Trakm8 Holdings PLC Office & Factory Expansion in Coleshill, UK (5487W)

TIDMTRAK

RNS Number : 5487W

Trakm8 Holdings PLC

02 August 2018

 
  2 August 2018 
 

Trakm8 Holdings plc

('Trakm8' or the 'Group')

Office & Factory Expansion in Coleshill, UK

   -      Trakm8 to double size of Group HQ and manufacturing facility - 

Trakm8 Holdings plc (AIM: TRAK), a leading telematics and data supplier to global markets, is pleased to announce that it has concluded an agreement with the landlord of its' facilities in Coleshill UK to acquire, for a period of 10 years, the lease of the premises immediately opposite the existing building, thereby doubling the space in the Group HQ and manufacturing facilities.

In 2018, Trakm8 will relocate the manufacturing operations into the new 1,500 m(2) premises, whilst investing circa GBP1.5 million in automated assembly and test equipment. This investment will increase manufacturing efficiency and enhance quality performance. It will also considerably increase device build capacity to circa 1 million devices per annum. The bulk of this investment will be paid for with lease finance. The opening of the new manufacturing operation will be phased over a period of 3 months to ensure that current production is not disrupted.

The existing building will be retained and re-organised into purely office space, which will make it a more productive environment and allow for the relatively modest growth of UK office based staff anticipated over the next few years. The two buildings are approximately 30 metres apart and so the operational benefits of being on one site will be maintained.

John Watkins, Executive Chairman, said: "These new facilities will support Trakm8 as it continues to grow and meet customer demands. Demand in the second half of the current financial year is expected to be strong as new contracts in the Insurance and Fleet sectors deploy and the growth in the Automotive propositions scale out. We are confident that this investment will be sufficient for the next few years and look forward to making the most of the improved office space and expanded manufacturing facilities."

- 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 
Henry Harrison-Topham / Chris Lane /  Tel: [phone] 
 Tilly Abraham 
[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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August 02, 2018 02:00 ET (06:00 GMT)