REG - Trakm8 Holdings PLC - Half-year Report <Origin Href="QuoteRef">TKM8.L</Origin> - Part 1
RNS Number : 2376QTrakm8 Holdings PLC28 November 201628 November 2016
TRAKM8 HOLDINGS PLC
("Trakm8" or "the Group")
Half Year Results
Investing for Continuing Growth
Trakm8 Holdings plc, the AIM-listed telematics and data insight provider to the global market place, announces its unaudited results for the six months ended 30 September 2016:
Financial Highlights
6 months to
30.09.2016
Unaudited
000
6 months to 30.09.15
Unaudited
000
Year to 31.03.16
Audited
000
Change
Revenue
13,181
11,726
25,649
12%
of which, recurring revenue1
4,687
3,976
8,309
18%
Operating profit
362
1,282
3,111
-72%
Adjusted operating profit2
589
1,519
3,921
-61%
Cash generated from operating activities
128
1,336
4,447
-90%
Profit before tax
282
1,241
3,004
-77%
Adjusted earnings per share2
1.58p
5.08p
13.44p
-69%
Basic earnings per share
0.88p
4.26p
11.15p
-79%
Orders received increased by 24%, including organic growth of 17%
13% Solutions organic revenue growth (excluding acquisitions)
12% Products organic revenue growth (excluding acquisition and contract manufacturing eliminations)
Adjusted operating profit affected by significant increased investment in sales, marketing and engineering resource
Cash flow impacted by lower profitability and ongoing move to software as a service (SaaS) financial model
Net debt3 rose to 4.40m (2015: 2.23m)
1Fees from service and data
2Adjustment for exceptional costs of acquisitions and share based payments
3Total borrowings less cash
Operating highlights
Investment for future growth:
oSignificant additional investment in sales, marketing and engineering resource totalling c.1.5m
oIntroduction of highly innovative new technologies into production now in test with major customers
o Acquisition of Roadsense Technology Ltd ("Roadsense") in August 2016, a specialist in telematics for the SME market
UK installed base continues to grow strongly from existing and new customers:
oapproximately 177,000 units (Sept 2015: 131,000 units) reporting to our servers, and an increase of 27,000 units (18%) since last year end
New contract awards and extensions with major clients including with Scottish Power, Kubota UK, BT Fleet, Shell and Allianz
Deliberate reduction in contract electronic manufacturing to provide capacity for more in house product build
Current trading
Exchange rate movements have increased annual costs by c. 0.5m, as previously announced
Strong contract pipeline provides visibility:
o Contract win post period end with Smart Drivers Club, as separately announced today
oLargest ever pipeline of substantial new contracts in place as a result of increased sales and marketing activity
Outlook:
o H2 weighting is expected to be more pronounced than previous years
o Outcome for full year subject to quantum and timing of contract wins
John Watkins, Executive Chairman of Trakm8 said:
"Trakm8 has had another period of growth from existing and new customers. The installed base of devices reporting to our servers continues to increase and these growing recurring revenues are the core of Trakm8's business model and financial security.
"First half profitability has been impacted as expected due to the Group's seasonality and by significantly increased investment in sales, marketing and engineering.
"The outcome for the full year remains subject to the timing and quantum of contract opportunities as well as the impact of exchange rate movements. Strong delivery of our near term pipeline would deliver revenues and profits in line with current expectations, although there is a downside risk that if contracts drift into the next financial year profits would be broadly in line with last year on higher revenues.
"Subsequent years are expected to benefit from recent investments in growth initiatives and the growth of the telematics market."
For further information, please visit www.trakm8.com or contact:
Trakm8 Holdings plc
John Watkins, Executive Chairman
James Hedges, Finance Director
01747 858 444
MHP Communications
Reg Hoare / Jade Neal
020 3128 8100
finnCap (Nominated Adviser and Broker)
Ed Frisby / Simon Hicks - Corporate finance
Joanna Scott - Corporate broking
020 7220 0500
About Trakm8
Trakm8 is a UK based Big Data company utilising telematics as its primary enabler. Through IP owned technology, over three billion miles worth of data is collected annually through its fleet management solutions to create and fine tune algorithms used to score driver behaviour, monitor vehicle health and continuously improve the security and operational efficiencies of customers' vehicles.
