TIDMTRAK
RNS Number : 2376Q
Trakm8 Holdings PLC
28 November 2016
28 November 2016
TRAKM8 HOLDINGS PLC
("Trakm8" or "the Group")
Half Year Results
Investing for Continuing Growth
Trakm8 Holdings plc, the AIM-listed telematics and data insight
provider to the global market place, announces its unaudited
results for the six months ended 30 September 2016:
Financial Highlights
6 months 6 months Year to Change
to to 30.09.15 31.03.16
30.09.2016 Unaudited Audited
Unaudited GBP000 GBP000
GBP000
Revenue 13,181 11,726 25,649 12%
of which, recurring revenue(1) 4,687 3,976 8,309 18%
Operating profit 362 1,282 3,111 -72%
Adjusted operating profit(2) 589 1,519 3,921 -61%
Cash generated from operating
activities 128 1,336 4,447 -90%
Profit before tax 282 1,241 3,004 -77%
Adjusted earnings per share(2) 1.58p 5.08p 13.44p -69%
Basic earnings per share 0.88p 4.26p 11.15p -79%
-- Orders received increased by 24%, including organic growth of 17%
-- 13% Solutions organic revenue growth (excluding acquisitions)
-- 12% Products organic revenue growth (excluding acquisition
and contract manufacturing eliminations)
-- Adjusted operating profit affected by significant increased
investment in sales, marketing and engineering resource
-- Cash flow impacted by lower profitability and ongoing move to
software as a service (SaaS) financial model
-- Net debt3 rose to GBP4.40m (2015: GBP2.23m)
(1) Fees from service and data
(2) Adjustment for exceptional costs of acquisitions and share
based payments
(3) Total borrowings less cash
Operating highlights
-- Investment for future growth:
o Significant additional investment in sales, marketing and
engineering resource totalling c.GBP1.5m
o Introduction of highly innovative new technologies into
production now in test with major customers
o Acquisition of Roadsense Technology Ltd ("Roadsense") in
August 2016, a specialist in telematics for the SME market
-- UK installed base continues to grow strongly from existing and new customers:
o approximately 177,000 units (Sept 2015: 131,000 units)
reporting to our servers, and an increase of 27,000 units (18%)
since last year end
-- New contract awards and extensions with major clients
including with Scottish Power, Kubota UK, BT Fleet, Shell and
Allianz
-- Deliberate reduction in contract electronic manufacturing to
provide capacity for more in house product build
Current trading
-- Exchange rate movements have increased annual costs by c. GBP0.5m, as previously announced
-- Strong contract pipeline provides visibility:
o Contract win post period end with Smart Drivers Club, as
separately announced today
o Largest ever pipeline of substantial new contracts in place as
a result of increased sales and marketing activity
-- Outlook:
o H2 weighting is expected to be more pronounced than previous
years
o Outcome for full year subject to quantum and timing of
contract wins
John Watkins, Executive Chairman of Trakm8 said:
"Trakm8 has had another period of growth from existing and new
customers. The installed base of devices reporting to our servers
continues to increase and these growing recurring revenues are the
core of Trakm8's business model and financial security.
"First half profitability has been impacted as expected due to
the Group's seasonality and by significantly increased investment
in sales, marketing and engineering.
"The outcome for the full year remains subject to the timing and
quantum of contract opportunities as well as the impact of exchange
rate movements. Strong delivery of our near term pipeline would
deliver revenues and profits in line with current expectations,
although there is a downside risk that if contracts drift into the
next financial year profits would be broadly in line with last year
on higher revenues.
"Subsequent years are expected to benefit from recent
investments in growth initiatives and the growth of the telematics
market."
For further information, please visit www.trakm8.com or
contact:
Trakm8 Holdings plc
John Watkins, Executive Chairman
James Hedges, Finance Director 01747 858 444
MHP Communications
Reg Hoare / Jade Neal 020 3128 8100
finnCap (Nominated Adviser and Broker)
Ed Frisby / Simon Hicks - Corporate finance
Joanna Scott - Corporate broking 020 7220 0500
About Trakm8
Trakm8 is a UK based Big Data company utilising telematics as
its primary enabler. Through IP owned technology, over three
billion miles worth of data is collected annually through its 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
including 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.
