Tracsis 2019 Results Show Further Growth
Tracsis is pleased to announce its interim results for the six months ended 31 January 2019.
- The Group continues to trade well, with a further period of growth
- Cash balances remain strong at and the business remains debt free with strong cash conversion
- Five-year Framework Agreement secured with a major Train Owning Group for our TRACS Enterprise product - Tracsis' largest software contract to date
- Acquisitions of Compass Informatics Limited and Cash & Traffic Management Limited completed in the period
- Significant investment made in rail technology software development
- Remote Condition Monitoring business has traded well, and Ontrac and Travel Compensation Services secured new multi-year software deals with UK rail clients
- Traffic & Data Services division margin improvement strategy continues, and the division traded in line with expectations.
- Chris Barnes joined the Group on 4 February as CEO Designate and will succeed John McArthur on 1 May as Group CEO John McArthur, Chief Executive Officer, commented:
"This was another busy period for the Group and we have made good progress in delivering to our strategy of organic and acquisitive growth. We were pleased to have completed two acquisitions in the period which will benefit the second half of the financial year, and also secured a significant software contract which is strategically important for Tracsis and the wider rail industry."