TIDMTRAK
RNS Number : 4551S
Trakm8 Holdings PLC
16 November 2021
16 November 2021
TRAKM8 HOLDINGS PLC
("Trakm8" or the "Group")
Half Year Results and Director Change
Trakm8 Holdings plc (AIM: TRAK), the global telematics and data
insight provider, announces its unaudited results for the six
months ended 30 September 2021:
Financial Highlights
6 months 6 months Year to Change
to to 31
30 Sept 30 Sept March 2021
2021 2020
Unaudited Unaudited Audited
GBP000 GBP000 GBP000
---------- ---------- ----------- -------
Revenue 9,021 7,321 15,961 +23%
---------- ---------- ----------- -------
of which, recurring revenue(1) 4,806 4,635 9,379 +4%
---------- ---------- ----------- -------
Profit/(Loss) before
tax 47 (845) (1,867) +106%
---------- ---------- ----------- -------
Adjusted Profit/(Loss)
before tax(2) 444 (314) (342) +241%
---------- ---------- ----------- -------
Profit/(Loss) after tax 273 (732) (1,237) +137%
---------- ---------- ----------- -------
Cash generated from operations 868 2,055 4,737 -58%
---------- ---------- ----------- -------
Net Debt(3) 6,157 5,574 4,887 +10%
---------- ---------- ----------- -------
Basic earnings per share 0.13p (1.46p) (2.47p) +108%
---------- ---------- ----------- -------
Adjusted basic earnings
per share 0.81p (0.56p) 0.07p +244%
---------- ---------- ----------- -------
1 Recurring revenues are generated from ongoing service and
maintenance fees
2 Before exceptional costs and share based payments
3. Total borrowings less cash excluding IFRS 16 adjustment for
leased property and motor vehicles
Operational Overview
-- H1 2021 results:
o 23% growth in revenues
o Return to profitability
o Gross margins improved due to higher proportion of software
revenues
o Underlying overheads benefitting from previous years'
actions
o Reduced cash generation from operations despite significant
reduction in losses, as PAYE & VAT time to pay arrangements
were met
-- Continuation of new contract wins:
o New telematics contract awards with a wide range of smaller
Fleet and Insurance customers
o Approximately 255,000 connections (March 2021: 254,000
connections), an increase of 1,000 connections, (0.4%) in the six
month period since last year end.
-- Continuation of contract renewals:
o Strong period of contract renewals in the Fleet business.
-- H2 and FY2023 outlook:
o Insurance telematics policy sales plateau due to high backlog
of driving tests and cost of second hand cars only modestly
improving due to new insurance clients' launches
o Several new Insurance customers launching during H2 but mainly
impact FY2023 and beyond
o Backlog of driving tests expected to diminish in FY2023,
improving demand
o Strong level of orders, post period, from existing and new
Fleet customers
Outlook
Despite additional costs associated with mitigating supply chain
challenges and expected significant component price increases, the
Board remains confident that for the full year ending 31(st) March
2022, the Group will be slightly ahead of current market
expectations on all profit measures. It is expected that this will
be achieved on lower than previously expected revenues of circa
GBP18m due to softening of the telematics insurance market.
- Ends -
For further information:
Trakm8 Holdings plc
John Watkins, Executive Chairman Tel: +44 (0) 167 543 4200
Jon Edwards, CFO www.trakm8.com
Arden Partners plc (Nominated Adviser Tel: +44 (0) 20 7614 5900
& Broker)
Paul Shackleton, Head of Corporate www.arden-partners.com
Finance
Simon Johnson, Head of Sales
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 255,000 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, Parts Alliance, Direct Line Group,
ByMiles 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
Executive Chairman's Statement
Results
I am pleased to report Trakm8's results for the six months ended
30 September 2021.
The first half of the financial year was a significant
improvement on the previous year and ahead of recent Company
guidance. Revenues for the six months ending 30 September 2021
increased by 23% over the corresponding period of the previous year
to GBP9.02m.
