Last checked at 24 Aug 2022 07:00
Tracsis plc
("Tracsis" or "the Group")
Trading Update and Notice of Results
Tracsis, a leading provider of software, hardware, data analytics/GIS and services for the rail, traffic data and wider transport industries, is pleased to provide the following trading update for the year ended 31 July 2022.
Group revenue is expected to have increased to c.£69.0m (2021: £50.2m), reflecting strong organic and acquisitive growth. Both divisions have delivered high levels of revenue growth, which includes a strong post-Covid lockdown recovery of activities in the Events and Traffic Data business units, 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 that were won during the year. The Group expects adjusted EBITDA to be ahead of market expectations.
The Group's cash balance remains strong at c.£17.2m (2021: £25.4m), which enables the Group to continue to invest in its technology base and to support future organic and acquisitive growth opportunities.1
The Rail Technology and Services Division has continued to trade well. 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 to 31 July 2022 includes the benefit from multi-year rail technology software contracts that went live during the year. Following the acquisition of RailComm, the Group has won several new rail contracts in North America that will support ongoing revenue and profit growth in this 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.
Results for the year ended 31 July 2022 will be announced on 9 November 2022.
The Board is committed to communicating with all investors equally and directly, to ensure that its strategy, business model and performance are clearly understood. Accordingly, as part of the Group's full year results roadshow, a live online investor presentation will be given by management, hosted by piworld, on 11 November at 1.00pm UK time.
Anyone wishing to participate should register here: https://bit.ly/TRCS_FY22_results
Enquiries:
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Tracsis plc | Tel: 0845 125 9162 |
Chris Barnes, CEO | |
Andy Kelly, CFO | |
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finnCap Ltd | Tel: 020 7220 0500 |
Christopher Raggett/Charlie Beeson, Corporate Finance | |
Andrew Burdis/Sunila de Silva, Corporate Broking | |
Alma PR | Tel: 020 3405 0205 |
David Ison/Hilary Buchanan/Joe Pederzolli | tracsis@almapr.co.uk |
Notes to editors:
· Tracsis is a technology company and a leading provider of software and hardware products, data capture and data analytic/GIS services for the rail, traffic data and wider transport industries.
· Tracsis' products and services are widely used to increase efficiency, reduce cost and risk, improve operational and asset performance, improve safety management and decision-making capabilities, and improve the overall customer experience for clients and customers.
· The Group is split into two principal operating areas built around detailed industry knowledge and expertise:
- Rail Technology & Services: Software, technology and product led business. It develops and supplies software that solves complex resource, asset optimisation and control problems for Train Operators and Smart Ticketing, Delay Repay and other retail software to improve the customer experience for rail users. It also develops remote condition monitoring hardware, data acquisition software and safety and risk management software solutions for rail infrastructure providers.
- Data, Analytics, Consultancy & Events: A largely services led business that focuses on data capture, data analytics, GIS, earth observation, data insights, consultancy and event traffic management within a range of transport and pedestrian rich environments. The business provides technology and bespoke products and data that underpin large scale intelligent transport system, smart city planning and positive environmental decision making.
· Tracsis has a blue-chip client base which includes all major UK transport owning Groups, Network Rail, Passenger and Freight Train Operating Companies, the Department for Transport, TfL, multiple local authorities, major outdoor music and sporting event organisers, and a wide variety of large engineering and infrastructure companies. In North America our clients include Class 1 rail freight companies, transit operators, shortline railroads and several large rail served ports and industrials.
· The business drives growth both organically and through acquisition and has made seventeen acquisitions since 2008.
For more information on Tracsis please visit http://www.tracsis.com
1 This cash balance includes $2.7m (£2.2m) held in escrow following the RailComm acquisition in March 2022, which will be payable during the year ending 31 July 2023 subject to RailComm achieving certain financial targets in the first full year post acquisition.