Trackm8 reports continued 'strong' organic growth

4th Sep 2014 14:59

In a statement made at its annual general meeting on Thursday, AIM-listed telematics and data supplier Trakm8's executive chairman John Watkins told investors it had made continued strong organic growth. He said trading in the first four months of the current financial year had started well, with a 33% rise in the value of new orders booked compared to the same period last year on a like-for-like basis. A full period contribution from Box along with much higher levels of Trakm8 sales resulted in revenues being "considerably higher" than last year with the corresponding benefit to profitability, he explained. He also revealed an increase of 17,000 to 75,000 in the number of units reporting to its servers. Addressing investors, he said: "New customer contracts with Kubota and Downton have been announced and the shipments to Direct Line customers have started. The T10 product family is expanding in range and features, which has increased the numbers of customers purchasing both hardware and data services."The board is confident that, with this good start to the current financial year, the group is on course to achieve expectations for the year as a whole."Shares had climbed 6.49% to 78.80p by 13:29.NR