LONDON (Alliance News) - Trakm8 Holdings PLC on Monday said it now expects to "modestly" exceed current market forecasts for its full year, as it reported a rise in pretax profit for its first half.
The telematics and data provider posted a pretax profit of GBP1.2 million for the half year to end-September, up from GBP717,000 a year before, as revenue rose to GBP11.7 million from GBP8.5 million.
According to Morningstar, FinnCap expects Trakm8 to report a pretax profit of GBP3.4 million for its full year to end-March 2016.
Trakm8's revenue growth was boosted by a strong performance from its Solutions business, which saw revenue rise 58% boosted by strong growth in fleet management and insurance services. Product sales rose 10%, helped by the company's acquisition of vehicle camera firm DCS Systems Ltd in June.
"We continue to be well placed to grow the group through investment and acquisitions. Recent contract wins and the stronger than budgeted start to the year mean we now believe that we will modestly exceed the current market expectations for the year as a whole," said Executive Chairman John Watkins in a statement.
Shares in Trakm8 were down 0.6% at 265.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Trakm8 Hldgs (TRAK)