Trakm8 Holdings PLC on Tuesday reported a widened annual loss, despite improved revenue, as its administrative costs increased.

The company widened its pretax loss to £1.2 million in the year ended March 31, from £122,000 the year prior. This came as Trakm8’s total administrative costs jumped 22% year-on-year to £13.1 million from £10.8 million.

More positively, Trakm8’s revenue rose 12% to £20.2 million from £18.1 million the year prior.

Looking forward, the company expects revenue in the first half of its new financial year to be in line with the prior year. For the full-year, Trakm8 expects to see strong second-half revenue and an improved performance.

‘In the trading update in April this year, we advised the market that there had been a significant impact on the insurance market with increased re-insurance costs and some insurance capacity being removed from the market. We expected that this would impact revenues for the first quarter. This has turned out to be correct and we now expect that this will continue to significantly impact the second quarter of the financial year,’ Trakm8 explained.

Trakm8 is based in Coleshill, England. It provides fleet management software and solutions. Shares in the firm were flat at 14.90 pence on Tuesday morning in London.

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