With its headquarters in Dorset and a manufacturing facility in the West Midlands, the Group supplies a number of well-known customers in the fleet management and insurance sectors across the UK and further afield including customers such as the AA, Saint Gobain, EON, Direct Line Group and Young Marmalade.
The Group's portfolio offers complete telematics solutions including dashboard cameras that enable customers to record driving incidents and mitigate the risk from "crash to cash" accidents. This is complemented through a comprehensive hardware range, which includes a self-install unit that is one of the smallest available on the global market.
The Group has recently acquired both Route Monkey and Roadsense Technologies Ltd. Route Monkey has enhanced Trakm8's logistics solution offering route scheduling and optimisation, including routing for electric vehicles. Roadsense has been acquired to strengthen the Group's presence in the SME fleet management market.
Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.
www.trakm8.com/ @Trakm8
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Executive Chairman's Statement
Results
I am pleased to report Trakm8's results for the six months ended 30 September 2016.
Revenues grew 12% in the period to 13.18m (2015: 11.73m). This comprises 23% growth in Trakm8's core Solutions business to 9.69m (2015: 7.91m). Products sales reduced by 8% to 3.49m (2015: 3.81m) reflecting a deliberate policy of reducing low margin contract manufacturing activity. Last year's acquisitions of Route Monkey (included in Solutions) and Roadhawk (included in Products), and this year's Roadsense, added 1.17m of revenues. Excluding all these impacts, organic revenue growth was 13%.
The value of new orders received during the period continued the good trend of recent years and were up by 24%. Organic growth was 17%. This reinforces the confidence we have that strong organic revenue growth can be delivered for the full year.
During the period we made a deliberate decision to again increase investment for future growth given the potential opportunities we see ahead, with significant year on year increases in engineering, sales and marketing expenditure totalling 1.5m. As a result total costs (excluding exceptional costs) rose by 44% year on year at 5.98m (2015: 4.15m); this led to adjusted operating profit being reduced by 61% to 0.59m (2015: 1.52m). Adjusted operating profit excludes the share based payment charge of 0.13m and exceptional costs of 0.10m. Adjusted earnings per share has reduced by 69% to 1.58p (2015: 5.08p).
Total recurring revenues increased by 18% during the period to 4.69m (2015: 3.98m), which are generated from increased numbers of units reporting to our servers. These revenues remain the core of the Group's business model and financial security. Gross margin percentages have been impacted by the exchange rate induced cost of components but despite this the gross margin has remained very much in line with last year.
Acquisitions
Our recent acquisitions have performed satisfactorily but not yet to their full potential. Route Monkey is still a projects based business and had a quieter period for revenues than the strong performance in the latter months of our last financial year when it was acquired. Revenues were 0.63m plus grant income of 0.15m and operating profits were 0.20m. However, strong order entry of 1.7m and excellent future contract pipeline development has taken place.
The digital camera business, Roadhawk, also made a positive contribution and recent cross selling by the corporate and reseller teams has been good. Revenues were 1.11m, and operating profit was 0.12m. Our forthcoming integrated 4G camera and telematics product is a significant step forward in our camera technology.
Roadsense with just two months trading as part of the Group did not contribute materially to the business but did secure new orders well ahead of expectations.
Overheads
Overheads have increased significantly reflecting our investment in Trakm8's future growth. In part this is due to the acquisitions of the Roadhawk business, Route Monkey and Roadsense 0.68m additional overhead than the same period last year) but it also reflects the investment of over 0.6m with ten additional heads in the sales teams and an increase in marketing spend compared to the same period last year. This investment largely took place in the early months of the half year and due to the lag between sales investments and revenues has had a negative impact on profitability. However, as a consequence, the pipeline of new substantial opportunities is considerably greater than ever before.
