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LONDON (Alliance News) - Trakm8 Holdings PLC on Monday said it has grown orders in the third quarter of its current financial year, but expects revenue to decline by at least a quarter in the year as a whole, due to the challenging market conditions.
The stock was trading 8.2% lower on Monday morning at 28.00 pence a share.
The data supplier said it saw a "marked" improvement in order volumes in the three months to the end of December 2018, which were 10% greater than the run rate of the first half.
Trakm8 said it expects to further improve the trend of growing new orders in the final quarter of its financial year as shipments to its major automotive customer have restarted.
During January orders amounting to 30,000 units were received from a wide range of new and existing customers, the company highlighted.
The revamped Fleet unit sales team has delivered a strong start to the final quarter, Trakm8 said, with a number of contract wins already secured. However the company noted that some Fleet order opportunities continue to be delayed because of the ongoing Brexit uncertainty.
As a result, the company now anticipates its annual revenue to be between 25% and 35% lower than a year earlier. In the year to the end of March 2018, Trackm8 generated revenue of GBP30.1 million, suggesting financial 2019 revenue as low as GBP20 million.
During the third quarter, Trakm8 said it implemented GBP2 million of annualised savings.
In addition, Trackm8 said it has signed a strategic partnership agreement with Microlise Group Holdings Ltd in December 2018. Following the investment into Trakm8 by Microlise, both parties are evaluating several work streams to maximise the potential of working together more closely.
"Whilst it may take some time to deliver substantial positive results from this activity, Trakm8 is optimistic of the long-term benefits that this partnership will bring to both parties in the future," the company said in the statement Monday.