There was an increase of GBP1.29m (29%) in Fleet and
Optimisation revenues to GBP5.7m and an increase in Insurance and
Automotive revenues of GBP0.41m (14%) to GBP3.31m.
The Group is reporting a significant improvement in trading with
a return to profitability with Group adjusted profit of GBP0.44m
(2020: loss GBP0.31m), Profit before Tax of GBP0.05m (2020: Loss
GBP0.85) and Profit after Tax of GBP0.27m (2020: loss
GBP0.73m).
During the period, connections increased by 0.5% to 255,000
(31.3.2021: 254,000). Fleet connections were static at 70,000
(31.3.21: 70,000), Insurance & Automotive connections increased
0.7% to 185,000 (31.3.21: 184,000).
In the last few months of the period we saw a recovery in the
fleet numbers but there has been little recovery in the insurance
market as difficulties with new drivers taking tests and the
increased cost of second hand cars.
The Recurring Revenues in the period increased over the previous
year by 4% to GBP4.81m and represent 53% of Group revenues. In
addition, the Group generated GBP0.98m of software revenues (H1
2020: GBP0.30m), which represent 11% of Group revenues.
The Group has incurred GBP0.13m in additional costs to mitigate
the impact of Covid-19 on the electronic component supply chain but
has maintained supplies to customers without significant
interruptions. In the last few months we have seen significant
price increases in certain components and we expect this to
continue for the balance of the year. We have worked hard to avoid
disruption of our supply chain but there remains an ever present
risk.
Gross profit margin has improved to 65% (2020: 62%). This is
despite the higher hardware revenues as a percentage of sales and
the impact of Covid-19. The improvement in margin is due to higher
software sales during the period.
Total overhead costs, excluding exceptional costs, increased by
GBP0.47m to GBP5.27m (H1 2020: GBP4.80m). This is the result of
GBP0.16m increase in depreciation & amortisation, a GBP0.15m
increase in marketing spend and reduced furlough support of
GBP0.38m. Underlying payroll costs further reduced overall by
GBP0.16m. Exceptional costs reduced significantly during the period
to GBP0.30m, and included furloughed employees costs of GBP0.20m
net of GBP0.18m Government payments and GBP0.11m of other costs.
Share based payments remained consistent compared to the previous
year at GBP0.91m (H1 2020: GBP0.89m)
Financial position
Cash generation from operations has been GBP0.87m (H1 FY-2020:
GBP2.06m) and at 30 September 2021 the Group net debt excluding the
impact of the IFRS16 lease liability was GBP6.16m (GBP7.88m
including IFRS 16 liability) which is GBP1.27m higher than as at 31
March 2021. The HMRC time to pay liability reduced by GBP0.94m. H1
FY21 benefitted from agreeing with the Revenue authorities to delay
payments of GBP0.7m into FY22 and FY23. At the 30 September 2021
the Group had GBP0.89m of cash on hand and a further GBP0.50m of
available funds under an overdraft facility.
The overall cash outflow for the period was GBP1.48m (H1 2020:
outflow of GBP0.12m).
Strategy
The Group has been following the strategy outlined in the 2021
Annual Report. Our focus is to provide ever more meaningful
insights to our customers using the data generated by our installed
devices and other connections so that they can run their operations
more efficiently and safely.
Our primary strategy going forward is the growth of our business
through more connections, increased device sales and higher service
fees. Due to the high level of new contract wins across the
business and reduced rates of attrition in Fleet, the number of
connections have increased overall by 0.8% in the past 12 months
and by 0.4% in past 6 months. The number of devices sold has
increased by 30% to 64,000 (H1 2020: 49,000).
Trakm8 has focused on delivering market leading technology and
ensuring that the solutions are generating the best possible ROI's
for our customers. We have maintained the levels of expenditure in
R&D. We will continue to own the majority of IP in our value
chain. We have focused on building out greater functionality of
existing solutions rather than a wider range. We have focused on
using AI to maximise value in our algorithms in risk, crash and
video analysis. We have obtained very exciting results from this
and are receiving positive interest from customers as a result.
