Tracsis Share News (TRCS)

LONDON (Alliance News) - Tracsis PLC hiked its dividend Wednesday its interim profit rose on the back on strong revenue growth as it remains confident in delivering in line with market expectations in the second half of the year.

For the six months ended January 31, pretax profit expanded to GBP2.4 million from GBP1.8 million the year prior. This was after revenue rose to to GBP18.1 million from GBP15.6 million the year prior.

Tracsis - a traffic data software firm - proposed a 0.7 pence per share interim dividend, up 17% from 0.6p the year prior.

"I am very pleased with the group's performance in H1 and all key financial and operational metrics were comfortably ahead of the previous year, with good progress being made on a number of strategic initiatives which culminated in the acquisition of TCS and DRS," Tracsis Chief Executive Officer John McArthur said.

In February, Tracsis agreed to acquire rail delay compensation firms Travel Compensation Services Ltd and Delay Repay Sniper Ltd for an undisclosed sum. Tracsis did issue, however, shares worth around GBP151,400 as part of the deal.

"Looking ahead to the second half, given the strength of our trading coupled with the number of new opportunities in play, the group is confident of delivering full year results in line with market expectations", McCarthur added.

"The group has performed well in the period and a number of interesting and exciting opportunities remain ongoing," McArthur and Chairman Chris Cole said . "The management team is confident of delivering a second half performance in line with market expectations and that is the focus in the months ahead."

"The business remains well placed within the UK transport market and our core target markets of rail technology and traffic and transport data services continue to be supported by a favourable market backdrop and positive growth drivers," McArthur and Cole added. "The group continues to rigorously assess new strategic opportunities, but as ever we remain naturally prudent in our approach in order to maximise value for shareholders".

Shares in Tracsis were 2.0% higher at 515.00 pence on Wednesday.