In addition, we have continued to expand the engineering team with our spend circa 0.9m greater than the same period last year. Whilst we have capitalised much of this investment, the Group has also expensed more this period than last year. There are several outstanding new products and solutions in the final stages of development with the potential to generate significant future revenues. In particular, the new integrated 4G camera and telematics product has created great interest and we have been having discussions with several existing clients keen to be the first to run trials of the system.
Financial position
Net cash generated from operating activities was 0.13m (2015: 1.34m). This decrease was due to lower profits but also an increase in our working capital requirements due to the gradual move of a number of customers to a software as a service (SaaS) financial model (principally in fleet telematics); in these cases the customer pays solely a monthly rental fee rather than including a one off amount for hardware at the start of the contract. As Trakm8 incurs its manufacturing and installation costs at the start of the contract, this results in an initial mismatch of costs and cash flows.
Route Monkey moved to the SaaS model this year to satisfy customer demand, a year in advance of our plans; and the largest contract won in the period was also on a SaaS basis and had a significant cash impact. As the transition of more customers to the SaaS model takes place, we anticipate a lower level of cash generation this year and next year, with stronger cash flows accruing the following year.
In any event, Trakm8 has historically been more cash generative in its second half and we expect this characteristic to be repeated this year given the pronounced second half weighting of revenues and profitability we expect.
In total there was a net cash outflow in the six months of 2.43m which also reflected the acquisition of Roadsense (0.76m) and the payment of our inaugural dividend to shareholders (0.65m). Our net debt as at September 2016 was 4.40m (2015: 2.23m) including 1.44m of cash (2015: 1.42m). In addition, the Group retained at 30 September 2016 an undrawn facility of 3.80m at HSBC.
Operations
During the period we devoted much of our engineering resource on delivering three major new product lines: a next generation T10 Micro; the fully integrated 4G Camera/Telematics units; and our Connected Car solution. These products are using cutting edge technology and have had engineering challenges to overcome that have resulted in delays to our original time lines. We expect some of these new revenues to be earned in the second half with the rest now deferred into later periods.
We implemented a change in engineering leadership during the period and invested in additional engineers and the subsequent progress on project delivery has been excellent.
The integration of the route and scheduling optimisation into the Fleet Management solution has gone well and we have secured orders for this from four Trakm8 customers already.
The integration of all aspects of the businesses into a single functionally managed business has now been completed and increasingly all activities will trade under the single Trakm8 brand.
We continue to invest in human resources with over 20 new colleagues employed since the end of the last financial year.
We analyse our revenues in two ways:
Solution Sales
This area of sales comprises Fleet Management, Optimisation, Insurance and Vehicle Service Solution revenues including associated engineering services.
Recurring revenues from this base have grown by 18% to 4.69m (2015: 3.98m) and represent 36% of Group revenues. At the period end we hadapproximately 177,000 units (Sept 2015: 135,000 units) reporting to our servers, being an increase of 31% over last year. This is an increase of 27,000 units (18%) since 31 March 2016.
Since March 2016 Fleet units installed have increased by 9,000 units to 67,000 (including Roadsense Technology), whilst Insurance increased by 18,000 to 110,000.
In addition, there were several customer funded engineering projects completed during the period.
Overall, Solution sales were 22% greater than the same period of 2015 at 9.69m (2015: 7.91m) and represent 74% of Group revenue (2015: 68%).
We have a record high level of significant opportunities in the pipeline as a result of the expansion of the sales teams. We anticipate that revenues will continue to grow strongly in this area.
Product Sales
This area of sales comprises all the hardware revenues from our sales to other telematics integrators, camera unit sales and sales to our contract manufacturing services customers.
Total revenues amounted to 3.49m (2015: 3.81m) representing 26% of the Group total and a reduction of 9% on last year (2015: 3.81m). This decrease in sales of products reflects the continuing process of elimination of a number of lower margin contract manufacturing service customers to focus on core telematics device shipments to our Solutions customers. Included in this rationalisation was the impact of one former low margin customer representing 1m of revenues alone.
In addition, during the period, Box Telematics manufactured 31% more product for Trakm8 amounting to 2.39m of Group revenue (2015: 1.82m). We are making a well-planned transition in this area.
