REG - Trakm8 Holdings PLC - AGM Statement & Trading Update

Trakm8 HoldingsAnnouncement

19/09/2024 07:00

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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: +44 (0) 1675 434 200
 Jon Edwards, Chief Financial Officer                          www.trakm8.com (http://www.trakm8.com/)

 Allenby Capital Limited (Nominated Adviser & Broker)          Tel: +44 (0)20 3328 5656
 David Hart / Vivek Bhardwaj, Corporate Finance                www.allenbycapital.com

Tony Quirke / Jos 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 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 (http://www.trakm8.com) / @Trakm8

 

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