StockMarketWire.com - Telematics group Trakm8 Holdings said it grew annual revenue by 13%, though sales from existing customers were lower than anticipated.

Revenue for the year through March grew to over £30m, as 26% growth in the solutions unit was offset by £2.2m revenue reduction owing to a full exit from a contract electronic manufacturing business.

'The board expects that 2018/19 will be the final period of this year-on-year decline in product revenues, which will be approximately £2.0m,' the company said.

Year-end net debt reduced to £3.4m, down from £3.9m.

'Although revenues from existing customer contracts were lower than anticipated, recent order entry has been strong,' the company said.

'In addition to this, several new contract wins have moved into the first quarter of the new financial year.'


At 2:33pm: [LON:TRAK] Trakm8 Holdings PLC share price was -10p at 92.5p



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