Trakm8's full-year revenues fall in line with expectations

29th Apr 2019 08:27

(Sharecast News) - Telematics outfit Trakm8's full-year revenues came in at the lower end of the range that management had guided towards but managed to turn a profit in the second half.For the year ended 31 March, Trakm8 recorded revenues of £19.2m, which was 35% less than in the prior year and 28% less on a like-for-like basis.That resulted in an annual adjusted pre-tax loss of £1.4m but management noted that whilst overall the full-year was "significantly loss-making", the company did manage to achieve a positive adjusted profit for the second half of the year.Trakm8 also implemented £2m worth of annualised cost reductions, enabling it to deploy greater resources towards sales and marketing, in line with its previously expressed strategy.Looking forward, Trakm8 told investors it was confident in its future prospects.Net debt meanwhile widened 69% to £5.6m.Chairman John Watkins said: "Trakm8 finished last year with expected but disappointing results."We expect that this new financial year will benefit from lower direct and indirect costs."As of 0825 BST, Trakm8 shares had climbed 4.76% to 22p.