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.
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.