Technology segment and therefore review the results of the group as a whole. Consequently all of the Group's revenue, expenses, assets and liabilities are in respect of one Integrated Telematics Technology segment.
The Board as the CODM review the revenue streams of Integrated Fleet, Optimisation, Insurance and Automotive Solutions (Solutions) as part of their internal reporting. Solutions represents the sale of the Group's full vehicle telematics and optimisation services, engineering services, professional services and mapping solutions to customers.
A breakdown of revenue within these streams Six months Six months Year to are as follows: to to 31 March 30 September 30 September 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Solutions: 8,537 9,012 20,197 ----------------- ---------------- --------- Fleet and optimisation 4,908 4,828 11,475 Insurance and automotive 3,629 4,184 8,722 ----------------- ---------------- --------- 4. Other income Six months Six months Year to to 30 September to 30 September 31 March 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Grant income - 16 16 ------------------ ------------------ -------------- - 16 16 ------------------ ------------------ -------------- 5. Profit/(Loss) per ordinary share attributable to the owners of the parent
Six months Six months Year to to 30 September to 30 September 31 March 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Profit/(Loss) attributable to the owners of the parent 94 (1,775) (774) ------------------ ------------------ -------------- 6. Adjusted profit/(loss) before tax Adjusted Profit/(Loss) Before Tax is monitored by the Board and measured as follows: Profit/(Loss) Before Tax 13 (2,413) (1,243) Exceptional costs 94 1,319 1,533 Share based payments 12 17 16 ------------------ ------------------ -------------- Adjusted profit/(loss) before tax 119 (1,077) 306 ------------------ ------------------ -------------- 7. Exceptional costs Six months Six months Year to to 30 September to 30 September 31 March 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Exceptional cost of sales Covid-19 - component acquisition - - 261 ------------------ ------------------ -------------- Exceptional administrative costs - - 261 Integration and restructuring costs 94 902 234 Covid-19 costs - 417 1,038 ------------------ ------------------ -------------- 94 1,319 1,272 ------------------ ------------------ -------------- 94 1,319 1,533 ------------------ ------------------ --------------
The integration and restructuring costs in the current year relate to the Group's decision last year to implement a change in strategy to focus on the Insurance, Automotive and Optimisation sectors. These costs include final amounts implementing various cost reductions including professional fees.
Detailed explanation of prior year exceptional costs are detailed on page 66 of the 2023 Annual Report, a copy of which is available on the Group's website at www.trakm8.com.
8. Finance costs Six months Six months Year to to to 31 March 30 September 30 September 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Interest on bank loans 339 200 510 Amortisation of debts issue costs 52 30 58 Interest on Hire Purchase and similar agreements 51 38 100 --------------- --------------- --------- 442 268 668 --------------- --------------- --------- 9. Earnings Per Ordinary Share
The earnings per Ordinary share have been calculated in accordance with IAS 33 using the profit for the period and the weighted average number of Ordinary shares in issue during the period as follow:
Six months Six months Year to to to 31 March 30 September 30 September 2023 2022 2023 Unaudited Unaudited Audited Profit/(Loss) the year after taxation 109 (1,777) (783) Exceptional administrative costs 94 1,319 1,533 Share based payments 12 17 16 Tax effect of adjustments (24) (251) (291) ------------------------ ------------- ------------ Adjusted Profit/(Loss) after taxation 191 (692) 475 ------------------------ ------------- ------------ No. '000 No. '000 No. '000 50,004 50,004 50,004 Number of Ordinary shares of 1p each Basic weighted average number of Ordinary shares of 1p each 50,004 50,004 50,004 Diluted weighted average number of Ordinary shares of 1p each 50,004 50,004 50,004 ------------------------ ------------- ------------ Basic earnings/(loss) per share 0.22p (3.55p) (1.57p) Diluted earnings/(loss) per share 0.22p (3.55p) (1.57p) Adjust for effects of: Exceptional costs 0.14p 2.14p 2.48p Share based payments 0.02p 0.03p 0.03p Adjusted basic earnings/(loss) per share 0.38p (1.37p) 0.95p Adjusted diluted earnings/(loss) per share 0.38p (1.37p) 0.95p 10. Intangible a ssets Goodwill Intellectual Customer Development Software Total property Relationships Costs Cost GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 31 March 2022 10,417 1,920 100 22,153 1,807 36,397 Additions - Internal development - - - 1,282 - 1,282 Additions - External purchases - - - 165 8 173 -------- ------------ -------------- ----------- -------- -------- As at 30 September 2022 10,417 