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LONDON (Alliance News) - Tracsis PLC on Monday said trading in the first half of its year was in line with management expectations and both revenue and adjusted profit will be higher than the year before.
The traffic data and transportation services firm expects to post revenue of around GBP19 million for the six months to January 31, rising % from GBP18.1 million the prior year.
The company did not provide estimates for its earnings before interest, taxation, depreciation, and amortization or its adjusted profit, but both are set to beat, respectively, the GBP4.3 million and GBP3.9 million figures recorded last year.
As at January 31, Tracsis's cash balance stood a GBP18.7 million versus GBP22.3 million on July 31 and GBP18.5 million year-on-year. This cash balance is after the final payment for its 2016 Ontrac acquisition.
According to Tracsis, trading was "busy" throughout the first half of its year. In January, the company announced a five-year framework agreement with an undisclosed "major train owning group". Tracsis said roll our for this agreement is already underway and revenue is expected from the second half of its financial year onwards.
"In line with our product road map, the group continues to invest in our technology stack and is making excellent progress developing the next generation of planning products for the transport industry. The group's pipeline of acquisition opportunities remains strong," Tracsis said.
"As announced previously, Chris Barnes, [Chief Executive Designate] joined Tracsis on 4 February 2019 and the transitioning process from John McArthur is well underway and proceeding to plan," Tracsis added.
Shares in Tracsis were up 1.7% at 650.00 pence on Monday.