The Group has recently acquired both Route Monkey and Roadsense
Technologies Ltd. Route Monkey has enhanced Trakm8's logistics
solution offering route scheduling and optimisation, including
routing for electric vehicles. Roadsense has been acquired to
strengthen the Group's presence in the SME fleet management
market.
Trakm8 has been listed on the AIM market of the London Stock
Exchange since 2005.
www.trakm8.com / @Trakm8
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Executive Chairman's Statement
Results
I am pleased to report Trakm8's results for the six months ended
30 September 2016.
Revenues grew 12% in the period to GBP13.18m (2015: GBP11.73m).
This comprises 23% growth in Trakm8's core Solutions business to
GBP9.69m (2015: GBP7.91m). Products sales reduced by 8% to GBP3.49m
(2015: GBP3.81m) reflecting a deliberate policy of reducing low
margin contract manufacturing activity. Last year's acquisitions of
Route Monkey (included in Solutions) and Roadhawk (included in
Products), and this year's Roadsense, added GBP1.17m of revenues.
Excluding all these impacts, organic revenue growth was 13%.
The value of new orders received during the period continued the
good trend of recent years and were up by 24%. Organic growth was
17%. This reinforces the confidence we have that strong organic
revenue growth can be delivered for the full year.
During the period we made a deliberate decision to again
increase investment for future growth given the potential
opportunities we see ahead, with significant year on year increases
in engineering, sales and marketing expenditure totalling GBP1.5m.
As a result total costs (excluding exceptional costs) rose by 44%
year on year at GBP5.98m (2015: GBP4.15m); this led to adjusted
operating profit being reduced by 61% to GBP0.59m (2015: GBP1.52m).
Adjusted operating profit excludes the share based payment charge
of GBP0.13m and exceptional costs of GBP0.10m. Adjusted earnings
per share has reduced by 69% to 1.58p (2015: 5.08p).
Total recurring revenues increased by 18% during the period to
GBP4.69m (2015: GBP3.98m), which are generated from increased
numbers of units reporting to our servers. These revenues remain
the core of the Group's business model and financial security.
Gross margin percentages have been impacted by the exchange rate
induced cost of components but despite this the gross margin has
remained very much in line with last year.
Acquisitions
Our recent acquisitions have performed satisfactorily but not
yet to their full potential. Route Monkey is still a projects based
business and had a quieter period for revenues than the strong
performance in the latter months of our last financial year when it
was acquired. Revenues were GBP0.63m plus grant income of GBP0.15m
and operating profits were GBP0.20m. However, strong order entry of
GBP1.7m and excellent future contract pipeline development has
taken place.
The digital camera business, Roadhawk, also made a positive
contribution and recent cross selling by the corporate and reseller
teams has been good. Revenues were GBP1.11m, and operating profit
was GBP0.12m. Our forthcoming integrated 4G camera and telematics
product is a significant step forward in our camera technology.
Roadsense with just two months trading as part of the Group did
not contribute materially to the business but did secure new orders
well ahead of expectations.
Overheads
Overheads have increased significantly reflecting our investment
in Trakm8's future growth. In part this is due to the acquisitions
of the Roadhawk business, Route Monkey and Roadsense GBP0.68m
additional overhead than the same period last year) but it also
reflects the investment of over GBP0.6m with ten additional heads
in the sales teams and an increase in marketing spend compared to
the same period last year. This investment largely took place in
the early months of the half year and due to the lag between sales
investments and revenues has had a negative impact on
profitability. However, as a consequence, the pipeline of new
substantial opportunities is considerably greater than ever
before.
In addition, we have continued to expand the engineering team
with our spend circa GBP0.9m greater than the same period last
year. Whilst we have capitalised much of this investment, the Group
has also expensed more this period than last year. There are
several outstanding new products and solutions in the final stages
of development with the potential to generate significant future
revenues. In particular, the new integrated 4G camera and
telematics product has created great interest and we have been
having discussions with several existing clients keen to be the
first to run trials of the system.
Financial position
Net cash generated from operating activities was GBP0.13m (2015:
GBP1.34m). This decrease was due to lower profits but also an
increase in our working capital requirements due to the gradual
move of a number of customers to a software as a service (SaaS)
financial model (principally in fleet telematics); in these cases
the customer pays solely a monthly rental fee rather than including
a one off amount for hardware at the start of the contract. As
Trakm8 incurs its manufacturing and installation costs at the start
of the contract, this results in an initial mismatch of costs and
cash flows.
