("Tracsis" or the "Group")
Interim Trading Update
Tracsis plc, a leading provider of software and technology led products and services for the transportation industry, is pleased to provide an update on trading ahead of the release of its interim results for the six months to 31 January 2014.
Trading has been strong in the first half of the financial year with revenues expected to be in excess of £9m (2013: £4.7m). Both revenue and profit are in line with expectations. The Group's balance sheet remains strong with cash balances in excess of £7m and the Group remains debt free.
Sky High, which was acquired in April 2013, made a significant contribution to the overall Group. The integration of this business is progressing well and is expected to be complete by financial year end.
In January, the Group announced a significant order for its condition monitoring technology with a major UK client. Delivery of this is under way and will be completed during the current financial year. In addition, the Group's North American pilot for this technology, announced in November 2013, is progressing to plan.
The Software and Consultancy business has been working extensively on rail re-franchising bid work following the revised timetable issued by the DfT and there is good visibility on workload over the coming months. The Group also converted 100% of its software renewals for H1.
The Board intends to recommend an interim dividend in due course as part of its progressive policy.
For more information please contact:
John McArthur/Max Cawthra, Tracsis plc
Tel: 0845 125 9162
Katy Mitchell, WH Ireland Limited
Tel: 0161 832 2174
Rebecca Sanders Hewett/Jenny Bahr, Redleaf Polhill
Tel: 0207 382 4730