18th Dec 2019 13:23
(Alliance News) - Trakm8 Holdings PLC said Wednesday it has entered into a new growth capital loan.
Trakm8 said the GBP1.4 million loan with MEIF WM Debt LP will fund its potential working capital requirements. The loan is repayable in instalments by the end of June 2024.
The vehicle tracking company said it was able to agree the loan following a period of "stabilised" revenue.
In the six months to the end of September, Trakm8's pretax loss narrowed to GBP2.2 million from GBP2.9 million reported a year ago, as revenue climbed by 0.3% to GBP8.9 million from GBP8.8 million.
Trakm8 said revenue growth was helped by improved levels of new orders and higher margins, while administrative expenses remained broadly stable at GBP6.9 million.
The company also announced Wednesday it has received a research & development corporate tax credit of GBP1.0 million.
Shares in Trakm8 were down 3.5% in London on Wednesday at 21.22 pence each.
By Paul McGowan; [email protected]
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