Route Monkey moved to the SaaS model this year to satisfy
customer demand, a year in advance of our plans; and the largest
contract won in the period was also on a SaaS basis and had a
significant cash impact. As the transition of more customers to the
SaaS model takes place, we anticipate a lower level of cash
generation this year and next year, with stronger cash flows
accruing the following year.
In any event, Trakm8 has historically been more cash generative
in its second half and we expect this characteristic to be repeated
this year given the pronounced second half weighting of revenues
and profitability we expect.
In total there was a net cash outflow in the six months of
GBP2.43m which also reflected the acquisition of Roadsense
(GBP0.76m) and the payment of our inaugural dividend to
shareholders (GBP0.65m). Our net debt as at September 2016 was
GBP4.40m (2015: GBP2.23m) including GBP1.44m of cash (2015:
GBP1.42m). In addition, the Group retained at 30 September 2016 an
undrawn facility of GBP3.80m at HSBC.
Operations
During the period we devoted much of our engineering resource on
delivering three major new product lines: a next generation T10
Micro; the fully integrated 4G Camera/Telematics units; and our
Connected Car solution. These products are using cutting edge
technology and have had engineering challenges to overcome that
have resulted in delays to our original time lines. We expect some
of these new revenues to be earned in the second half with the rest
now deferred into later periods.
We implemented a change in engineering leadership during the
period and invested in additional engineers and the subsequent
progress on project delivery has been excellent.
The integration of the route and scheduling optimisation into
the Fleet Management solution has gone well and we have secured
orders for this from four Trakm8 customers already.
The integration of all aspects of the businesses into a single
functionally managed business has now been completed and
increasingly all activities will trade under the single Trakm8
brand.
We continue to invest in human resources with over 20 new
colleagues employed since the end of the last financial year.
We analyse our revenues in two ways:
Solution Sales
This area of sales comprises Fleet Management, Optimisation,
Insurance and Vehicle Service Solution revenues including
associated engineering services.
Recurring revenues from this base have grown by 18% to GBP4.69m
(2015: GBP3.98m) and represent 36% of Group revenues. At the period
end we had approximately 177,000 units (Sept 2015: 135,000 units)
reporting to our servers, being an increase of 31% over last year.
This is an increase of 27,000 units (18%) since 31 March 2016.
Since March 2016 Fleet units installed have increased by 9,000
units to 67,000 (including Roadsense Technology), whilst Insurance
increased by 18,000 to 110,000.
In addition, there were several customer funded engineering
projects completed during the period.
Overall, Solution sales were 22% greater than the same period of
2015 at GBP9.69m (2015: GBP7.91m) and represent 74% of Group
revenue (2015: 68%).
We have a record high level of significant opportunities in the
pipeline as a result of the expansion of the sales teams. We
anticipate that revenues will continue to grow strongly in this
area.
Product Sales
This area of sales comprises all the hardware revenues from our
sales to other telematics integrators, camera unit sales and sales
to our contract manufacturing services customers.
Total revenues amounted to GBP3.49m (2015: GBP3.81m)
representing 26% of the Group total and a reduction of 9% on last
year (2015: GBP3.81m). This decrease in sales of products reflects
the continuing process of elimination of a number of lower margin
contract manufacturing service customers to focus on core
telematics device shipments to our Solutions customers. Included in
this rationalisation was the impact of one former low margin
customer representing GBP1m of revenues alone.
In addition, during the period, Box Telematics manufactured 31%
more product for Trakm8 amounting to GBP2.39m of Group revenue
(2015: GBP1.82m). We are making a well-planned transition in this
area.
Strategy
The Group has been following the strategy outlined in the 2016
Annual Report. Our focus is to provide ever more meaningful
insights to our customers using the data generated by our installed
devices so that they can run their operations more efficiently and
safely.
We continue to seek to increase the number of installed devices
reporting to our servers in order to generate long term, recurring
revenues. We will continue to own the majority of IP in our value
chain and are investing heavily in our technology to ensure we
remain at the leading edge of the telematics industry. We also
continue to seek complementary acquisitions that will add to our
organic growth and market share.
We believe that the market opportunity is extraordinary - the
telematics industry and Trakm8 within it sits at the centre of
several megatrends: big data analysis, cloud computing, the
connected car, the internet of things, and mobility. The market for
fleet management solutions is expected to grow at double digits
annually, doubling in the five years to 2020, according to recent
third party reports. Trakm8 is investing in resources to take
advantage of this growth, both in the UK and in new international
markets, including China, where a new subsidiary is currently being
established to support existing and potential customers.
