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LONDON (Alliance News) - Trakm8 Holdings PLC told its annual general meeting on Wednesday the outlook for its current financial year is in line with market expectations, despite a weak start.
Following the insurance telematics firm's trading update, its shares were trading down 14% at 64.00 pence per share.
As Trakm8 had guided in April, trading in the first five months of its financial year to March 31, 2019 was behind that of the same period last year.
In the financial year 2018, Trakm8 reported pretax profit of GBP1.2 million on revenue of GBP30.1 million.
Trakm8 attributed the slow start to financial 2019 to exiting GBP1.6 million in contract electronics manufacturing business and to customers working down launch stocks. Alongside this, at one of Trakm8's significant insurance customers, telematics policy cancellations have exceeded new policy sales.
However, Trakm8 said it will benefit from the resumption of volume shipments to that same insurance customer in the second half of the year. It also expects to be awarded new contracts and to see increased momentum in the fleet connections, which will "drive additional revenues" in the next six months.
Trakm8 said it will release its half-year results to end-September in early December.
