Trakm8 Holdings PLC – TRAK – Final Results

Trakm8 Holdings PLC – TRAK – Final Results

Trakm8 Holdings plc (AIM: TRAK), the global telematics and data insight provider, announces its final results for the year ended 31 March 2020 (FY-2020).

 

FINANCIAL SUMMARY:

FY-2020

FY-2019

Change

Group revenue

£19.6m

£19.1m

2%

of which, Recurring revenue1

£9.8m

£10.1m

-3%

Loss before tax

(£1.7m)

(£3.6m)

52%

Adjusted loss before tax2

(£0.2m)

(£1.5m)

85%

Loss after tax

(£1.1m)

(£2.5m)

56%

Net cash inflow/(outflow) generated from operations

£4.1m

(£1.8m)

n/a

Net debt3

£5.6m

£5.6m

0%

Basic loss per share

2.19p

6.20p

n/a

Adjusted basic earnings/(loss) per share2

0.28p

(1.89p)

n/a

1 Recurring revenues are generated from ongoing service and maintenance fees

2 Before exceptional costs and share based payments

Total borrowings less cash and cash equivalents. FY-2020 net debt excludes £2.3m IFRS 16 lease liability.

 

OPERATIONAL OVERVIEW

·      Modest return to growth (+2%) despite Covid-19 impact late March.

·      Significant improvement in financial performance to close to breakeven adjusted profit.

·      Strong continued reduction in direct and indirect costs.

·      Strengthened Group with appointment of Group Sales and Marketing Director

·      Production launch of new insurance self-fit hardware products.

·      Over 245,000 connected units in operation (FY-2019: 243,000).

·      New contract wins with two new significant Insurance companies.

·      Contract renewals with two large long term customers (E.ON and Bibby) and a significant enhancement to the solution for Iceland Foods

·      R&D spend down 7%, however still £4.1m invested.

 

OUTLOOK

·      Momentum established in last year disrupted by Covid-19.

·      The new financial year has begun with new contract awards from two further insurance companies, with revenues already commenced.

·      Revenues from new insurance contract wins now compensating for the impact of Covid-19 on the overall market with recent device shipments ahead of last year.

·      The AA Smart Breakdown sales now underway albeit impacted by Covid-19.

·      Fleet sales negatively impacted by Covid-19 but recent weeks show progress.

·      Early months in current financial year benefitting from the various Government initiatives.

·      Given the uncertainty of the impact and timing due to the Covid-19 pandemic the Group is not providing any guidance to the results for the current financial year.

No Comments

Post a Comment