Dividend
Following the payment of a maiden dividend for our last
financial year, which was paid in September 2016, the Board
reiterates its commitment to dividend payments going forward
subject to the Group's financial performance and prospects. The
Board therefore intends announcing a proposed dividend for the
current financial year at the time of the announcement of the
Group's final results in July 2017.
Outlook
We anticipate a much stronger second half with the weighting of
revenue, profit and cash flow more pronounced than in recent years.
We expect to benefit from the investments made in the first half in
sales and marketing and new products. Exchange rate movements since
the EU Referendum in June 2016 are a drag on profitability given
many of our components are priced in US$ and we anticipate that the
full year impact will be GBP0.5m, subject to rates during the
remainder of the financial year.
With our largest ever pipeline of substantial new contracts in
place as a result of increased sales and marketing activity,
international expansion and the contract win announced today with
Smart Drivers Club, we have good visibility to support our growth
aspirations.
The outcome for the full year remains subject to the timing and
quantum of contract opportunities as well as the impact of exchange
rate movements. Strong delivery of our near term pipeline would
deliver revenues and profits in line with current expectations,
although there is a downside risk that if contracts drift into the
next financial year profits would be broadly in line with last year
on higher revenues.
We anticipate subsequent years will benefit from recent
investments in growth initiatives and the growth in the telematics
market.
JOHN WATKINS
Executive Chairman
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
for the six months to 30
September 2016
Six months
to 30 September Six months to 30 September Year to 31 March
2016 2015 2016
Unaudited Unaudited Audited
Note
Continuing operations GBP'000 GBP'000 GBP'000
Revenue 13,181 11,726 25,649
Cost of sales (6,888) (6,140) (13,252)
Gross profit 6,293 5,586 12,397
Other income 148 - 81
Administrative expenses
excluding exceptional costs (5,983) (4,145) (8,755)
Exceptional administrative costs 6 (96) (159) (612)
Total administrative costs (6,079) (4,304) (9,367)
Operating Profit 362 1,282 3,111
Finance income - - 1
Finance costs (80) (41) (108)
Profit before taxation 282 1,241 3,004
Income tax - - 341
Profit attributable to the
owners of the parent 4 282 1,241 3,345
Other Comprehensive Income
Items that may be subsequently
reclassified to profit or loss:
Currency translation differences - - 4
Total other comprehensive income - - 4
-------------------- --------------------------- ------------------
Total Comprehensive Income for
the period attributable to
owners of the parent 282 1,241 3,349
-------------------- --------------------------- ------------------
Adjusted Operating Profit 5 589 1,519 3,921
---------------------------------- ----- -------------------- --------------------------- ------------------
Basic earnings per share (pence) 7 0.88 4.26 11.15
Diluted earnings per share
(pence) 7 0.84 4.00 10.27
CONSOLIDATED STATEMENT OF
CHANGES
IN EQUITY
for the six
months to 30
September 2016
Share Share Merger Translation Treasury Retained Total equity
capital premium reserve reserve reserve earnings attributable
to owners
of the
parent
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance as at 1
April 2015 290 3,757 510 196 (12) 2,254 6,995
------------ ------------- ------------ ------------ ------------ ------------ -------------
Comprehensive
income
Profit for the
period - - - - - 1,241 1,241
------------ ------------- ------------ ------------ ------------ ------------ -------------
Total
comprehensive
income - - - - - 1,241 1,241
Transactions with
owners
Shares issued 11 129 - - - - 140
Sale of own
shares - 73 - - 7 - 80
IFRS 2 Share
based payments - - - - - 78 78
Transactions with
owners 11 202 - - 7 78 298
------------ ------------- ------------ ------------ ------------ ------------ -------------
Balance as at 30
Sept 2015 301 3,959 510 196 (5) 3,573 8,534
------------ ------------- ------------ ------------ ------------ ------------ -------------
Comprehensive
income
Profit for the
period - - - - - 2,104 2,104
Other
comprehensive
income
Exchange
differences on
translation
of overseas
operations - - - 4 - - 4
Total
comprehensive
income - - - 4 - 2,104 2,108
------------ ------------- ------------ ------------ ------------ ------------ -------------
Transactions with
owners
Shares issued 19 5,982 612 - - - 6,613
Share placing
fees - (300) - - - - (300)
Reclassification - - - - - - -
of previous
Treasury Share
Transactions
Reclassification
of Sale
of own shares - - - - - - -
