7th Jul 2014 08:37
LONDON (Alliance News) - GPRS hardware and software maker Trakm8 Holdings PLC Monday said pretax profit rose in its last financial year, as revenue almost doubled thanks to acquisitions, new contract wins and like-for-like order growth.
The company reported a pretax profit of GBP396,523 in the year to March 31, up from just GBP37,533 a year earlier, as revenue jumped to GBP9.2 million, from GBP4.7 million. The sharp revenue growth also pushed up its cost of sales threefold while administrative expenses grew by just over GBP1 million.
The company, which focuses on providing tracking equipment to the vehicles placement and security markets, secured a major contract with Direct Line during the last financial year, while it acquired fleet management systems provider BOX Telematics last October.
"We are confident that our investments in acquisitions, new products and additional sales resources will benefit the new financial year and beyond. The full year impact of BOX, recent contracts secured, along with the new products and solutions we have announced earlier this year will provide significant growth in revenues in the current financial year. After the first two months of trading our revenues are ahead of last year," Trakm8 Chief Executive John Watkins said in a statement.
The company said it is continuing to identify and evaluate more acquisition opportunities.
Trakm8 shares were up 12.9% at 78.45 pence Monday morning, one of the biggest rises on the AIM All-Share index.
By Steve McGrath; [email protected]; @SteveMcGrath1
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