Trakm8 Holdings PLC Adoption of Financial Reporting Standard 101 (0087R)
March 04 2016 - 2:00AM
UK Regulatory
TIDMTRAK
RNS Number : 0087R
Trakm8 Holdings PLC
04 March 2016
TRAKM8 HOLDINGS PLC
("Trakm8", the "Group" or the "Company")
Adoption of Financial Reporting Standard (FRS) 101 - Reduced
Disclosure Framework
Following the publication of FRS 100 "Application of Financial
Reporting Requirements" by the Financial Reporting Council, Trakm8
is required to change its accounting framework for its entity
financial statements and those of its subsidiaries which currently
adopt United Kingdom Generally Accepted Accounting Standards (UK
GAAP). It is intended for the period ended 31 March 2016 and future
years that the parent entity and its subsidiaries adopt FRS 101
"Reduced Disclosure Framework", based on International Financial
Reporting Standards (IFRSs) as adopted by the European Union.
Trakm8's consolidated financial statements are unaffected by
this change, and will continue to be prepared in accordance with
IFRSs as adopted by the European Union.
Trakm8's decision to adopt FRS 101 does not require shareholder
approval. However objections to its adoption may be served by a
shareholder or shareholders holding in aggregate 5% or more of the
total allotted shares of the Company, in writing, to James Hedges,
the Company's Finance Director at the registered office at Lydden
House, Wincombe Business Park, Shaftesbury, SP7 9QJ not later than
4 April 2016.
For further information please contact:
Trakm8 Holdings plc +44 1747 858444
John Watkins, Executive Chairman
James Hedges, Finance Director
MHP Communications (Financial
PR to Trakm8) +44 20 3128 8100
Reg Hoare / Jade Neal / Charlotte
Coulson
finnCap (Nomad & Broker to
Trakm8) +44 20 7220 0500
Ed Frisby / Simon Hicks -
corporate finance
Joanna Scott - corporate broking
NOTES TO EDITORS
About Trakm8
Trakm8 Group is a UK based Big Data company utilising telematics
as their primary enabler. Through IP owned technology, over two
billion miles worth of data is collected annually through their
fleet management solutions to create and fine tune algorithms used
to score driver behaviour, monitor vehicle health and continuously
improve the security and operational efficiencies of customers'
vehicles.
With its headquarters in Dorset and a manufacturing facility in
the West Midlands, the Group supplies a number of well-known
customers in the fleet management and insurance sectors across the
UK and further afield including customers such as the AA, Saint
Gobain, EON, Direct Line Group and Young Marmalade.
The Group's portfolio offers complete telematics solutions,
which since the acquisition of the assets of DCS Systems, includes
dashboard cameras that enable customers to record driving incidents
and mitigate the risk from "crash to cash" accidents. This is
complemented through a comprehensive hardware range, which includes
a self-install unit that is one of the smallest available on the
global market.
Recently, the Group acquired Route Monkey, significantly
enhancing the Group's Logistics solution which offers both route
scheduling and optimisation, including routing for Electric
Vehicles.
Trakm8 has been listed on the AIM market of the London Stock
Exchange since 2005.
www.trakm8.com / @Trakm8
This information is provided by RNS
The company news service from the London Stock Exchange
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