IFRS2 Share based
payments - - - - - 120 120
------------ ------------- ------------ ------------ ------------ ------------ -------------
Transactions with
owners 19 5,682 612 - - 120 6,433
------------ ------------- ------------ ------------ ------------ ------------ -------------
Balance as at 31
March 2016 320 9,641 1,122 200 (5) 5,797 17,075
------------ ------------- ------------ ------------ ------------ ------------ -------------
Comprehensive
income
Profit for the
period - - - - - 282 282
Total
comprehensive
income - - - - - 282 282
------------ ------------- ------------ ------------ ------------ ------------ -------------
Transactions with
owners
Shares issued 5 90 - - - - 95
Equity dividends
paid by
the company - - - - - (649) (649)
IFRS2 Share based
payments - - - - - 131 131
------------ ------------- ------------ ------------ ------------ ------------ -------------
Transactions with
owners 5 90 - - - (518) (423)
------------ ------------- ------------ ------------ ------------ ------------ -------------
Balance as at 30
Sept 2016 325 9,731 1,122 200 (5) 5,561 16,934
------------ ------------- ------------ ------------ ------------ ------------ -------------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 September 2016
30 September 30 September 31 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Non-current assets
Intangible assets 15,990 6,379 13,996
Plant, property and equipment 1,839 1,656 1,573
Deferred income tax asset 801 666 801
18,630 8,701 16,370
------------- ------------- ---------
Current assets
Inventories 2,542 2,579 2,259
Trade and other receivables 7,593 4,588 7,620
Cash and cash equivalents 1,439 1,423 3,871
11,574 8,590 13,750
------------- ------------- ---------
Current liabilities
Trade and other payables (6,827) (4,655) (7,541)
Borrowings (1,017) (609) (981)
Provisions (92) (92) (92)
(7,936) (5,356) (8,614)
------------- ------------- ---------
Current assets less current liabilities 3,638 3,234 5,136
------------- ------------- ---------
Total assets less current liabilities 22,268 11,935 21,506
------------- ------------- ---------
Non-current liabilities
Trade and other payables (448) (309) (395)
Borrowings (4,826) (3,044) (3,976)
Provisions (60) (48) (60)
(5,334) (3,401) (4,431)
------------- ------------- ---------
Net assets 16,934 8,534 17,075
------------- ------------- ---------
Equity
Note
Share capital 7 325 301 320
Share premium 9,731 3,959 9,641
Merger reserve 1,122 510 1,122
Translation reserve 200 196 200
Treasury reserve (5) (5) (5)
Retained earnings 5,561 3,573 5,797
Total equity attributable to owners of the parent 16,934 8,534 17,075
------------- ------------- ---------
CONSOLIDATED CASH FLOW STATEMENT
for the six months to 30 September 2016
Six months
to Six months to Year to
30 September 30 September 31 March
2016 2015 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Net cash generated from operating activities 9 128 1,336 4,447
------------- -------------- ---------
Cash flows from investing activities
Interest received - - 1
Acquisition of subsidiary undertaking (net of cash) (763) (3,275) (7,698)
Purchases of property, plant and equipment (324) (505) (529)
Purchases of software (255) - (79)
Proceeds from sale of plant - 47 -
Capitalised Development costs (1,455) (581) (1,852)
Net cash used in investing activities (2,797) (4,314) (10,157)
------------- -------------- ---------
Cash flows from financing activities
Issue of new shares 80 140 5,840
Sale of treasury shares - 80 80
New bank loan 1,200 1,000 6,000
New hire purchase contract 177 102 126
Interest paid (80) (41) (108)
Repayment of loans (474) (288) (5,752)
Repayment of obligations under hire purchase agreements (17) - (13)
Dividend paid (649) - -
Net cash generated from financing activities 237 993 6,173
------------- -------------- ---------
Net (decrease) / increase in cash and cash equivalents (2,432) (1,985) 463
Cash and cash equivalents at beginning of period 3,871 3,408 3,408
Cash and cash equivalents at end of period 1,439 1,423 3,871
------------- -------------- ---------
Notes to the financial information (unaudited)
1. The financial information contained in this interim statement has not been
audited or reviewed by the Group's auditor and does not constitute statutory
accounts as defined in Section 434 of the Companies Act 2006. The Directors
approved and authorised this interim statement on 25 November 2016. The financial
information for the preceding full year is extracted from the statutory accounts
for the financial year ended 31 March 2016. Those accounts, upon which the auditor
issued an unqualified opinion and did not include a statement under Section
498(2) or (3) of the Companies Act 2006, have been delivered to the Registrar
of Companies.
