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(Correcting the operating profit, which was previously categorised as earnings before interest, tax, depreciation and amortisation)
LONDON (Alliance News) - Tracsis PLC Wednesday increased its dividend for the last financial year after reporting record revenues and a small rise in profit with most of its divisions reporting year-on-year rises in sales.
The provider of software and technology led products and services for the traffic data and transportation industry reported a rise in pretax profit in the year ended July 31 to GBP4.5 million from GBP4.2 million a year ago as revenue rose to GBP25.4 million from GBP22.4 million.
Tracsis said that is a record revenue figure for the company and said both revenue and its pretax profit were ahead of internal and market expectations.
That led the company to pay a final dividend of 0.6 per share, pushing its full year dividend to 1.0 pence per share, which is up 25% from the 0.8 pence paid in the last financial year.
Tracsis said all of its divisions performed well in the year against a background of "dynamic transport markets undergoing significant growth and structural change".
Despite the considerable rise in revenue, its cost of sales remained broadly flat at GBP9.6 million from GBP9.5 million, improving its gross profit to GBP15.8 million in the year compared to GBP12.8 million a year ago.
Partially eating up the revenue rise was an increase in administrative costs to GBP11.3 million from GBP8.6 million.
Adjusted earnings before interest, tax, depreciation, amortisation and exceptional items came in at GBP6.5 million, rising from GBP5.4 million.
Tracsis reported GBP714,000 in amortisation costs compared to GBP460,000 a year earlier, depreciation increased to GBP724,000 from GBP431,000 and share-based payment charges rose to GBP623,000 from GBP315,000. They were partially offset by a GBP31,000 exceptional item from the last financial year not being repeated.
That gave the company an operating profit from continuing operations of GBP4.5 million, still up from GBP4.2 million a year ago.
In terms of operational performance, its software division saw revenue rise to GBP5.6 million in the year from GBP2.8 million, boosted by the first full year of contribution from the company's acquisition of Datasys in May 2014 and high levels of contract renewals.
Its professional services division saw revenue experience a small lift to GBP2.0 million from GBP1.8 million and Tracsis said its consultancy offering is "broader and more diverse".
The remote condition monitoring division was an exception after reporting a fall in revenue to GBP3.0 million from GBP5.8 million, which Tracsis said was due to the very strong performance in 2014 rather than a weak performance in 2015.
Its traffic and data services division, its largest segment by revenue, saw sales rise to GBP14.8 million from GBP12.0 million after macroeconomic conditions in the UK "remained positive", it invested in further technology innovation and proactive account management.
"Looking ahead, Tracsis remains well placed to benefit from a growing UK traffic and transport industry and will continue to develop our overseas footprint which we believe remains a significant opportunity for the future. In the meantime we will, as ever, continue to diversify our technology portfolio through working hand in glove with our customers and making the right acquisitions as and when these present themselves," said Chairman Chris Cole.
Tracsis shares were down 0.6% to 440.0 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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