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LONDON (Alliance News) - Trakm8 Holdings PLC on Monday said it ended the 2019 financial year with expected, but still disappointing, results.
The company, which provides fleet tracking services and dashboard camera systems, added that the value of new contracts secured during the fourth quarter of 2019 financial was 67% higher than the average of the previous three quarters, meaning the value of contracts in the second half were 41% higher than the first.
"Final quarter revenues and the new contract wins give confidence that better times are ahead for us in these markets. These and higher performing sales activities are expected to deliver a much stronger financial performance [in the new 2020 financial]," Chair John Watkins said.
Shares in the company were trading 22% higher at 25.55 pence each on Monday morning.
For the year that ended March 31, Trakm8 is anticipating to record revenue of GBP19.2 million - in line with market views but 35% less than the comparative year ago period - and an adjusted pretax loss of GBP1.4 million. In financial 2018, the company posted revenue of GBP30.1 million and adjusted pretax profit of GBP1.2 million.
Net debt at period end is expected to total GBP5.6 million, up from GBP3.3 million a year ago, as a result of the loss.
"Insurance and Automotive revenues were badly impacted by delayed new contracts and customers resetting their marketing plans. Fleet and Optimisation revenues were impacted by the continued economic uncertainty and by poor performance of the sales teams early in the year. The restructured and widened sales team started to win significantly higher levels of new business in the fourth quarter and we expect that trend to continue to improve," Chair Watkins said.
The company is scheduled to release its financial 2019 results on July 8.
