Data firm misses out on profit as supply chain issues bite

Trakm8, the telematics and data firm, has missed out on posting a profit after being hit by delays in hardware shipments and installations.

Revenues for the full year ending 31 March of £19.6m are in line with previous guidance and 2% more than last year, said the company this morning (27 April).

Trakm8 added that strong cost reduction actions and “considerable success” with several high value and high margin optimisation software sales, saw it achieve a “very significantly” reduced adjusted loss for the financial year of around £200,000 – compared with £1.5 last year. The lost revenues in the final two weeks of the financial year stopped the firm from meeting its target of a modest profit.

The company also revealed that in the final quarter of the year major contract renewals have been secured with EON and Bibby and a significant feature upgrade for Iceland Foods and that it had furloughed 63 of its staff.

A statement said: “Unsurprisingly with the current high levels of uncertainty, Trakm8 is not able to predict the outcome for the financial year ending 31st March 2021. As the situation becomes clearer we will be pleased to provide guidance.”