StockMarketWire.com - Telematics group Trakm8 narrowed its annual losses after its revenue ticked higher in a modest return to growth.

Pre-tax losses for the year through March amounted to £1.1m, compared to losses of £2.5m on-year, as revenue rose 2% to £19.6m.

Trakm8 said it had returned to sales growth despite Covid-19 impacting late in March.

It added that the new financial year had begun with new contract awards from two further insurance companies, with revenues already commenced.

Revenues from the contract wins was compensating for the impact of Covid-19 on the overall market, with recent device shipments ahead of last year.

Fleet sales had been negatively impacted by Covid-19, but recent weeks had shown progress.

'Despite the positive trends of the year to date, the uncertainty due to Covid-19 is such that the group is not able to provide forward guidance at this time but will do so as soon as there is more certainty in the market,' Trakm8 said.


At 10:04am: [LON:TRAK] Trakm8 Holdings PLC share price was +2p at 15p



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