Our third strategy has been to improve the efficiencies of our
business in every possible way. We have been successful in
maintaining similar operating overheads level like for like before
the impact of the furlough support, despite salary inflation and
higher marketing costs. We will continue to seek efficiencies as we
go forward.
Director Resignation
Peter Mansfield, Trakm8 Group Sales and Marketing Director, has
resigned from the Board of Directors with immediate effect. Paul
Wilson who had previously been Group Sales and Marketing Director
will be assuming responsibilities for Fleet Sales and
Marketing.
JOHN WATKINS
Executive Chairman
Unaudited Consolidated Statement of Comprehensive Income for the six months
to 30 September 2021
---------------------------------------------------------------------------------------------------------------------------------
Six months Six months Year
to 30 September to 30 September to
31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Note
Revenue 3 9,021 7,321 15,961
Cost of sales (3,177) (2,804) (6,643)
Gross profit 5,844 4,517 9,318
Other income 4 13 103 194
Administrative expenses excluding exceptional
costs (5,262) (4,800) (9,585)
Exceptional administrative costs 7 (306) (442) (1,342)
Total administrative costs (5,568) (5,242) (10,927)
Operating profit/(loss) 289 (622) (1,415)
Finance income 32 39 78
Finance costs 8 (274) (262) (530)
Profit/(Loss) before taxation 47 (845) (1,867)
Income tax 226 113 630
Profit/(Loss) for the period 273 (732) (1,237)
Other Comprehensive Income
Items that may be subsequently reclassified
to profit or loss:
Exchange differences on translation of foreign
operations 4 5 (3)
Total other comprehensive income 4 5 (3)
---------------------- -------------------- --------------
Total Comprehensive Profit/(Loss) for the
period attributable to owners of the parent 5 277 (727) (1,240)
---------------------- -------------------- --------------
Profit/(Loss) before taxation 6 47 (845) (1,867)
Exceptional administrative costs 306 442 1,342
IFRS2 Share based payments charge 91 89 183
---------------------- -------------------- --------------
Adjusted profit/(loss) before tax 444 (314) (342)
Earnings per ordinary share (pence) attributable to owners
of the Parent
Basic 9 0.55 (1.46) (2.47)
Diluted 9 0.55 (1.46) (2.47)
The results relate to continuing operations.
Unaudited Consolidated Statement of Changes in Equity for the six months
to 30 September 2021
---------------------------------------------------------------------------------------------------------------------------------------------
Share Share Merger Translation Treasury Retained Total
capital premium reserve reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at
1 April
2020 500 14,691 1,138 196 (4) 4,658 21,179
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Comprehensive
income
Loss for the
period - - - - - (732) (732)
Other
comprehensive
income
Exchange
differences
on
translation
of overseas
operations - - - 5 - - 5
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Total
comprehensive
income - - - 5 - (732) (727)
Transactions
with owners
IFRS 2
Share-based
payments - - - - - 89 89
Transactions
with owners - - - - - 89 89
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Balance as at
30 Sept
2020 500 14,691 1,138 201 (4) 4,015 20,541
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Comprehensive
income
Loss for the
period - - - - - (505) (505)
Other
comprehensive
income
Exchange
differences
on
translation
of overseas
operations - - - (8) - - (8)
Total
comprehensive
income - - - (8) - (505) (513)
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Transactions
with owners
IFRS2
Share-based
payments - - - - - 94 94
Transactions
with owners - - - - - 94 94
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Balance as at
31 March
2021 500 14,691 1,138 193 (4) 3,604 20,122
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Comprehensive
income
Profit for the
period - - - - - 273 273
Other
comprehensive
income
Exchange
differences
on
translation
of overseas
operations - - - 4 - - 4
Total
comprehensive
income - - - 4 - 273 277
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Transactions
with owners
IFRS2 Share
based
