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(Sharecast News) - Transport software, hardware and data analytics provider Tracsis said in a trading update on Wednesday that it now expected full-year revenue to have increased to £69m, from £50.2m year-on-year.
The AIM-traded firm put the performance down to "strong" organic and acquisitive growth, adding that both divisions delivered high levels of revenue growth, including a strong post-Covid lockdown recovery of activities in the events and traffic data units.
It also included the contribution from the RailComm and Icon GEO businesses that were acquired in the year, and the initial benefit from the previously-announced multi-year rail technology software contracts won during the 12 months ended 31 July.
The group said it expected adjusted EBITDA to be ahead of market expectations.
Its cash balance was described as "strong" at £17.2m, down from £25.4m year-on-year, which the board said would enable the company to continue to invest in its technology base, and to support future organic and acquisitive growth opportunities.
"The rail technology and services division has continued to trade well," the directors said in their statement.
"The division benefits from high levels of recurring software revenue, a fast-growing user base, and has a large pipeline of multi-year opportunities.
"Performance for the year ended 31 July includes the benefit from multi-year rail technology software contracts that went live during the year."
Tracsis said that, following the acquisition of RailComm, it had won several new rail contracts in North America that would support ongoing revenue and profit growth in that market.
"The data, analytics, consultancy and events division has delivered revenue growth ahead of expectations, driven by a very strong post-Covid lockdown recovery of activities in the events and traffic data business units in the final quarter of the financial year.
"There was also strong revenue growth in both the transport insights and data analytics GIS businesses, including the benefit from the acquisition of Icon GEO in November 2021."
Tracsis said it would announce its results for the year ended 31 July on 9 November.
At 1034 BST, shares in Tracsis were up 4.46% at 1,055p.
Reporting by Josh White at Sharecast.com.