Last checked at 16 Feb 2016 07:00
16th February 2016
Tracsis plc
("Tracsis" or the "Group")
Trading Update and Notice of Results
Tracsis plc, a leading provider of software and technology led products and services for the traffic data and transportation industry, is pleased to provide the following trading update for the six months ended 31 January 2016.
The Group had a busy first half on numerous fronts, with positive trading across all parts of the Group, and also completed the acquisitions of Ontrac Limited ('Ontrac'), SEP Limited ('SEP'), and made a strategic investment into Citi Logic Limited ('Citi Logic'). During the period the Group also disposed of Tracsis Traffic Data Pty Limited, a non-core data capture operation in Australia.
Revenues for the six month period were over £14m (H1 2015: £12.0m) with the increase due to a combination of organic growth and the contribution made by SEP and Ontrac.
Adjusted EBITDA from continuing operations is expected to be slightly ahead of the previous period (H1 2015: £3.3m). As anticipated, Statutory Profit before Tax will be lower than the previous year due to the exceptional costs incurred in relation to the acquisitions made, the disposal of the Australian operations, and the seasonality of the acquired businesses (which in the case of SEP is heavily weighted to the summer months). The seasonality bias only relates to the specific timing of the acquisitions made and will be reversed in the second half of the financial year where profit is expected to be significantly stronger than the first half.
At 31 January 2016, Group cash balances were c. £8.0m (July 2015: £13.3m, Jan 2015: £10.0m), which reflects the cash utilised on acquisitions and investments during the period. The business remains debt free and highly cash generative.
Given a good start to the financial year, the Board is confident the Group is well placed to deliver full year results in line with market expectations and remains vigilant to changing market conditions. The Group's Interim results will be released to the market on or around Wednesday 23rd March.
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 / Harriet Lynch 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