1,920 100 23,600 1,815 37,852 Additions - Internal development - - - 1,038 - 1,038 Additions - External purchases - - - 173 4 177 -------- ------------ -------------- ----------- -------- -------- As at 31 March 2023 10,417 1,920 100 24,811 1,819 39,067 Additions - Internal development - - - 1,011 - 1,011 Additions - External purchases - - - 91 - 91 -------- ------------ -------------- ----------- -------- -------- As at 30 September 2023 10,417 1,920 100 25,913 1,819 40,169 -------- ------------ -------------- ----------- -------- -------- Amortisation As at 31 March 2022 - 1,920 100 9,917 1,448 13,385 Charge for period - - - 1,085 105 1,190 -------- ------------ -------------- ----------- -------- -------- As at 30 September 2022 - 1,920 100 11,002 1,553 14,575 Charge for period - - - 1,040 70 1,110
-------- ------------ -------------- ----------- -------- -------- As at 31 March 2023 - 1,920 100 12,042 1,623 15,685 Charge for period - - - 1,053 34 1,087 -------- ------------ -------------- ----------- -------- -------- As at 30 September 2023 - 1,920 100 13,095 1,657 16,772 -------- ------------ -------------- ----------- -------- -------- Net book amount As at 30 September 2023 10,417 - - 12,818 162 23,397 -------- ------------ -------------- ----------- -------- -------- As at 31 March 2023 10,417 - - 12,769 196 23,382 -------- ------------ -------------- ----------- -------- -------- As at 30 September 2022 10,417 - - 12,598 262 23,277 -------- ------------ -------------- ----------- -------- -------- As at 31 March 2022 10,417 - - 12,236 359 23,012 -------- ------------ -------------- ----------- -------- -------- 11. Right of use assets Furniture, fixtures Leased and Computer Motor vehicles buildings equipment equipment Software Total COST GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 As at 31 March 2022 2,098 551 406 612 - 3,667 Additions - - - - - - Disposals - - - - - - -------------------- -------------------- ------------ ---------------- ---------- ------- As at 30 September 2022 2,098 551 406 612 - 3,667 Additions - 32 96 91 - 219 Disposals - - - (96) - (96) -------------------- -------------------- ------------ ---------------- ---------- ------- As at 31 March 2023 2,098 583 502 607 - 3,790 Additions - - 214 308 - 522 Disposals - - - (358) - (358) -------------------- -------------------- ------------ ---------------- ---------- ------- As at 30 September 2023 2,098 583 716 557 - 3,954 -------------------- -------------------- ------------ ---------------- ---------- ------- AMORTISATION As at 31 March 2022 794 194 234 413 - 1,635 Charge for period 133 35 36 77 - 281 Disposals - - - - - - -------------------- -------------------- ------------ ---------------- ---------- ------- As at 30 September 2022 927 229 270 490 - 1,916 Charge for period 132 35 37 55 - 259 Disposals - - - (96) - (96) -------------------- -------------------- ------------ ---------------- ---------- ------- As at 31 March 2023 1,059 264 307 449 - 2,079 Charge for period 115 36 40 48 - 239 Disposals - - (358) - (358) -------------------- -------------------- ------------ ---------------- ---------- ------- As at 30 September 2023 1,174 300 347 139 - 1,960 -------------------- -------------------- ------------ ---------------- ---------- ------- Net book amount -------------------- -------------------- ------------ ---------------- ---------- ------- As at 30 September 2023 924 283 369 418 - 1,994 -------------------- -------------------- ------------ ---------------- ---------- ------- As at 31 March 2023 1,039 319 195 158 - 1,711 -------------------- -------------------- ------------ ---------------- ---------- ------- As at 30 September 2022 1,171 322 136 122 - 1,751 -------------------- -------------------- ------------ ---------------- ---------- ------- As at 31 March 2022 1,304 357 172 199 - 2,032 -------------------- -------------------- ------------ ---------------- ---------- ------- 12. Borrowings As at 30 September As at September As at 31 March 2023 2022 2023 -------------------- -------------------- -------------------- Current Non-current Current Non-current Current Non-Current GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Borrowings 4,273 213 897 4,602 1,031 3,861 Convertible unsecured loan note 1,574 - - 1,574 - 1,574 Right of use liability 557 1,273 487 1,258 466 1,113 ------- ----------- ------- ----------- ------- ----------- Totals 6,404 1,486 1,384 7,434 1,497 6,548 ------- ----------- ------- ----------- ------- -----------
All borrowings are held in sterling and the Directors consider their carrying amount approximates to their fair values. Borrowings comprise of the following loans:
A GBP5.3m term loan with HSBC. The loan is secured by a fixed and floating charge on all the assets of the Group. It is repayable by 17 monthly instalments from 30 March 2023 of GBP86,000 and a final repayment of the outstanding balance on 31 July 2024 and bears interest at a floating rate of 5.1% over base rate. As at 30 September 2023 the Group owed GBP3.9m (March-23: GBP4.1m).
