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AIM-listed telematics provider Trakm8 (LON:TRAK) has posted a pre-tax loss of £2.9 million for the six months ended 30th September, a dramatic drop from the £120,000 profit earned during the same period of last year. Revenues for the period also fell by 38% to £8.8 million.
The company warned that the expected improvement in performance during the second half had not materialised and management expect that full year revenues will be around 25% lower than the last.
The share price of Trakm8 plummeted by 65.31% to 22.38p (as of 15:00 GMT).