TIDMTRCS
RNS Number : 1151K
Tracsis PLC
23 August 2023
23 August 2023
Tracsis plc
("Tracsis" or "the Group")
Trading Update and Notice of Results
Tracsis, a leading transport technology provider, is pleased to
provide the following trading update for the year ended 31 July
2023.
Trading for the year has been in line with the Board's
expectations. Group revenue is expected to have increased by c.19%
to over GBP81.5m (2022: GBP68.7m), with strong growth in both
Divisions. The Group expects adjusted EBITDA to be c.GBP16m (2022:
GBP14.2m).
Cash balances at the end of July were c.GBP15.3m (2022:
GBP17.2m[1]), after c.GBP9.5m of cash outflows in the year relating
to contingent and deferred consideration that was consistent with
expectations and aligned to strong performance from historic
acquisitions. All material earn-outs have now been paid. The
Group's robust cash position and healthy cash generation leave it
well positioned to continue to invest in its technology base and
further acquisitions.
The Rail Technology and Services Division has delivered strong
growth in the UK based on the delivery of a series of large
multi-year SaaS contracts for Train Operators and Network Rail.
This has driven a further increase in rail technology software
licence usage and annual recurring revenue, despite ongoing
industrial disputes and the delayed transition to the new Great
British Railways structure.
The Rail Technology and Services Division has also delivered
strong growth in North America driven by the US Government's
infrastructure spending bill which is accelerating new technology
investment. We are building good sales momentum with Transit and
Freight Operators and rail served ports and industrials as we
expand our product portfolio.
The Data, Analytics, Consultancy and Events Division has
delivered revenue growth ahead of expectations. This includes the
benefit from new contract wins in Data Analytics/GIS and ongoing
demand for specialist consultancy services, in addition to a very
strong post Covid lockdown recovery in the Events and Traffic Data
businesses.
In order to continue providing a solid platform for ongoing
scalable growth, the Group has continued to integrate its
activities, technologies and operating model. Alongside this,
technology investment has increased to accelerate future growth
which will continue through the forthcoming financial year. As a
Group we expect the weighting of growth to be in the second half of
the next financial year as we continue to grow our pipeline and
deliver a large orderbook of work.
Notice of Results and Investor Presentation
Results for the year ended 31 July 2023 will be announced on 15
November 2023.
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 on 17 November at 1.00pm
UK time.
Anyone wishing to participate should register here:
https://bit.ly/TRCS_FY_webinar
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No.596/2014
Enquiries:
Tracsis plc Tel: 0845 125 9162
Chris Barnes, CEO
Andy Kelly, CFO
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/Rebecca Sanders-Hewett/Joe Pederzolli tracsis@almapr.co.uk
Notes to editors:
-- Tracsis plc is a technology company and a leading provider of
software and hardware products, data capture and data analytics/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 end-user experience for
clients and customers.
-- The Group is split into two principal operating areas built
around detailed industry knowledge and expertise:
- Rail Technology & Services: A 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 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 systems,
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] The 2022 cash balance included $2.7m (GBP2.2m) held in
escrow following the RailComm acquisition in March 2022, which was
paid during the year ended 31 July 2023 based on RailComm having
achieved certain financial targets in the first full year post
acquisition.
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END
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