payments - - - - - 91 91
Transactions
with owners - - - - - 91 91
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Balance as at
30 Sept
2021 500 14,691 1,138 197 (4) 3,968 20,490
-------------- --------------- --------------- --------------- --------------------- ------------------ --------------
Unaudited Consolidated Statement of Financial Position as at 30 September
2021
-------------------------------------------------------------------------------------------------------------
As at 30 As at 30 As at 31
September September March
2021 2020 2021
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 10 22,568 22,230 22,187
Plant, property and equipment 911 831 891
Right of use assets 11 2,187 2,838 2,512
Deferred income tax asset - - -
Amounts receivable under finance
leases 39 65 50
25,705 25,964 25,640
------------------- ------------------ ---------------
Current assets
Inventories 1,368 1,701 1,409
Trade and other receivables 7,301 7,171 6,679
Corporation tax receivable 1 317 690
Cash and cash equivalents 888 1,541 2,370
9,558 10,730 11,148
------------------- ------------------ ---------------
Current liabilities
Trade and other payables (5,339) (5,574) (5,417)
Borrowings 12 (1,140) (5,417) (855)
Right of use liability 12 (708) (679) (680)
Provisions - (26) (27)
(7,187) (11,696) (6,979)
------------------- ------------------ ---------------
Current assets less current liabilities 2,371 (966) 4,169
------------------- ------------------ ---------------
Total assets less current liabilities 28,076 24,998 29,809
------------------- ------------------ ---------------
Non-current liabilities
Trade and other payables (474) (593) (1,546)
Borrowings 12 (5,386) (1,231) (5,815)
Right of use liability 12 (1,459) (1,941) (1,767)
Provisions (151) (179) (190)
Deferred income tax liability (116) (513) (369)
(7,586) (4,457) (9,687)
------------------- ------------------ ---------------
Net assets 20,490 20,541 20,122
------------------- ------------------ ---------------
Equity
Share capital 13 500 500 500
Share premium 14,691 14,691 14,691
Merger reserve 1,138 1,138 1,138
Translation reserve 197 201 193
Treasury reserve (4) (4) (4)
Retained earnings 3,968 4,015 3,604
Total equity attributable to owners
of the parent 20,490 20,541 20,122
------------------- ------------------ ---------------
Unaudited Consolidated Cash Flow Statement for the six months to 30 September
2021
----------------------------------------------------------------------------------------------------------------
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Note Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net cash generated from operating
activities 14 868 2,055 4,737
---------------------- ---------------------- -------------
Cash flows from investing activities
Purchases of property, plant and
equipment (230) (183) (330)
Purchases of software (2) (24) (47)
Capitalised Development costs (1,396) (1,220) (2,290)
Net cash used in investing activities (1,628) (1,427) (2,667)
---------------------- ---------------------- -------------
Cash flows from financing activities
New bank loan - - 5,300
Loan arrangement fees - - (86)
Repayment of bank loans (168) (171) (5,379)
Repayment of obligations under lease
agreements (280) (344) (670)
Interest paid (274) (237) (530)
Net cash generated from financing
activities (722) (752) (1,365)
---------------------- ---------------------- -------------
Net (decrease)/increase in cash and
cash equivalents (1,482) (124) 705
Cash and cash equivalents at beginning
of period 2,370 1,665 1,665
Cash and cash equivalents at end
of period 888 1,541 2,370
---------------------- ---------------------- -------------
Notes To The Unaudited Consolidated Financial Statements
-------------------------------------------------------------------------------------------------------------------------------
1. Basis of
preparation
The Group's interim results for the 6 months to 30 September 2021 (prior year
30 September 2020) were approved by the Board of Directors on 15 November
2021.
As permitted this Interim Report has been prepared in accordance with UK AIM
Rules for Companies and not in accordance with IAS 34 "Interim Financial Reporting"
and therefore is not fully in compliance with IFRS.
