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LONDON (Alliance News) - Tracsis PLC Wednesday raised its dividend as high levels of government spending on transport, rising passenger numbers and regulatory change helped boost its pretax profit for the full year to end July.
The software and technology provider for the transportation industry proposed a final dividend of 0.45 pence, taking its full-year dividend to 0.80 pence per share, up 14% from 0.7 pence a year before.
Revenue benefited from a full year of contribution from acquisition Sky High, and a GBP514,000 contribution from Datasys Integration Ltd which it acquired in May.
Tracsis posted a pretax profit of GBP4.2 million, up from GBP2.6 million, as revenue rose to GBP22.4 million from GBP10.8 million.
The company's data capture and passenger counting segment saw revenues rise GBP4.1 million over the year, due to the integration of Sky High.
In its Remote condition monitoring segment revenues rose to GBP5.8 million from GBP3.4 million, boosted by a significant order under a framework agreement with a UK customer. It secured a pilot project for the remote condition monitoring technology with a US railroad operator, and in July made a further sale to this same customer.
Tracsis said it expects further orders from this customer, and is working on developing commercial relationships with other US railroads. It said that its expansion plans in the US is a key driver of growth for this segment of the business, and whilst the timing of uptake is difficult to predict, the market opportunity is much larger than what it has achieved so far in the UK.
"Looking ahead, the passenger transport markets both within the UK and internationally are experiencing record levels of government spending, rising passenger numbers, and regulatory change," the company said in a statement. "In the period ahead we intend to make further in-roads into overseas markets, most notably the US, whilst continuing to diversify our technology portfolio through a combination of in-house development and further prudent allocation of capital to fund new acquisitions. "
Shares in Tracsis are trading up 3.0% at 362.99 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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