TRAK Trakm8 Holdings Plc

TIDMTRAK

RNS Number : 0226A

Trakm8 Holdings PLC

22 September 2022

 
  22 September 2022 
 

Trakm8 Holdings plc

('Trakm8' or the 'Group')

AGM Statement & Trading Update

John Watkins, Executive Chairman of Trakm8 Holdings plc (AIM:TRAK), the global telematics and data insight provider, will make the following statement on current trading at Trakm8's Annual General meeting ("AGM") being held today.

"Since Trakm8's trading update on 14 September 2022, the Group has continued to perform in line with market expectations.

During the first five months of the financial year, new Insurance unit sales have been strong, increasing by 78% to 80,555, whilst new Fleet unit sales decreased by 4% to 6807. As a result, overall connections have grown by 13% during the five-month period to 299,000. Insurance connections have increased by 16% to 225,000 and Fleet connections, having returned to low levels of attrition, increased by 4% to 74,000. We expect that the number of connections will continue to grow significantly in the second half of the year, which will be the driver for increased recurring revenues.

On 14 September 2022, Trakm8 announced that it would be streamlining its operations to achieve an increased focus on markets and products where it sees the greatest potential. The resulting consultation process with colleagues is continuing and the Board anticipates that at least GBP2.4m of annualised cost savings will result from this streamlining process. The one-off costs associated with this exercise will be funded from the proceeds of the GBP1.58m convertible loan note also announced that day.

Overall, the Board remains confident in the Group's expectations for this year and the improved outlook for the next."

- Ends -

For further information:

 
Trakm8 Holdings plc 
John Watkins, Executive Chairman           Tel: +44 (0) 1675 434 200 
Jon Edwards, Chief Financial Officer                  www.trakm8.com 
 
Allenby Capital Limited (Nominated          Tel: +44 (0)20 3328 5656 
 Adviser & Broker) 
David Hart/ Vivek Bhardwaj, Corporate         www.allenbycapital.com 
 Finance 
 Tony Quirke, Sales and Corporate Broking 
 

About Trakm8

Trakm8 is a UK based technology leader in fleet management, insurance telematics, connected car, and optimisation. Through IP owned technology, the Group uses AI data analytics collected from its installed base of telematics units to fine tune the algorithms that are used to produce its' solutions; these monitor driver behaviour, identify crash events and monitor vehicle health to provide actionable insights to continuously improve the security and operational efficiency of both company fleets and private drivers.

The Group's product portfolio includes the latest data analytics and reporting portal (Trakm8 Insight), integrated telematics/cameras/optimisation, self-installed telematics units and one of the widest ranges of installed telematics devices. Trakm8 has over 299,000 connections.

Headquartered in Coleshill near Birmingham alongside its manufacturing facility, the Group supplies to the Fleet, Optimisation, Insurance and Automotive sectors to many well-known customers in the UK and internationally including the AA, Saint Gobain, EON, Iceland Foods, GSF, Direct Line Group, Ticker and Ingenie.

Trakm8 has been listed on the AIM market of the London Stock Exchange since 2005. Trakm8 is also recognised with the LSE Green Economy Mark.

www.trakm8.com / @Trakm8

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(END) Dow Jones Newswires

September 22, 2022 02:00 ET (06:00 GMT)

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