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(Alliance News) - Tracsis PLC reported on Thursday a "good" annual performance in which it achieved organic growth bolstered by acquisitions.
Leeds-based Tracsis supplies vehicle tracking software and services for the rail and wider transport industries.
Revenue for the year to July 31 rose by 24% to GBP49.2 million, though pretax profit did decline by 20% to GBP6.6 million. Organic revenue growth was 9%, with acquisitions providing the rest.
Tracsis noted the prior year contained a one-off GBP2.7 million credit related to the non-payment of a contingent consideration after a milestone was not met.
The firm is paying a final dividend of 1.0 pence per share, taking the year's total to 1.8p, 13% higher than the year before.
"This was another good year for Tracsis. The completion of three further acquisitions combined with good levels of organic growth, and increased levels of profitability has culminated in our 2019 results being in line with market expectations," said Non-Executive Chair Chris Cole.
"The second half of the year was particularly strong for the group, reflecting seasonality in the business, strong underlying trading and the timing of acquisitions made. all of which is very pleasing."
The Rail Technology & Services business delivered "good" revenue growth in the year, helping pretax profit climb by 1.5% to GBP6.7 million. In Traffic & Data Services, Tracsis increased both revenue and profit in a solid year.
"The acquisitions we have completed in the year will have a full impact in the next year, and combined with the strong pipeline of organic sales opportunities provide a good platform for future growth of the business in the years to come," commented Chief Executive Chris Barnes.
"I have inherited a great business, with a wide range of compelling product and service offerings, a great team of colleagues, an excellent blue-chip client base, and I am excited about the prospects for the group."
Tracsis shares were 2.9% higher in London on Thursday morning at a price of 622.50p each.
By George Collard; georgecollard@alliancenews.com
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