Tracsis PLC – Interim Results

Tracsis plc (AIM: TRCS), a leading provider of software and services for the rail, traffic data and wider transportation industries, is pleased to announce its interim results for the six months ended 31 January 2019. 

Financial Highlights:

• The Group continues to trade well, with a further period of profitable growth
• Key financial metrics now reported under IFRS 15 and compared to last year are summarised as follows:

• Cash balances at 31 January 2019 of £18.7m (31 July 2018: £22.3m, 31 January 2018: £18.5m)
• The business remains debt free with strong cash flow and cash conversion
• Proposed interim dividend increased by 14% to 0.8p per share (2018: 0.7p)

Operational Highlights:

• Five-year Framework Agreement secured with a major Train Owning Group for our TRACS Enterprise product – Tracsis’ largest software contract to date
• Acquisitions of Compass Informatics Limited (“Compass”) and Cash & Traffic Management Limited (“CTM”) completed in the period (January 2019) – full impact will be felt in H2
• Significant investment made in rail technology software development
• Remote Condition Monitoring business has traded well
• Ontrac and Travel Compensation Services secured new multi-year software deals with UK rail clients
• Traffic & Data Services division margin improvement strategy continues, and the division traded in line with expectations.
• Chris Barnes joined the Group on 4 February as CEO Designate and will succeed John McArthur on 1 May as Group CEO

John McArthur, Chief Executive Officer, commented:

“This was another busy period for the Group and we have made good progress in delivering to our strategy of organic and acquisitive growth. We were pleased to have completed two acquisitions in the period which will benefit the second half of the financial year, and also secured a significant software contract which is strategically important for Tracsis and the wider rail industry. The Directors are pleased with the results for the period and the business is well placed to deliver full year results in line with market expectations, with the second half of the year expected to be stronger given the seasonality in the business and the contribution from the newly acquired businesses.”