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:
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Trakm8 Holdings
plc
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John Watkins, Executive Chairman
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Tel: +44 (0) 1675 434
200
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Jon Edwards, Chief Financial Officer
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www.trakm8.com
|
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Allenby Capital
Limited (Nominated Adviser & Broker)
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Tel: +44 (0)20 3328
5656
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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
