Trakm8 wins long-term contract, warns of 'modest' loss
By Josh White
Date: Thursday 25 Feb 2021
(Sharecast News) - Telematics and data company Trakm8 has been awarded a long-term contract to deploy more than 1,000 'RH600' integrated telematics and camera systems to the Parts Alliance Group, it announced on Thursday.
The AIM-traded firm said it would supply full fleet management and driver behaviour systems based on its analytics and data platform 'Insight'.
Looking at its trading, it said revenue in its second half would be approximately up about 15% on the first half, despite the second and third Covid-19 lockdowns, which had a "significant" adverse effect on its insurance customers as a result of the temporary suspension of driving tests.
Full-year revenue was expected to be around 20% lower than the 2020 financial year, the board said, with Covid-19 compromising what would otherwise have been a year of growth.
That would result in a modest adjusted loss before tax, broadly similar to the prior year.
"Whilst disappointed that Covid-19 has pushed back the return to material growth by 12 months, the directors are confident that the group is well positioned to return to growth driven by its expanding insurance customer base and continually improving fleet sales team performance," the board said in its statement.
At 1029 GMT, shares in Trakm8 Holdings were down 3.33% at 14.5p.
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