Trakm8 Holdings PLC ("Trakm8") is a public limited company incorporated in
the United Kingdom under the Companies Act 2006. Trakm8 is domiciled in the
United Kingdom and its ordinary shares are traded on AIM, the market operated
by the London Stock Exchange plc.
The accounting policies adopted in the preparation of the interim financial
statement are the same as those set out in the Group's annual financial statements
for the year ended 31 March 2021. The financial statements have been prepared
on the historical cost basis except for certain liabilities and share based
payment liabilities which are measured at fair value.
The interim financial statements have not been audited or reviewed by Group's
auditors pursuant to the Auditing Practice Board guidance on 'Review of Interim
Financial Information' and do not include all of the information required
for full annual financial statements.
The financial information contained in this report is condensed and does not
constitute statutory accounts of the Group within the meaning of Section 434(3)
of the Companies Act 2006. Statutory accounts for the year ended 31 March
2021 have been delivered to the Registrar of Companies. The audit report of
those accounts was unqualified, did not draw attention to any matters by way
of emphasis and did not contain a statement under Section 498(2) or (3) of
the Companies Act 2006.
Going concern
The consolidated interim financial statements are prepared on a going concern
basis. The directors report that, having reviewed current performance and
projections of its working capital and long term funding requirements, including
assessments against the covenants agreed with our bank and downward sensitivity
analysis, they are satisfied that the Group has sufficient resources to continue
in operation for the foreseeable future, a period of not less than 12 months
from the date of this report. Accordingly, they continue to adopt the going
concern basis in preparing the condensed financial statements.
2. Risks and
uncertainties
The Board has considered the principal risks and uncertainties for the remaining
half of the financial year and determined that the risk presented in the 31
March 2021 Annual Report, described as follows, also remain relevant to the
rest of the financial year: Significant operational system failure; Cyber-attack
and data security; Operating in a fast-moving technology industry where we
will always be at risk from new products being launched; Adverse mobile network
changes; Attracting and maintaining high-quality employees; Access to long
term and working capital; Electronic supply chain materially impacted by Covid-19
and Rate of economic recovery post Covid-19. These are detailed on pages 18
to 20 of the 2021 Annual Report, a copy of which is available on the Group's
website at www.trakm8.com .
3. Segmental
Analysis
The chief operating decision maker ("CODM") is identified as the Board. It
continues to define all the Group's trading under the single Integrated Telematics
Technology segment and therefore review the results of the group as a whole.
Consequently all of the Group's revenue, expenses, assets and liabilities
are in respect of one Integrated Telematics Technology segment.
The Board as the CODM review the revenue streams of Integrated Fleet, Optimisation,
Insurance and Automotive Solutions (Solutions) as part of their internal reporting.
Solutions represents the sale of the Group's full vehicle telematics and optimisation
services, engineering services, professional services and mapping solutions
to customers.
A breakdown of revenue within these streams Six months Six months
are as follows: to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Solutions: 9,021 7,321 15,961
Fleet and optimisation 5,712 4,419 9,520
Insurance and automotive 3,309 2,902 6,441
---------------- ----------------------- -----------------------
Notes To The Unaudited Consolidated Financial Statements
-------------------------------------------------------------------------------------------------------------------------------
4. Other income
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Grant income 13 103 194
13 103 194
------------------------ ---------------------- ----------------
5. Profit/(Loss) per ordinary share attributable to the
owners of the parent
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit/(Loss) attributable to the
owners of the parent 277 (727) (1,240)
------------------------ ---------------------- ----------------
6. Adjusted profit/(loss)
before tax
Adjusted Profit/(Loss) Before Tax is monitored by the Board
and measured as follows:
Profit/(Loss) Before
Tax 47 (845) (1,867)
Exceptional administrative
costs 306 442 1,342
Share based payments 91 89 183
Adjusted profit/(loss)
before tax 444 (314) (342)
------------------------ ---------------------- ----------------
7. Exceptional
costs
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Integration and restructuring costs 45 97 168
Covid-19 costs 446 891 2,109
Furlough grant income (185) (546) (935)
306 442 1,342
------------------------ ---------------------- ----------------
The integration and restructuring costs in the current year relate to an ongoing
project to streamline and rationalise the operations of the business.
