StockMarketWire.com - Telematics and data supplier Trakm8 confirmed that trading in the first five months of its financial year had lagged the previous corresponding period.

The decline was largely due to the elimination of £1.6m worth of work undertaken a year ago, and the working down of launch stocks by a significant customer.

Fleet connections, however, had continued to increase 'satisfactorily', though telematics policy cancellations had modestly exceeded new policy sales with a significant insurance customer.

'The board is pleased to report that the outlook for the year ending 31 March 2019 is in line with market expectations, with an improved financial performance driven by continued growth in the telematics business more than offsetting the eliminated CEM activities,' chairman John Watkins said.

Watkins said the second half would benefit from resumption of volume shipments to the significant insurance customer, and increased momentum in the fleet management market.

'The directors are also confident that new contracts to be awarded, particularly in the insurance space, will drive additional revenues in the second half of the year,' Watkins said.



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