Trakm8 Holdings PLC on Wednesday said it all but eliminated its annual loss, as revenue grew despite fewer employees.

The Birmingham-based telematics and data insight provider cut its pretax loss in the financial year that ended March 31 to £100,000 from £1.9 million the year before.

Revenue rose 13% to £18.1 million from £16.0 million. Insurance clients brought in more revenue as Trakm8 secured ‘new contract wins and increased volumes from existing clients’, it explained.

Trakm8 mitigated inflationary pressures by reducing its number of employees by 5% over the recent year, bringing a 5% reduction in headcount cost.

Since the March year-end, revenue in April and May was 11% higher than a year ago. Trakm8 added that revenue from insurance clients to the end of May was 33% higher than the same period a year ago. Fleet sales were up 4%.

‘The company continues to face component availability issues that could impact deliveries but the expectation is that we will continue to overcome these,’ Trakm8 said regarding its outlook.

‘The board believes Trakm8 is building increasing momentum and is hopeful that this can be transformed into improved financial returns as we move forward,’ it said.

Trakm8 proposed no dividend for the year.

Shares were untraded at 15.00 pence in London on Wednesday. They are down 9.1% over the past 12 months.

Copyright 2022 Alliance News Limited. All Rights Reserved.