Telematics firm narrows losses after cost-cutting programme
Trakm8, the Coleshill-based telematics and data insight company, says it “significantly reduced” its losses despite a revenue decline due to the Covid-19 pandemic.
The company posted its unaudited results for the six months to September 30 this morning, which showed revenue sliding by 17% to £7.3m, while losses narrowed from £2.2m last year to £845,000 this time around.
Trakm8 says that a combination of reduced staff headcount and improved revenues later in the period contributed to the smaller losses.
A statement from the company said: “The Group expects revenue in the second half to be significantly higher than the first half given current orders, even with a reasonable downside scenario taken into account for the ongoing impact of Covid-19.”