Trakm8 Holdings PLC (AIM:TRAK) shares fell around 35% in Wednesday morning’s deals after reporting a profit warning.
Ahead of results, for the year ending 31 March, the data company – which tracks and measures vehicles for insurance companies, and other customers – cited the loss of a major contract and continuing weakness in the insurance sector.
It is now expecting to report a ‘near 10%’ decline in revenue for the financial year.
Away from insurance, the company said its fleet telematics services had continued to perform well.
In London, Trakm8 shares dropped 35.7% to change hands at 3.05p.