Tracsis plc ('Tracsis', 'the Company' or 'the Group') Interim results for the six months ended 31 January 2014A further period of strong growth in revenue, EBITDA and profit before tax
Tracsis plc (AIM: TRCS), is pleased to announce its interim results for the six months ended 31 January 2014.
· Revenue increased 109% to £9.8m (2013: £4.7m)
· Adjusted EBITDA* increased 49% to £2.8m (2013: £1.9m)
· Profit before Tax increased 33% to £2.3m (2013: £1.7m)
· Cash balances now stand at £7.6m (31 July 2013: £6.6m, 31 January 2013 £8.5m)
· Interim dividend of 0.35p per share proposed - an increase of 17% on last year
· Full year results expected to exceed current market forecasts
· Five year extension of Framework Agreement for Remote Condition Monitoring ('RCM') technology, resulting in initial order of £2.2m
· Trading in RCM remains very strong outside of the Framework Agreement
· US pilot underway with major Class 1 railroad for RCM technology
· Integration of Sky High Technology (previously Sky High plc) completed and the business is performing well
· Consultancy and software trading buoyed by a return to UK rail re-franchising activity.
John McArthur, Chief Executive Officer, commented:
"We are very pleased to be reporting another period of strong growth with both revenues and profit significantly ahead of the same period last year. Our technology and services remain as relevant as ever, with the past six months seeing a marked increase in demand across all areas of our business. Our sales pipeline remains strong with promising opportunities, including a North American pilot for our RCM technology and further UK and overseas opportunities.
"The enlarged Group now includes Sky High Technology, which was acquired in April 2013 and we have since realised key synergies and the business has performed well. The Group also remains committed to a strategy of careful acquisitive growth and has continued to evaluate a number of opportunities in the period.
"I am pleased to report that the Board is confident of exceeding current market expectations for the full year and looks forward to continuing to drive growth and value for shareholders."
For more information please contact:
John McArthur/Max Cawthra, Tracsis plc Tel: 0845 125 9162
Katy Mitchell, WH Ireland Limited Tel: 0161 832 2174