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It the value and capacity that they are creating
I think it was £90m ????
Digging deeper, does this explain i) the lack of insurance capacity previously mentioned [see last sentence in quote] ii) the new found confidence that insurance is back. Then there is the reference to ByMiles.... lots to read into this. Why is Trakm8's share price so sh*t........
"The partnership, which is expected to be worth £50m of GWP in the first 12 months, also covers commercial van and includes product distribution through Freedom’s sister company Stella Woman.
Zurich has previously had telematics arrangements with the likes of Carrot, By Miles and My Policy but now will work on a solus agreement in this area with Freedom.
The MGA [Freedom Services] had to pause its telematics insurance offering last year when Italian insurer Unipol withdrew from the UK"
https://www.insuranceage.co.uk/insight/7954772/zurich-strikes-five-year-capacity-deal-with-mga-freedom-services
Found it
https://www.zurich.co.uk/media-centre/zurich-uk-and-freedom-services-joint-partnership
Great news, do you have a link to save me hunting around or something else?
Freedom services have done a major deal with Zurich
Just need that contract to come in now
New update, somewhat delayed from the RNS - doesn't really say much but not bad. A slight adjustment to the forecast - PBT, debt and gross cash.
https://wp-allenby-2020.s3.eu-west-2.amazonaws.com/media/2024/05/20240501-Trakm8-plc-TRAK.L-Allenby-Capital-Update.pdf?c4125=on
The 5* reviews tend to be for the larger accounts, the 1* for the smaller ones - so it's the right way round!
However, based on a much greater number of reviews, Quartix's TrustScore is much better than Trak's. Not that it's done much for Quartix's SP, 70% down since 2021!
Trakm8 reviews are typically polarised but this one stood out. Ok, there is no real information. One assumes the negotiations have already happened (if this is a real review) so not exactly news. Anyway.....
"Joe is fantastic, his customer service is always amazing and he cares about the customer. We are in negotiation for the next 5 years of our account with Trakm8. 5 stars and thank you." - March 2024
https://www.trustpilot.com/reviews/65f2f0923742882d08941c0f
A few minor changes .... only real change is below (and the removal of Penny Searles. as far as I can see.
https://www.trakm8.com/investors/company-information/corporate-governance/
"Despite prolonged downturn in the insurance market due to capacity and funding issues – in the long term our target is still to achieve 1 million connections to our systems. We currently have over 275,000. This substantial increase will provide the level of profitable growth and cash generation that should increase the Group’s share price substantially. The Group continues to focus on growth planning with a commitment to improving the recent insurance sales once the market improves, but also considering ways in which to promote fleet optimisation and to build on and diversify customer relationships. Progress against these plans is monitored by the Board."
Vs (Previously)
https://web.archive.org/web/20230929075048/https://www.trakm8.com/investors/company-information/corporate-governance/
"Despite the short-term impact of Covid-19, in the long term our target is still to achieve 1 million connections to our systems. We currently have over 318,000. This substantial increase will provide the level of profitable growth and cash generation that should increase the Group’s share price substantially. The Group has specific growth plans in place across its two business units: Insurance and Automotive and Fleet and Optimisation. Progress against these plans is monitored by the Board."
A tongue in cheek point... a substantial improvement of just 100% in the share price will bring it back to the days of the latter statement....lol
Here are some of their photos...
https://www.linkedin.com/posts/trakm8_cvshow2024-cvshow-fleet-activity-7188850752218386433-_E2f?utm_source=share&utm_medium=member_desktop
Finally got a return on my Trakm8 investment - managed to nab a notepad from their stand at the CV show. All in all, stand looked great and bigger than I was expecting. They even appeared to be busy.....
The show itself was ok and some of the big competitors were absent e.g. VisionTrack (who usually have the largest stand). Microlise were there in spirit (via TruTac). The show was definitely busier than last year but I'm not convinced it is back to pre-covid levels.
The CV show stand looks impressive - love the Iceland van.
https://www.linkedin.com/posts/nickguise_cvshow-cvshow2024-fleet-activity-7188254096057933824-NiMa?utm_source=share&utm_medium=member_desktop
Good point - it could be related. Surely we won't have to wait another 11 1/2 months to find out.
Being forever optimistic and usualky very wrong - is this related to the optimization (sp?) contract?
Fantastic endorsement from Iceland. If only it were reflected in the SP, now only 9.4p to buy! So frustrating...
A nice post re Iceland that includes compliments to Trakm8
"I am personally very proud that 2 of the awards that we have been shortlisted for (Technology Project of the Year and Delivery Solution of the Year) are for the program of works that I have led for the implementation of our fantastic new Delivery Scheduler System, which utilises AI optimisation software, developed in partnership with Trakm8 which has supported our wider Digital Transformation agenda."
https://www.linkedin.com/posts/seran-houlton-1a883812_retailsystemsawards2024-greatteamwork-collaboration-activity-7184520606380392449-XnBg?utm_source=share&utm_medium=member_desktop
Yes, it could be high staff turnover, but is that due to getting rid of the dead wood, or after the rats have left the proverbial?
Great find..... I guess it always comes down to the following - high staff turnover or growth (probably the former, hopefully the latter - maybe a bit of both)
“Join the @Trakm8 team! We're on the lookout for passionate individuals to fill key roles within our company. If you're ready to embark on an exciting journey in the world of technology and innovation, then look no further.”
Thanks, I think that makes a lot of sense
What I mean is, I'm pinning my hopes for a recovery in the SP on the contract rather than a takeover - though I still don't think the language ML have used necessarily makes a takeover unlikely, because I think when ML talk about M&A, Trak being already an associated company is regarded as a special case, not to be lumped in with the various other companies they are targeting.
Not sure what you mean by 'more store' - if the contract does get signed I expect this to be a bumper year as it rolls two profitable years into one (assuming insurance capacity [whatever that means] has got back on track).
My take on the update from ML is that they either think Trak is already a done deal (they don't need to acquire anymore, or it will come naturally) or they are not interested (because Trak does not have an international reach). I.e. no imminent deal
From Ml's final results today:
"The Company remains alert to further acquisition opportunities, particularly internationally, both in markets in which we already operate as well as new geographies.
"M&A remains a core part of our strategy and we continue to see a robust pipeline of opportunities. We continue to assess further acquisition opportunities, with a current focus on international business, both in new geographies and in those in which we already operate, and will act appropriately should they align with our immediate and long-term strategic focus."
Personally, as regards the possibility of Trak becoming a target, I'm setting more store by that elusive software contract than anything else....I just hope we're not kept waiting again till the end of the financial year!
Bunch of people jumped ship, recently?
Sales director? Group or..? If group, that’s a big job and generates the question of why there’s a vacancy. Clearing the chaff after poor performance? Or simply the transient nature of sales / the industry? Point is, they’re pushing on.
Agree re the ‘expanding rapidly’ … should that read, expiring rapidly? Or expending rapidly. Trakm8 are certainly known for typos…
GLA
"The company is expanding rapidly...". Sounds good (except if they've always been saying that!).