Tracsis PLC - Leeds-based traffic data & transportation services firm - Posts pretax profit for financial 2020 ended July 31 of GBP4.1 million, narrowing 38% from GBP6.6 million the year prior. This is as revenue dips 2.5% year-on-year to GBP48.0 million from GBP49.2 million due to "Covid-19 challenges". Also incurs increased administrative costs of GBP26.8 million from GBP22.4 million the prior and recognises amortisation charges of GBP3.6 million, up from GBP2.3 million.
Says it will not pay a final dividend after skipping the interim dividend due to Covid-related uncertainty. For comparison, the dividend payout for financial 2019 was 1.8 pence.
States trading in the first quarter of financial 2021 has been in line with expectations as it expresses confidence in its medium to long-term growth prospects.
"As we look to the remainder of the financial year, we are aspiring to achieve modest revenue growth despite the ongoing challenges of Covid-19, and we expect our cash position to remain equally as strong," says Chair Chris Cole.
Cash held as at July-end was GBP17.9 million, down from GBP24.1 million at July, 31. 2019.
Current stock price: 562.50 pence
Year-to-date change: down 20%
By Ife Taiwo; ifetaiwo@alliancenews.com
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Tracsis (TRCS)