Trakm8 dives as Brexit delays hamper revenue

After the three months ended 31 December, the transport data supply outfit said full year revenues are now expected to be 25% to 35% below last year after delays to Fleet order opportunities, though the second half of the year is anticipated to be profitable and full year loss remains in line with expectations.

Meanwhile, the AIM traded company reported that order volumes were 10% greater than the run rate of the first half of the year after shipments to its automotive customer restarted, with further improvements expected in the short term.

A cost-saving initiative has also been put in place, with approximately £2m of annual savings expected to become fully implemented in the financial year beginning 1 April, and Trakm8 said its pipeline of opportunities has been enhanced by its strategic partnership with Microlise Group, formed in December.

"Following the investment into the company by Microlise, Trakm8 and Microlise are evaluating several work streams to maximise the potential of working together more closely, whilst at the same time maintaining both companies' full independence. Whilst it may take some time to deliver substantial positive results from this activity, Trakm8 is optimistic of the long-term benefits that this partnership will bring to both parties in the future," said a statement from Trakm8.

Trakm8 Holdings' shares were down 20.95% at 24.11p at 0845 GMT.