Telematics start-up recorded £1.3m loss in development year
Telematics broker Ingenie has said it became profitable this year after turnover passed £1m in its first year of trading.
Sales rocketed from £41,761 to £1.2m in 2012, but it recorded a pre-tax loss of £1.3m (2011: £676,395), according to results filed at Companies House.
Administrative expenses increased from £694,657 to £1.7m last year, which was partly a development and pilot year for the company founded in 2011.
Ingenie also wrote down £600,000 from a software licence that it cannot currently use and recorded a £500,000 profit on disposal of a fixed-asset investment.
An Ingenie spokesman said its board and investors saw the results as “extremely positive” and that it turned over monthly profits in the first half of 2013.
“The company is meeting its budget predictions and growth forecasts. This remains true when including the write-down on software development that’s within our most recent results.
“In all, this represents excellent progress for a start-up that’s been operational for 18 months,” he added.
The company launched in 2011 and has Ageas and RSA on its insurer panel. It is co-owned by chief executive Richard King (pictured), who set up The Innovation Group with Quindell founder Rob Terry. It also enjoys financial backing from Gary Lineker (pictured) and Williams F1 chairman Adam Parr.
Quindell increased its stake in Ingenie from 19% to 43% in September in a deal that valued Ingenie at £50m.
Quindell also invested £8m cash into Ingenie’s two new projects to launch in Canada, and target drivers over 25 in the UK.
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