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(Sharecast News) - Transport technology specialist Tracsis reported robust growth, as well as a strong financial position, in a full-year trading update on Wednesday.
The AIM-traded company said trading throughout the 12 months ended 31 July met the board's forecasts, with reported group revenue showing a significant rise of 19% to top £81.5m.
That was a clear uptick from the prior year's revenue of £68.7m.
Furthermore, the group's adjusted EBITDA was estimated at around £16m, up from £14.2m in 2022.
However, there was a slight dip in cash balances at year-end, which stood at £15.3m, compared to £17.2m a year earlier.
The decrease was put down to £9.5m in cash outflows during the year, which pertained to both contingent and deferred considerations, and were in line with expectations.
Tracsis said the considerations were primarily linked to strong performance metrics from prior acquisitions.
With all significant earn-outs settled, Tracsis said it had maintained a solid cash position, setting the stage for it to further enhance its technology offerings and consider more acquisitions.
One of the primary drivers of Tracsis' performance, the board said, was the rail technology and services division, which recorded impressive growth within the UK thanks to the rollout of multiple large-scale software-as-a-service contracts for train operators and Network Rail.
Even with the challenges of industrial disputes and the delayed transition to the new Great British Railways structure, the firm said there was a notable surge in the use of rail technology software licences, and recurring annual revenue.
This division's success was not confined to the UK, however, as North America also reported significant growth, as the push from the US government's infrastructure spending bill had fast-tracked technological investments in the sector.
Tracsis said it was reaping the benefits, noting positive sales momentum with various stakeholders including transit and freight operators and rail-served ports and industrials.
The company added that it was keen on widening its product range to accommodate the growth.
Finally, the data, analytics, consultancy and events division exceeded revenue growth projections.
New contract gains in data analytics and sustained demand for expert consultancy services were contributing factors.
Furthermore, the post-Covid lockdown period saw a resounding recovery for the events and traffic data businesses, adding another layer of growth for Tracsis.
"In order to continue providing a solid platform for ongoing scalable growth, the group has continued to integrate its activities, technologies and operating model," the Tracsis board said in its statement.
"Alongside this, technology investment has increased to accelerate future growth which will continue through the forthcoming financial year.
"As a group, we expect the weighting of growth to be in the second half of the next financial year as we continue to grow our pipeline and deliver a large orderbook of work."
At 1127 BST, shares in Tracsis were down 2.15% at 773p.
Reporting by Josh White for Sharecast.com.