2. Trakm8 Holdings PLC ("Trakm8") is a public limited company incorporated in
the United Kingdom under the Companies Act 2006. Trakm8 is domiciled in the
United Kingdom and its ordinary shares are traded on AIM, the market operated
by the London Stock Exchange plc.
3. As permitted this Interim Report has been prepared in accordance with UK
AIM Rules for Companies and not in accordance with IAS 34 "Interim Financial
Reporting" and therefore is not fully in compliance with IFRS. The Interim results
have been prepared in a manner consistent with the accounting policies set out
in the statutory accounts for the financial year ending 31 March 2016.
4. Profit per ordinary share attributable to the owners of the
parent
Six months
to Six months to Year to
30 September 30 September 31 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Profit attributable to the owners of the parent 282 1,241 3,345
------------- -------------- ---------
5. Adjusted operating profit
Adjusted Operating Profit is monitored by the Board and measured
as follows:
Operating profit 362 1,282 3,111
Exceptional administrative costs 96 159 612
Share based payments 131 78 198
589 1,519 3,921
------------- -------------- ---------
6. Exceptional costs
Six months
to Six months to Year to
30 September 30 September 31 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Exceptional costs (96) (159) (612)
------------- -------------- ---------
On 1 August 2016 Trakm8 Holdings PLC completed the acquisition of the entire
share capital of Roadsense Technology Ltd. The exceptional costs related to
costs incurred in connection with the Groups acquisitions.
7. Shares in issue
Weighted average number of ordinary shares in issue:
Six months
to Six months to Year to
30 September 30 September 31 March
2016 2015 2016
Unaudited Unaudited Audited
No. No. No.
'000 '000 '000
Basic 32,315 29,124 30,001
Diluted 33,714 30,611 32,572
------------- -------------- ---------
Adjusted earnings per share 1.58p 5.08p 13.44p
Adjusted for Exceptional costs and Share based payments
8. Acquisition of share capital of Roadsense Technology Ltd
On 1 August 2016 Trakm8 acquired the entire share capital of Roadsense
Technology Limited which specialises in the sale and distribution of telematics
devices for the motor vehicle market.
An initial review of the assets acquired is detailed
below:-
GBP'000
Intangible assets 100
Tangible assets 100
Inventories 38
Debtors 62
Creditors (187)
--------
Net assets acquired 113
Goodwill 665
Total consideration 778
========
Satisfied by:-
Fair value of shares in the Company 15
Cash 763
778
========
9. Reconciliation of cash flows from operating activities:
Six months
to Six months to Year to
30 September 30 September 31 March
2016 2015 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Net profit before taxation 282 1,241 3,003
Adjustments for:
Depreciation 158 120 232
Bank and other interest charges 80 41 107
Amortisation of intangible assets 481 282 656
Share based payment expense 131 78 198
Operating cashflows before movement in working capital 1,132 1,762 4,196
Retranslation of overseas operations - 1 3
Movement in inventories (245) (360) (39)
Movement in trade and other receivables (35) 443 (1,211)
Movement in trade and other payables (867) (510) 1,486
Movement in provisions - - 12
Cash generated from operations (15) 1,336 4,447
Income taxes received 143 - -
Net cash inflow from operating activities 128 1,336 4,447
------------- -------------- ---------
10. Copies of the report are available on the Group's website www.trakm8.com
and also from the registered office of Trakm8 Holdings PLC. The address
of the registered office is: Lydden House, Wincombe Business Park, Shaftesbury,
Dorset, SP7 9QJ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FDLLLQFFZFBL
(END) Dow Jones Newswires
November 28, 2016 02:00 ET (07:00 GMT)
Trakm8 (LSE:TRAK)
Historical Stock Chart
From Mar 2024 to Apr 2024
Trakm8 (LSE:TRAK)
Historical Stock Chart
From Apr 2023 to Apr 2024