Strategy
The Group has been following the strategy outlined in the 2016 Annual Report. Our focus is to provide ever more meaningful insights to our customers using the data generated by our installed devices so that they can run their operations more efficiently and safely.
We continue to seek to increase the number of installed devices reporting to our servers in order to generate long term, recurring revenues. We will continue to own the majority of IP in our value chain and are investing heavily in our technology to ensure we remain at the leading edge of the telematics industry. We also continue to seek complementary acquisitions that will add to our organic growth and market share.
We believe that the market opportunity is extraordinary - the telematics industry and Trakm8 within it sits at the centre of several megatrends: big data analysis, cloud computing, the connected car, the internet of things, and mobility. The market for fleet management solutions is expected to grow at double digits annually, doubling in the five years to 2020, according to recent third party reports. Trakm8 is investing in resources to take advantage of this growth, both in the UK and in new international markets, including China, where a new subsidiary is currently being established to support existing and potential customers.
Dividend
Following the payment of a maiden dividend for our last financial year, which was paid in September 2016, the Board reiterates its commitment to dividend payments going forward subject to the Group's financial performance and prospects. The Board therefore intends announcing a proposed dividend for the current financial year at the time of the announcement of the Group's final results in July 2017.
Outlook
We anticipate a much stronger second half with the weighting of revenue, profit and cash flow more pronounced than in recent years. We expect to benefit from the investments made in the first half in sales and marketing and new products. Exchange rate movements since the EU Referendum in June 2016 are a drag on profitability given many of our components are priced in US$ and we anticipate that the full year impact will be 0.5m, subject to rates during the remainder of the financial year.
With our largest ever pipeline of substantial new contracts in place as a result of increased sales and marketing activity, international expansion and the contract win announced today with Smart Drivers Club, we have good visibility to support our growth aspirations.
The outcome for the full year remains subject to the timing and quantum of contract opportunities as well as the impact of exchange rate movements. Strong delivery of our near term pipeline would deliver revenues and profits in line with current expectations, although there is a downside risk that if contracts drift into the next financial year profits would be broadly in line with last year on higher revenues.
We anticipate subsequent years will benefit from recent investments in growth initiatives and the growth in the telematics market.
JOHN WATKINS
Executive Chairman
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months to 30 September 2016
Six months to 30September
Six months to 30September
Year to 31 March
2016
2015
2016
Unaudited
Unaudited
Audited
Note
Continuing operations
'000
'000
'000
Revenue
13,181
11,726
25,649
Cost of sales
(6,888)
(6,140)
(13,252)
Gross profit
6,293
5,586
12,397
Other income
148
-
81
Administrative expenses excluding exceptional costs
(5,983)
(4,145)
(8,755)
Exceptional administrative costs
6
(96)
(159)
(612)
Total administrative costs
(6,079)
(4,304)
(9,367)
Operating Profit
362
1,282
3,111
Finance income
-
-
1
Finance costs
(80)
(41)
(108)
Profit before taxation
282
1,241
3,004
Income tax
-
-
341
Profit attributable to the owners of the parent
4
282
1,241
3,345
Other Comprehensive Income
Items that may be subsequently reclassified to profit or loss:
Currency translation differences
-
-
4
Total other comprehensive income
-
-
4
Total Comprehensive Income for the period attributable to owners of the parent
282
1,241
3,349
Adjusted Operating Profit
5
589
1,519
3,921
Basic earnings per share (pence)
7
0.88
4.26
11.15
Diluted earnings per share (pence)
7
0.84
4.00
10.27
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months to 30 September 2016
Share capital
Share premium
Merger reserve
Translation reserve
Treasury reserve
Retained earnings
Total equity attributable to owners of the parent
'000
'000
'000
'000
