Telematics firm builds momentum towards end of ‘disappointing’ year

Telematics business Trakm8 hopes it is now back on track after a disappointing year when it recorded significant losses.

Revenues were down 35% to £19.2m in the year to March – at the bottom end of market expectations – while it made an adjusted pre-tax loss of £1.4m.

Despite that, Trakm8 has some gathered some momentum. It said the second half of the year achieved a positive adjusted profit while its cost reduction programme is freeing up funds for sales and marketing.

Its shares rose 5% in early trading, to 22p, although they remain a long way below the 100p-plus levels achieved as recently as last June.

John Watkins, executive chairman of Trakm8 described the results as “expected but disappointing”.

He said: “We have continued to focus on improving efficiencies in all aspects of the business, whilst increasing our resources in sales and marketing and continuing our investment in market leading products.

“We expect that this new financial year will benefit from lower direct and indirect costs. These and higher performing sales activities are expected to deliver a much stronger financial performance.”

Trakm8 specialises in fleet management, insurance telematics, connected car, and optimisation.

Through IP owned technology, the firm 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.

Based in Coleshill near Birmingham alongside its manufacturing facility, the firm 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.

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