(Alliance News) - Trakm8 Holdings PLC on Friday said it swung to a profit in its first half and expects to meet market expectations.
The Dorset, England-based global telematics and data insight provider said in the six months to September 30, it swung to a pretax profit of GBP13,000 from a loss of GBP2.4 million the year before, as total administrative costs fell 28% to GBP5.3 million from GBP7.4 million a year ago.
Revenue fell was modestly lower, however, at GBP8.5 million, down 5.6% from GBP9.0 million in the corresponding six months the year prior. This was reflected by a "significant" reduction in insurance demand, Trakm8 said.
Looking ahead, the company said it expects to meet market forecasts providing it secures a significant software sale by the end of the financial year ending March 31.
Shares in Trakm8 were flat at 14.70 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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Trakm8 Hldgs (TRAK)