The Group has also incurred exceptional costs relating to the Covid-19 pandemic.
These costs mainly relate to the cost of employees whilst on furlough GBP385,000
(Mar-21: GBP1,607,000, Sep-20: GBP767,000).
Furlough grant income relates to other income received from the Coronavirus
Job Retention Scheme for employees furloughed as a result of Covid-19.
Detailed explanation of prior year exceptional costs are detailed on page
60 of the 2021 Annual Report, a copy of which is available on the Group's
website at www.trakm8.com .
Notes To The Unaudited Consolidated Financial Statements
-------------------------------------------------------------------------------------------------------------------------------
8. Finance costs
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest on bank loans 198 191 373
Amortisation of debts
issue costs 24 21 37
Interest on Hire Purchase and similar
agreements 52 50 120
274 262 530
------------------------ ---------------------- ----------------
9. Earnings Per Ordinary Share
The earnings per Ordinary share have been calculated in accordance with IAS
33 using the profit for the period and the weighted average number of Ordinary
shares in issue during the period as follow:
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
Profit/(Loss) the year
after taxation 273 (732) (1,237)
Exceptional
administrative
costs 306 442 1,342
Share based payments 91 89 183
Tax effect of
adjustments (58) (84) (255)
Adjusted profit/(loss) after
taxation 612 (285) 33
------------------------ ---------------------- ----------------
No. No. No.
'000 '000 '000
Number of Ordinary shares
of 1p each 50,004 50,004 50,004
Basic weighted average number of Ordinary
shares of 1p each 50,004 50,004 50,004
Diluted weighted average number of Ordinary
shares of 1p each 50,079 50,004 50,004
------------------------ ---------------------- ----------------
Basic earnings/(loss)
per share 0.55p (1.46p) (2.47p)
Diluted earnings/(loss)
per share 0.55p (1.46p) (2.47p)
Adjust for effects of:
Exceptional costs 0.50p 0.72p 2.17p
Share based payments 0.18p 0.18p 0.37p
Adjusted basic earnings/(loss)
per share 1.22p (0.56p) 0.07p
Adjusted diluted earnings/(loss) per share 1.22p (0.56p) 0.07p
Notes To The Unaudited Consolidated Financial Statements
--------------------------------------------------------------------------------------------------------
10. Intangible Assets
Goodwill Intellectual Customer Development Software Total
property Relationships costs
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
As at 31 March 2020 10,417 1,920 100 17,190 1,903 31,530
Additions - Internal
development - - - 1,200 - 1,200
Additions - External
purchases - - - 20 24 44
--------- ------------- --------------- ------------ --------- --------
As at 30 September 2020 10,417 1,920 100 18,410 1,927 32,774
Additions - Internal
development - - - 919 - 919
Additions - External
purchases - - - 151 23 174
Impairments - - - - (155) (155)
Disposals - - - (238) (36) (274)
--------- ------------- --------------- ------------ --------- --------
As at 31 March 2021 10,417 1,920 100 19,242 1,759 33,438
Additions - Internal
development - - - 1,214 - 1,214
Additions - External
purchases - - - 182 2 184
--------- ------------- --------------- ------------ --------- --------
As at 30 September 2021 10,417 1,920 100 20,638 1,761 34,836
--------- ------------- --------------- ------------ --------- --------
Amortisation
As at 31 March 2020 - 1,910 100 6,479 1,044 9,533
Charge for period - 10 - 867 134 1,011
--------- ------------- --------------- ------------ --------- --------
As at 30 September 2020 - 1,920 100 7,346 1,178 10,544
Charge for period - - - 866 115 981
Disposals - - - (238) (36) (274)
--------- ------------- --------------- ------------ --------- --------
As at 31 March 2021 - 1,920 100 7,974 1,257 11,251
Charge for period - - - 924 93 1,017
--------- ------------- --------------- ------------ --------- --------
As at 30 September 2021 - 1,920 100 8,898 1,350 12,268
--------- ------------- --------------- ------------ --------- --------
