Trakm8 lifts FY pretax profit, wins contracts with Allianz

4th Jul 2016 12:40

(ShareCast News) - Telematics and data provider Trakm8 Holdings has hiked its full-year pre-tax profit forecasts and confirmed two initial contract wins with global insurance company Allianz.At 12:37 BST, shares in Trakm8 were up 7.45% to 252.5p.Trakm8 posted a 76% surge in pre-tax profit to £3.0m, from a profit of £1.7m. Dividend per share rose to 2p, from nil. Revenue firmed to £25.65m, from £17.85m.The company said it would supply devices with uniquely developed software to Allianz's Global Telematics business. The initial supply contract came with a launch order of 5000 devices to start the pipe filling for Allianz Insurance telematics in China. Trakm8 said it would provide the latest generation 5 T10 Micro self-fit telematics device, which initially would be manufactured in the group's UK manufacturing facility.It was anticipated that manufacturing in Asia would take place as the volumes increase. Trakm8, under a separate contract, would also develop specific software to meet the requirements of Allianz.