Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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.'