Trakm8 Holdings PLC on Friday said it swung to a profit in its first half and expects to meet market expectations.

The Dorset, England-based global telematics and data insight provider said in the six months to September 30, it swung to a pretax profit of £13,000 from a loss of £2.4 million the year before, as total administrative costs fell 28% to £5.3 million from £7.4 million a year ago.

Revenue fell was modestly lower, however, at £8.5 million, down 5.6% from £9.0 million in the corresponding six months the year prior. This was reflected by a ‘significant’ reduction in insurance demand, Trakm8 said.

Looking ahead, the company said it expects to meet market forecasts providing it secures a significant software sale by the end of the financial year ending March 31.

Shares in Trakm8 were flat at 14.70 pence each in London on Friday morning.

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