Trakm8 FY revenues 'materially impacted' by Covid-19 lockdowns

Telematics and data insight firm Trakm8 said on Wednesday that revenues for the full year ended 31 March were in line with previous guidance, with Covid-19 "materially impacted" trading throughout the last quarter.

Trakm8 said full-year revenues of £16.0m were in line with previous guidance and 18% less than in the prior year.

As expected, the firm said Covid-19 "materially impacted" trading in the last three months of the year, with significantly reduced hardware shipments to its insurance customers and a less significant, but still meaningful, impact on fleet customers.

Due to "strong cost reduction actions", Trakm8 now expects to achieve an adjusted loss for the financial year in line with previous guidance of around £300,000 - a widening of the prior year's adjusted loss of £200,000.

Subject to there not being any further Covid-19 related lockdowns or significant component supply issues that cannot be resolved quickly, the AIM-listed company said to was "confident" that its financial performance will "significantly improve "for the new financial year and expects that revenues will revert to pre-Covid levels, which with recently lower costs should lead to a profitable business for the year.

As of 1140 BST, Trakm8 shares were down 4.0% at 16.80p.