'000
'000
'000
Balance as at 1 April 2015
290
3,757
510
196
(12)
2,254
6,995
Comprehensive income
Profit for the period
-
-
-
-
-
1,241
1,241
Total comprehensive income
-
-
-
-
-
1,241
1,241
Transactions with owners
Shares issued
11
129
-
-
-
-
140
Sale of own shares
-
73
-
-
7
-
80
IFRS 2 Share based payments
-
-
-
-
-
78
78
Transactions with owners
11
202
-
-
7
78
298
Balance as at 30 Sept 2015
301
3,959
510
196
(5)
3,573
8,534
Comprehensive income
Profit for the period
-
-
-
-
-
2,104
2,104
Other comprehensive income
Exchange differences on translation of overseas operations
-
-
-
4
-
-
4
Total comprehensive income
-
-
-
4
-
2,104
2,108
Transactions with owners
Shares issued
19
5,982
612
-
-
-
6,613
Share placing fees
-
(300)
-
-
-
-
(300)
Reclassification of previous Treasury Share Transactions
-
-
-
-
-
-
-
Reclassification of Sale of own shares
-
-
-
-
-
-
-
IFRS2 Share based payments
-
-
-
-
-
120
120
Transactions with owners
19
5,682
612
-
-
120
6,433
Balance as at 31 March 2016
320
9,641
1,122
200
(5)
5,797
17,075
Comprehensive income
Profit for the period
-
-
-
-
-
282
282
Total comprehensive income
-
-
-
-
-
282
282
Transactions with owners
Shares issued
5
90
-
-
-
-
95
Equity dividends paid by the company
-
-
-
-
-
(649)
(649)
IFRS2 Share based payments
-
-
-
-
-
131
131
Transactions with owners
5
90
-
-
-
(518)
(423)
Balance as at 30 Sept 2016
325
9,731
1,122
200
(5)
5,561
16,934
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2016
30September
30September
31March
2016
2015
2016
Unaudited
Unaudited
Audited
'000
'000
'000
Non-current assets
Intangible assets
15,990
6,379
13,996
Plant, property and equipment
1,839
1,656
1,573
Deferred income tax asset
801
666
801
18,630
8,701
16,370
Current assets
Inventories
2,542
2,579
2,259
Trade and other receivables
7,593
4,588
7,620
Cash and cash equivalents
1,439
1,423
3,871
11,574
8,590
13,750
Current liabilities
Trade and other payables
(6,827)
(4,655)
(7,541)
Borrowings
(1,017)
(609)
(981)
Provisions
(92)
(92)
(92)
(7,936)
(5,356)
(8,614)
Current assets less current liabilities
3,638
3,234
5,136
Total assets less current liabilities
22,268
11,935
21,506
Non-current liabilities
Trade and other payables
(448)
(309)
(395)
Borrowings
(4,826)
(3,044)
(3,976)
Provisions
(60)
(48)
(60)
(5,334)
(3,401)
(4,431)
Net assets
16,934
8,534
17,075
Equity
Note
Share capital
7
325
301
320
Share premium
9,731
3,959
9,641
Merger reserve
1,122
510
1,122
Translation reserve
200
196
200
Treasury reserve
(5)
(5)
(5)
Retained earnings
5,561
3,573
5,797
Total equity attributable to owners of the parent
16,934
8,534
17,075
CONSOLIDATED CASH FLOW STATEMENT
for the six months to 30 September 2016
Sixmonthsto
Sixmonthsto
Year to
30September
30September
31March
2016
2015
2016
Unaudited
Unaudited
Audited
Note
'000
'000
'000
Net cash generated from operating activities
9
128
1,336
4,447
Cash flows from investing activities
Interest received
-
-
1
Acquisition of subsidiary undertaking (net of cash)
(763)
(3,275)
(7,698)
Purchases of property, plant and equipment
(324)
(505)
(529)
Purchases of software
(255)
-
(79)
Proceeds from sale of plant
-
47
-
Capitalised Development costs
(1,455)
(581)
(1,852)
Net cash used in investing activities
(2,797)
(4,314)
(10,157)
Cash flows from financing activities
Issue of new shares
80
140
5,840
Sale of treasury shares
-
80
80
New bank loan
1,200
1,000
6,000
New hire purchase contract
177
102
126
Interest paid
(80)
(41)
(108)
Repayment of loans
(474)
(288)
(5,752)
Repayment of obligations under hire purchase agreements
(17)
-
(13)
Dividend paid
(649)
-
-
Net cash generated from financing activities
237
993
6,173
Net (decrease) / increase in cash and cash equivalents
(2,432)
(1,985)
463
Cash and cash equivalents at beginning of period
3,871
3,408
3,408
Cash and cash equivalents at end of period
1,439
1,423
3,871
Notes to the financial information (unaudited)
1. The financial information contained in this interim statement has not been audited or reviewed by the Group's auditor and does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The Directors approved and authorised this interim statement on 25November 2016. The financial information for the preceding full year is extracted from the statutory accounts for the financial year ended 31March2016. Those accounts, upon which the auditor issued an unqualified opinion and did not include a statement under Section 498(2) or (3) of the Companies Act 2006, have been delivered to the Registrar of Companies.
