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Telematics group Trakm8 swung to a modest first-half profit and forecast a slight full-year profit beat, despite pressure on insurance revenue.
Pre-tax profit for the six months through September amounted to £47,000, compared to year-on-year losses of £845,000. Revenue rose 29% to £9.0 million.
Trakm8 said gross margins improved due to a higher proportion of software revenues.
Looking ahead, the company said it expects its full-year result to be 'slightly ahead' of current market expectations on all profit measures.
It said the guidance came despite additional costs associated with mitigating supply chain challenges and expected significant component price increases.
The upgraded profit was expected to be achieved on lower-than-expected revenues of about £18 million due to softening of the telematics insurance market.