Last checked at 22 Jul 2016 07:00
22 July 2016
Tracsis plc
("Tracsis" or the "Group")
Adoption of FRS 101
Following the publication of FRS 100 "Application of Financial Reporting Requirements" by the Financial Reporting Council, Tracsis is required to change its accounting framework for its entity financial statements and those of its subsidiaries which currently adopt United Kingdom Generally Accepted Accounting Standards (UK GAAP).
It is intended for the period ending 31 July 2016 and future years, that the parent entity and its subsidiaries adopt FRS 101 "Reduced Disclosure Framework", based on International Financial Reporting Standards (IFRSs) as adopted by the European Union.
The Group's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with IFRSs as adopted by the European Union.
The decision to adopt FRS 101 does not require shareholder approval. However objections to its adoption may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Group, in writing, to Max Cawthra, the Group's Finance Director at the registered office at Leeds Innovation Centre, 103 Clarendon Road, Leeds, LS2 9DF not later than 22 August 2016.
For more information please contact:
John McArthur/Max Cawthra, Tracsis plc | Tel: 0845 125 9162 |
Dominic Emery/Matt Lewis, Investec Bank plc | Tel: 020 7597 4000 |
Rebecca Sanders-Hewett / Sarah Fabietti / Sam Modlin Redleaf Communications | Tel: 0207 382 4730 Tracsis@redleafpr.com |
Notes to editors:
§ The Group specialises in solving a variety of data capture, reporting and resource optimisation problems along with the provision of a range of associated professional services.
§ Tracsis' products and services are used to increase efficiency, reduce cost and improve the operational performance and decision making capabilities for clients and customers.
§ The Company offers the following services:
- Software and technology led consulting: Industry strength resource optimisation software that covers a variety of asset classes working alongside consulting and related professional services across the operational and strategic planning horizon.
- Remote Condition Monitoring: Technology and reporting for critical infrastructure assets in real time, to identify problems and aid with preventative maintenance.
- Traffic & Data Services: Collation, analytical services, and event management within traffic and pedestrian rich environments.
§ Tracsis has a blue chip client base which includes the majority of UK transport operators such as Arriva, First, Stagecoach, Go-Ahead, National Express and Virgin. The business also works extensively with Network Rail, the Department of Transport, multiple local authorities, and a variety of large engineering/infrastructure companies.
§ The business drives growth both organically and through acquisition and has made eight acquisitions since 2008.
§ Tracsis listed on AIM in 2007 under ticker TRCS.
§ For more information visit http://www.tracsis.com