('Tracsis', 'the Company' or 'the Group')
Interim results for the six months ended 31 January 2017
Tracsis plc (AIM: TRCS), a leading provider of software and technology led products and services for the traffic data and transportation industry, is pleased to announce its interim results for the six months ended 31 January 2017.
- Revenue increased 20% to £15.6m (2016: £13.1m1)
- Adjusted EBITDA increased 11% to £3.5m (2016: £3.2m1)
- Adjusted Pre-tax Profit2 increased 11% to £3.1m2 (2016: £2.8m1)
- Statutory Pre-tax Profit increased 10% to £1.8m (2016: £1.6m1)
- Cash balances at 31 January of £12.7m (31 July 2016: £11.4m, 31 January 2016: £8.0m)
- The business remains debt free with excellent cash flow and cash conversion
- Proposed interim dividend increased by 20% to 0.6p per share (2016: 0.5p) Operational Highlights:
- Recently acquired businesses performing well and ahead of expectations
- Completion of significant operational improvements and cost reduction in our Traffic and Data division
- North American remote condition monitoring order announced August 2016 successfully delivered, and provides a platform for further opportunities
- Post period end: Successful renewal and expansion of major data capture contract with a value up to £4.8m over four years
1 Excluding Tracsis Traffic Data Australia Pty which was disposed of in December 2015
2 Profit before tax (£1.8m), plus amortisation of intangible assets (£0.8m), share based payments and exceptional items (£0.5m)
John McArthur, Chief Executive Officer, commented:
"This was a period of further growth with revenues and profits ahead of the previous year and a good contribution from the businesses we acquired in 2015. The second half of our financial year is expected to be significantly stronger than the first due to natural seasonality within the Group combined with anticipated new software sales.
Tracsis continues to evolve and grow and the past six months have seen us undertake some significant technology, people and process improvements to accommodate a larger, more diverse business. The results of our efforts put Tracsis on stronger, more integrated footing for the future."
John McArthur / Max Cawthra, Tracsis plc
Tel: 0845 125 9162
Dominic Emery / Matt Lewis, Investec Bank plc
Tel: 020 7597 4000
Rebecca Sanders Hewett / Sam Modlin, Redleaf PR
Tel: 020 7382 4730
The information communicated in this announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
**Download full report
**https://www.tracsis.com/downloads/20170323 Interim Report Jan 2017.pdf