A GBP0.5m overdraft facility with HSBC. The overdraft facility bears an interest rate of 5.3% over LIBOR on the drawn amount. As at 30 September 2023 the Group had not used this overdraft facility.
A GBP1.5m growth capital loan with MEIF WM Debt LP. The loan bears a fixed interest rate of 8% per annum and is repayable in 15 quarterly instalments commencing 30 September 2021. The loan is secured by a secondary fixed and floating charge on all the assets of the Group. As at 30 September 2023 the Group owed GBP590K (March-23: GBP975K).
A GBP1.6m convertible unsecured loan note. The loan bears a fixed interest rate of 12% per annum, with a two-year term from its issue date 14 September 2022. The interest is payable quarterly from issue date until repayment on 13 September 2024. The Loan Note is convertible at a conversion price of 17.10p, a ten percent discount to the closing mid-market price of a Trakm8 ordinary share on 13 September 2022, the last practicable date prior to its completion.
The Group's obligations under right of use assets are secured by the lessors' title to the leased assets. Obligations under right of use assets by category at 30 September 2023 were as follows:
Furniture, Freehold fixtures Computer Motor property and equipment equipment vehicles Software Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Current 238 25 143 146 7 559 Non-current 791 13 195 272 0 1271 ------------- ---------------------- ------------ ---------- ---------- -------- Total 1,029 38 338 418 7 1,830 ------------- ---------------------- ------------ ---------- ---------- --------
The maturity of obligations under right of use assets as at 30 September 2023 were as follows:
Furniture, Freehold fixtures Computer property and equipment equipment Motor vehicles Software Total GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Within 1 year 238 25 143 146 7 559 1 to 2 years 246 9 96 147 - 498 2 to 5 years 380 4 99 125 - 608 More than 5 years 165 - - - - 165 ------------- -------------- ------------ ---------------- ---------- ------- Total 1,029 38 338 418 7 1,830 ------------- -------------- ------------ ---------------- ---------- ------- 13. Share Capital As at September 2023 As at 30 September As at 31 March A 2022 2023 -------------------- ------------------ ----------------------- No's No's No's 000's GBP'000 000's GBP'000 000's GBP'000 Authorised: Ordinary shares of 1p each 200,000 2,000 200,000 2,000 200,000 2,000 Allotted, issued and fully paid: Ordinary shares of 1p each 50,004 500 50,004 500 50,004 500 Movement in share capital: GBP'000 As at 1 April 2022 500 As at 30 September 2022 500 As at 31 March 2023 500 As at 30 September 2023 500
The Company currently holds 29,000 Ordinary shares in treasury representing 0.06% (March-22: 0.06%) of the Company's issued share capital. The number of 1 pence Ordinary shares that the Company has in issue less the total number of Treasury shares is 49,975,002.
14. Cash Generated from Operations Six months to Six months to Year to 30 September 30 September 31 March 2023 2022 2023 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Net profit/(loss) before taxation 13 (2,413) (1,243) Depreciation 381 384 767 (Profit)/Loss on disposal of fixed assets 209 88 222 Net bank and other interest 429 239 618 Exceptional costs 94 1,319 1,533 Amortisation of intangible asset 1,087 1,190 2,300 Exchange movements (15) 2 9 Share based payments 12 17 16 ------------- --------------- --------- Operating cash flows before movement in working capital 2,210 826 4,222 Movement in inventories (387) (30) (1,104) Movement in trade and other receivables 1,590 774 19 Movement in trade and other payables (1,018) 1,133 1,877 Movement in provisions 21 21 101 ------------- --------------- --------- Cash generated from operations before exceptional costs 2,416 2,724 5,115 Cash outflow from exceptional costs (94) (1,319) (1,533) ------------- --------------- --------- Cash generated from operations 2,322 1,405 3,582 Interest received 13 29 50 Income taxes received 14 1 682 ------------- --------------- --------- Net cash-inflow from operating activities 2,349 1,435 4,314 ------------- --------------- --------- Income taxes received are in relation to funds received in relation to Research and Development activities. 15. Further Copies
This statement, full text of the Stock Exchange announcement and the results presentation can be found on the Group's website www.trakm8.com and also from the registered office of Trakm8 Holdings PLC. The address of the registered office is: Roman Way, Roman Park, Coleshill, North Warwickshire, B46 1HG.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR KXLFLXFLLFBK
(END) Dow Jones Newswires
November 24, 2023 02:00 ET (07:00 GMT)
1 Year Trakm8 Chart |
1 Month Trakm8 Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions