2nd Aug 2018 12:52
LONDON (Alliance News) -Fleet management company Trakm8 Holdings PLC said Thursday it has purchased a ten-year lease opposite its current Warwickshire headquarters to double its space.
Trakm8 allows companies to track their vehicles and plan efficient routes. The company also manufactures devices that allow insurance companies to monitor the behaviour of drivers and assess risk.
The company intends to relocate its manufacturing operations to the new 1,500 square metre facility - only 30 metres away from the headquarters - this year. It will invest around GBP1.5 million in automating its assembly and test equipment at the facility. Trakm8's goal is to increase the efficiency of manufacturing and reach a build capacity of approximately 1 million of its devices per year.
Lease financing will provide a majority of the investment with new manufacturing operations phased in over a three month period. The cost of the new lease has not been disclosed.
The company's current headquarters will become an office-only space and accommodate the "relatively modest growth of UK office based staff anticipated over the next few years".
"Demand in the second half of the current financial year is expected to be strong as new contracts in the insurance and fleet sectors deploy and the growth in the automotive propositions scale out....We are confident that this investment will be sufficient for the next few years," said Trakm8 Executive Chairman John Watkins.
Shares in Trakm8 were up 1.9% at 80.00 pence on Thursday.
Related Shares:
Trakm8 Hldgs