2. 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.
3. 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. The Interim results have been prepared in a manner consistent with the accounting policies set out in the statutory accounts for the financial year ending 31March2016.
4. Profit per ordinary share attributable to the owners of the parent
Sixmonthsto
Six months to
Yearto
30September
30September
31March
2016
2015
2016
Unaudited
Unaudited
Audited
'000
'000
'000
Profit attributable to the owners of the parent
282
1,241
3,345
5. Adjusted operating profit
Adjusted Operating Profit is monitored by the Board and measured as follows:
Operating profit
362
1,282
3,111
Exceptional administrative costs
96
159
612
Share based payments
131
78
198
589
1,519
3,921
6. Exceptional costs
Sixmonthsto
Six months to
Yearto
30September
30September
31March
2016
2015
2016
Unaudited
Unaudited
Audited
'000
'000
'000
Exceptional costs
(96)
(159)
(612)
On 1 August 2016 Trakm8 Holdings PLC completed the acquisition of the entire share capital of Roadsense TechnologyLtd. The exceptional costs related to costs incurred in connection with the Groups acquisitions.
7. Shares in issue
Weighted average number of ordinary shares in issue:
Sixmonthsto
Six months to
Yearto
30September
30September
31March
2016
2015
2016
Unaudited
Unaudited
Audited
No.
No.
No.
'000
'000
'000
Basic
32,315
29,124
30,001
Diluted
33,714
30,611
32,572
Adjusted earnings per share
1.58p
5.08p
13.44p
Adjusted for Exceptional costs and Share based payments
8. Acquisition of share capital of Roadsense Technology Ltd
On 1 August 2016 Trakm8 acquired the entire share capital of Roadsense Technology Limited which specialises in the sale and distribution of telematics devices for the motor vehicle market.
An initial review of the assets acquired is detailed below:-
'000
Intangible assets
100
Tangible assets
100
Inventories
38
Debtors
62
Creditors
(187)
Net assets acquired
113
Goodwill
665
Total consideration
778
Satisfied by:-
Fair value of shares in the Company
15
Cash
763
778
9. Reconciliation of cash flows from operating activities:
Sixmonthsto
Sixmonthsto
Yearto
30September
30 September
31March
2016
2015
2016
Unaudited
Unaudited
Audited
'000
'000
'000
Net profit before taxation
282
1,241
3,003
Adjustments for:
Depreciation
158
120
232
Bank and other interest charges
80
41
107
Amortisation of intangible assets
481
282
656
Share based payment expense
131
78
198
Operating cashflows before movement in working capital
1,132
1,762
4,196
Retranslation of overseas operations
-
1
3
Movement in inventories
(245)
(360)
(39)
Movement in trade and other receivables
(35)
443
(1,211)
Movement in trade and other payables
(867)
(510)
1,486
Movement in provisions
-
-
12
Cash generated from operations
(15)
1,336
4,447
Income taxes received
143
-
-
Net cash inflow from operating activities
128
1,336
4,447
10. Copies of the report are available 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: Lydden House, Wincombe Business Park, Shaftesbury, Dorset, SP7 9QJ.
This information is provided by RNSThe company news service from the London Stock ExchangeENDIR FDLLLQFFZFBL
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