Trakm8 reports big drop in revenue, swings to a loss
Source - SMW
Telematics and data insight firm Trakm8 announced a substantial drop in revenue and posted a loss for the year ended 31 March 2019.
Revenue was down 35% to £19.1m and the company revealed a pre-tax loss of £3.6m compared with a profit of £0.5m a year earlier as it experienced sales related challenges and contract delays.
Net debt increased 70% to £5.6m. The company has announced £2m of cost savings
The company commented: 'Given the disappointment of last year, we are being prudent with our outlook, with market expectations of a relatively modest recovery (low double digit growth) in revenues with small adjusted profitability.'