Net book amount
--------- ------------- --------------- ------------ --------- --------
As at 30 September 2021 10,417 - - 11,740 411 22,568
--------- ------------- --------------- ------------ --------- --------
As at 31 March 2021 10,417 - - 11,268 502 22,187
--------- ------------- --------------- ------------ --------- --------
As at 30 September 2020 10,417 - - 11,064 749 22,230
--------- ------------- --------------- ------------ --------- --------
As at 31 March 2020 10,417 10 - 10,711 859 21,997
--------- ------------- --------------- ------------ --------- --------
Notes To The Unaudited Consolidated Financial Statements
-----------------------------------------------------------------------------------------------------------
11. Right of use assets
Furniture,
Leased fixtures Computer
buildings and equipment equipment Motor vehicles Software Total
COST GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
As at 1 April 2020 2,098 509 175 619 153 3,554
Additions - - 76 79 - 155
Disposals - - - (10) - (10)
----------- --------------- ----------- --------------- --------- --------
As at 30 September
2020 2,098 509 251 688 153 3,699
Additions - 42 99 - - 141
Impairments - - - - (153) (153)
Disposals - - - (73) - (73)
----------- --------------- ----------- --------------- --------- --------
As at 31 March 2021 2,098 551 350 615 - 3,614
Additions - - - - - -
Disposals - - - (25) - (25)
----------- --------------- ----------- --------------- --------- --------
As at 30 September
2021 2,098 551 350 590 - 3,589
----------- --------------- ----------- --------------- --------- --------
AMORTISATION
As at 1 April 2020 264 49 62 175 - 550
Charge for period 132 46 16 117 - 311
Disposals - - - - - -
----------- --------------- ----------- --------------- --------- --------
As at 30 September
2020 396 95 78 292 - 861
Charge for period 133 29 42 110 - 314
Disposals - - - (73) - (73)
----------- --------------- ----------- --------------- --------- --------
As at 31 March 2021 529 124 120 329 - 1,102
Charge for period 133 35 57 100 - 325
Disposals - - - (25) - (25)
----------- --------------- ----------- --------------- ---------
As at 30 September
2021 662 159 177 404 - 1,402
----------- --------------- ----------- --------------- --------- --------
Net book amount
As at 30 September
2021 1,436 392 173 186 - 2,187
----------- --------------- ----------- --------------- --------- --------
As at 31 March 2021 1,569 427 230 286 - 2,512
----------- --------------- ----------- --------------- --------- --------
As at 30 September
2020 1,702 414 173 396 153 2,838
----------- --------------- ----------- --------------- --------- --------
As at 31 March 2020 1,834 460 113 444 153 3,004
----------- --------------- ----------- --------------- --------- --------
Notes To The Unaudited Consolidated Financial Statements
----------------------------------------------------------------------------------------------------------------------
12. Borrowings
As at 30 September As at 30 September As at 31 March
2021 2020 2021
------------------------- -------------------------- -------------------------
Current Non-Current Current Non-Current Current Non-Current
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Borrowings 1,140 5,386 5,417 1,231 855 5,815
Right of use liability 708 1,459 679 1,941 680 1,767
Totals 1,848 6,845 6,096 3,172 1,535 7,582
-------- --------------- -------- ---------------- -------- ---------------
All borrowings are held in sterling and the Directors consider their
carrying amount approximates to their fair values.
Borrowings comprise of the
following loans:
A GBP5.3m term loan with HSBC. The loan is secured by a fixed and floating
charge on all the assets of the Group. It is repayable by 22 monthly instalments
from 30 September 2021 of GBP86,000 and a final repayment of the outstanding
balance on 31 October 2023 and bears interest at a floating rate of 5.1%
over base rate. As at 30 September 2021 the Group owed GBP5.2m (March-21:
GBP5.3m).
