Trakm8 (#TRAK) – trading update, notes “second half weighted” but various challenges
- 2022-04-26 07:50:27
TrakM8 (TRAK) has announced that after three years of working with Ingenie Limited, it has extended the deal for another three years. Ingenie you say, that Ingenie? Er…yes. Well sort of.
Perennial AIM casino disappointer TrakM8 (TRAK) started today’s statement with the good news: a modest contract win. But this company never fails to disappoint and so having hyped its H2 prospects before Christmas now we have the bad news.
Self-styled “UK based technology leader in fleet management, insurance telematics, connected car, and optimisation”, Trakm8 (TRAK) “is pleased to announce… trading for the year ending 31st March 2020 remains in line with previous guidance… and… appointment of Peter Mansfield as Trakm8 Group Sales and Marketing Director”. Good news amidst the current climate?...
Executive Chairman of telematics and data insight company Trakm8 (TRAK), John Watkins is “pleased to report Trakm8's results for the six months ended 30 September 2019”, including emphasising “the board is encouraged that the decline in revenue has been arrested and the first two months of H2 are significantly ahead of last year” and “the long awaited deployment, in volume, with our insurance and automotive customers has now commenced. The Fleet teams are delivering new contract wins significantly ahead of the previous year and the pipeline for new opportunities is strong”. The shares are though little changed at around 22.5p…
The critical point about yesterday’s full year numbers from TrakM8 (TRAK) is that they show a company with zero earnings visibility, burning cash and with a drowning in debt balance sheet which is thinner than an Ethiopian super model when it comes to tangible net asset backing. I do not wish to sound like an accosting pedant and geek but there is another issue: auditors PWC Southampton have screwed up and the numbers need to be corrected and re-issued. Let me explain: