Last checked at 4 Mar 2016 07:00
TRAKM8 HOLDINGS PLC
("Trakm8", the "Group" or the "Company")
Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework
Following the publication of FRS 100 "Application of Financial Reporting Requirements" by the Financial Reporting Council, Trakm8 is required to change its accounting framework for its entity financial statements and those of its subsidiaries which currently adopt United Kingdom Generally Accepted Accounting Standards (UK GAAP). It is intended for the period ended 31 March 2016 and future years that the parent entity and its subsidiaries adopt FRS 101 "Reduced Disclosure Framework", based on International Financial Reporting Standards (IFRSs) as adopted by the European Union.
Trakm8's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with IFRSs as adopted by the European Union.
Trakm8's decision to adopt FRS 101 does not require shareholder approval. However objections to its adoption may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company, in writing, to James Hedges, the Company's Finance Director at the registered office at Lydden House, Wincombe Business Park, Shaftesbury, SP7 9QJ not later than 4 April 2016.
For further information please contact:
Trakm8 Holdings plc | +44 1747 858444 |
John Watkins, Executive Chairman James Hedges, Finance Director
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MHP Communications (Financial PR to Trakm8) | +44 20 3128 8100 |
Reg Hoare / Jade Neal / Charlotte Coulson
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finnCap (Nomad & Broker to Trakm8) | +44 20 7220 0500 |
Ed Frisby / Simon Hicks - corporate finance Joanna Scott - corporate broking |
NOTES TO EDITORS
About Trakm8
Trakm8 Group is a UK based Big Data company utilising telematics as their primary enabler. Through IP owned technology, over two billion miles worth of data is collected annually through their fleet management solutions to create and fine tune algorithms used to score driver behaviour, monitor vehicle health and continuously improve the security and operational efficiencies of customers' vehicles.
With its headquarters in Dorset and a manufacturing facility in the West Midlands, the Group supplies a number of well-known customers in the fleet management and insurance sectors across the UK and further afield including customers such as the AA, Saint Gobain, EON, Direct Line Group and Young Marmalade.
The Group's portfolio offers complete telematics solutions, which since the acquisition of the assets of DCS Systems, includes dashboard cameras that enable customers to record driving incidents and mitigate the risk from "crash to cash" accidents. This is complemented through a comprehensive hardware range, which includes a self-install unit that is one of the smallest available on the global market.
Recently, the Group acquired Route Monkey, significantly enhancing the Group's Logistics solution which offers both route scheduling and optimisation, including routing for Electric Vehicles.
Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005.
www.trakm8.com / @Trakm8