Regulatory news

Regulatory news

Pre Close Statement

Tracsis plc

Pre Close Statement

Tracsis, the developer and aggregator of resource optimisation, data capture and reporting technologies to the transport industries is pleased to update the market on trading for the full financial year to 31 July 2012, and also expectations for 2013.

In its trading update on 26 June 2012, the Group announced that forecast year-end revenues would be in excess of £8.5m (2011: £4.1m), with Adjusted EBITDA in excess of £3.0m (2011: £1.2m). The Group confirms that the year end results are expected to be in line with current analyst expectations.

The Group's cash position at the end of July was c. £7.5m. The business remains debt free.

After completion of the annual budget process for the year ending 31 July 2013, the Directors are confident of achieving further organic growth given the strength of the current sales pipeline, at both a revenue and operating profit level, albeit at a slower rate than that experienced in the financial year to 31 July 2012 unless new acquisitions are made. Growth by acquisition is a pivotal part of the Group's growth strategy. Whilst it has appraised numerous potential opportunities in the past year, none have met the strict criteria to pursue further although the pipeline of prospects remains strong.

The Group's full year results will be announced on or around Tuesday 30 October 2012.

John McArthur, Chief Executive Officer commented

"The past year has been significant for Tracsis and we have achieved both substantial organic growth plus growth in the businesses the Group has acquired. Looking ahead, we are confident that we will maintain and extend our position within the transport technology space and we welcome recent announcements made by both UK government and key clients regarding their continued investment into the transport sector at large."