Sign up
Tech Capital

Trakm8 Holdings shares fall as product decline continues

The company expects that 2018/19 will be the end of the year-on-year decline in product revenues
shares fell
Trakm8 achieved 26% growth at its Solutions business

Trakm8 Holdings PLC (LON:TRAK) shares fell as it reported product revenues will fall by a further £2mln in the current year.

The AIM-listed telematics firm said sales rose by 13% to £30mln in the year to March just ended, which included a £2.2mln decline in product revenues to £3.1mln following the decision to exit contract manufacturing.

READ: Trakm8 down again as it announces discounted placing

The fact that this year will also be affected knocked the shares even though Trakm8 said 2018/19 will mark the end of the disruption.

Elsewhere, solutions saw 26% growth to £26.9mln, while the number of connections increased by 31% to 251,000 from 191,000.

Recurring revenue during the period increased by 11% to £10.9mln

John Watkins, executive chairman of Trakm8, said he was pleased with the headline revenue growth, which was achieved despite the strategic decision to exit from sub-contract manufacturing. 

In early morning trading, company’s shares fell 9% to 93p.



Register here to be notified of future TRAK Company articles
View full TRAK profile View Profile
View All

Related Articles

The Internet of Things
Richard Kilsby, the non-executive chairman of Telit, said that the early signs of changes made, especially to the group's activities and cost base, have led to positive operational progress since the beginning of 2018
esports arena

To Gfinity and beyond …

The AIM-listed group is well-placed to take advantage of the impending boom in the popularity of esports

© tech Capital 2018

Tech Capital, a subsidiary of Proactive Investors, acts as the vanguard for listed tech companies to interact with institutional and highly capitalised investors.
Headquartered in London, Tech Capital is led by a team of Europe's leading analysts and journalists, publishing daily content, covering all key movements in the Technology market.