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Expose: TrakM8 needs to restate results announced yesterday thanks to PWC Screw-up

By Tom Winnifrith, The Sheriff of AIM | Tuesday 9 July 2019


Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


The critical point about yesterday’s full year numbers from TrakM8 (TRAK) is that they show a company with zero earnings visibility, burning cash and with a drowning in debt balance sheet which is thinner than an Ethiopian super model when it comes to tangible net asset backing. I do not wish to sound like an accosting pedant and geek but there is another issue: auditors PWC Southampton have screwed up and the numbers need to be corrected and re-issued. Let me explain:

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