Trakm8 YTD revenues grow modestly

Trakm8 stated that overall, connections had increased 1% to 257,000 since the start of the financial year on 1 April and that during the period, a number of new insurance and fleet customers were secured and several of its larger customers had renewed their contracts.

The AIM-listed group said there had been a return to "a more normal" fleet attrition rate and with the increased deployment of new solutions, the number of fleet connections had increased 3% to 72,000.

Trakm8 also noted although the return of the insurance telematics market following the third Covid-19 lockdown had been weaker than the corresponding rate of return after the first Covid-19 lockdown, its combined insurance and connected car proposition had performed "solidly", with a 1% increase in insurance and automotive connections to 185,000.

"Supply chain challenges have been widely reported and we have not been immune to them. To date we have managed to avoid any disruptions to our supply to customers," said Trakm8

However, despite some additional costs associated with mitigation of supply chain challenges, Trakm8 said it was confident that for the full-year ending 3 March 2022, revenue will be approximately £19.0m and the group will break even on both adjusted pre and post-tax profits.

As of 1055 BST, Trakm8 shares were down 9.75% at 22.11p.