9th Dec 2019 11:45
(Alliance News) - Trakm8 Holdings PLC on Monday reported an improved performance in the first half of its current financial year and said it expects to meet annual expectations.
The vehicle tracking company said its pretax loss narrowed in the six months to the end of September 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 its revenue growth was helped by improved levels of new orders and higher margins, while administrative expenses remained broadly stable at GBP6.9 million.
The AIM-listed company said Fleet units installed have increased by 1,000 units to 77,000 since March, despite the market continuing to be hurt by the current uncertainty over Brexit.
At the period end, Trakm8 said it had 240,000 units reporting to its servers, being a decrease of 4% over the last twelve months and a decrease of 1% since the end of March.
"The board is confident that the second half of the year will be sufficiently improved over the first half to end the year meeting full year market expectations of increased revenue and modest adjusted pretax profit," Trakm8 said in its statement Monday.
The stock was trading 2.2% lower in London on Monday at 22.00 pence a share.
By Evelina Grecenko; [email protected]
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