A GBP0.5m overdraft facility with HSBC. The overdraft facility bears an
interest rate of 5.3% over LIBOR on the drawn amount. As at 30 September
2021 the Group had not used this overdraft facility.
A GBP1.5m growth capital loan with MEIF WM Debt LP. The loan bears a fixed
interest rate of 8% per annum and is repayable in 15 quarterly instalments
commencing 30 September 2021. The loan is secured by a secondary fixed
and floating charge on all the assets of the Group. As at 30 September
2021 the Group owed GBP1.4m (March-21: GBP1.5m).
The Group's obligations under right of use assets are secured by the
lessors' title to the leased assets.
Obligations under right of use assets by category at 30 September
2021 were as follows:
Furniture,
fixtures
Freehold and Computer Motor
property equipment equipment vehicles Software Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Current 296 90 109 147 66 708
Non-current 1,235 70 85 42 27 1,459
Total 1,531 160 194 189 93 2,167
--------- ------------- ---------- ------------- --------------------- ---------------
The maturity of obligations under right of use assets as at
30 September 2021 were as follows:
Furniture,
fixtures
Freehold and Computer Motor
property equipment equipment vehicles Software Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Within 1 year 296 90 109 147 66 708
1 to 2 years 280 66 63 42 27 478
2 to 5 years 750 4 22 0 - 776
More than 5 years 205 - - - - 205
Total 1,531 160 194 189 93 2,167
--------- ------------- ---------- ------------- --------------------- ---------------
Notes To The Unaudited Consolidated Financial Statements
--------------------------------------------------------------------------------------------------------------------
13. Share Capital
As at 30 September As at 30 September As at 31 March
2021 2020 2021
------------------------- ------------------------------------- ----------------------
No's No's No's
000's GBP'000 000's GBP'000 000's GBP'000
Authorised:
Ordinary shares of
1p each 200,000 200,000 200,000 200,000 200,000 200,000
Allotted, issued
and
fully paid:
Ordinary shares of
1p each 50,004 500 50,004 500 50,004 500
Movement in share
capital: GBP'000
As at 1 April 2020 500
---------
As at 30 September
2020 500
---------
As at 31 March 2021 500
As at 30 September
2021 500
---------
The Company currently holds 29,000 Ordinary shares in treasury representing
0.06% (Mar-21: 0.06%) of the Company's issued share capital. The number
of 1 pence Ordinary shares that the Company has in issue less the total
number of Treasury shares is 49,975,002.
14. Cash Generated from Operations
Six months Six months
to to Year to
30 September 30 September 31 March
2021 2020 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net profit/(loss) before taxation 47 (845) (1,867)
Depreciation 535 380 781
Loss on disposal of fixed
assets - - 318
Amortisation of intangible
assets 1,017 1,011 1,992
Exchange movements 4 - (3)
Interest received (32) (39) (78)
Bank and other interest charges 298 262 565
Share based payments 91 89 183
---------------------- --------------- -----------
Operating cash flows before movement in
working capital 1,960 858 1,891
Movement in inventories 41 342 634
Movement in trade and other
receivables (611) 659 1,166
Movement in trade and other
payables (1,150) (726) 70
Movement in provisions (66) 21 33
Cash generated from operations 174 1,154 3,794
Interest received 32 39 78
Income taxes received 662 862 865
Net cash-inflow from operating
activities 868 2,055 4,737
---------------------- --------------- -----------
15. Further Copies
This statement, full text of the Stock Exchange announcement and the
results presentation can be found on the Group's website www.trakm8.com
and also from the registered office of Trakm8 Holdings PLC. The address
of the registered office is: 4 Roman Park, Roman Way, Coleshill, North
Warwickshire, B46 1HG.
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END
IR DGBDBRDBDGBU
(END) Dow Jones Newswires
November 16, 2021 02:00 ET (07:00 GMT)
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