('Tracsis', 'the Company' or 'the Group')
Audited results for the year ended 31 July 2016
Tracsis plc (AIM: TRCS), a leading provider of software and services for the traffic data and transportation industry, is pleased to announce its audited results for the year ended 31 July 2016.
- A further period of solid trading across the Group
- Revenue increased 29% to £32.6m (2015: £25.4m), which is ahead of original market expectations
- Adjusted EBITDA increased 17% to £7.6m (2015: £6.5m)
- Adjusted Pre-tax Profit(1) increased 18% to £6.9m (2015: £5.8m)
- Fully diluted adjusted(2) Earnings Per Share increased 22% to 22.37p (2015: 18.32p)
- Cash balances at 31 July of £11.4m (2015: £13.3m) following acquisitions and investments - highly cash generative with operating cash generation of £7.0m and the Group continues to be debt free
- Final dividend of 0.7p per share proposed. Full year dividend increased 20% to 1.2p per share (2015: 1.0p) Strategic and Operational Highlights:
- Acquired businesses bedding in well and provided a positive contribution to Group revenues in the period + Acquisition of event traffic management specialists SEP Limited ('SEP') completed September 2015, which delivered a record year of trading, bolstered by a busy summer calendar and several intra-Group technology initiatives + Acquisition of software development and hosting business Ontrac Limited ('Ontrac') completed December 2015, which secured several major orders secured for its software products, hosting and bespoke development work
- Strategic investments made: + Mobile analytics firm Citi Logik Limited ('Citi Logik') made September 2015 + Mobile applications business Nutshell Software Limited ('Nutshell') made July 2016
- First sales achieved following investment in new software products TRACS Enterprise and Bugle Day One, provides opportunity to roll out to current clients Post period end highlights:
- Significant order secured with a North American Class 1 railroad operator for Remote Condition Monitoring (RCM) hardware and software, illustrating that Tracsis has the capability and product set to address this large overseas market opportunity John McArthur, Chief Executive Officer, commented:
"Having put in place solid foundations at the beginning of the year with the Group's transactions and investments, the focus in the second half has been one of delivery. As a result the Group has achieved another set of positive results with strong growth in revenue and profitability. These results include our most active transactional period to date with the acquisitions of SEP and Ontrac, both of which are trading well and have further bolstered our positive performance, and a further two investments completed. The result of these acquisitions made during the period, combined with good progress on new software development, has led to the Tracsis offering being significantly enhanced in terms of breadth and depth."
1 Profit before tax, plus amortisation, share based payments and exceptional items
2 Adjusted for amortisation, share based payments and exceptional items
Both the above metrics are used in research coverage on Tracsis and included for clarity for the benefit of shareholders.
John McArthur / Max Cawthra, Tracsis plc
Tel: 0845 125 9162
Dominic Emery / Matt Lewis, Investec Bank plc
Tel: 020 7597 4000
Rebecca Sanders Hewett / Sarah Fabietti-Dallison / Sam Modlin, Redleaf PR
Tel: 020 7382 4730