28 March 18
('Tracsis', 'the Company' or 'the Group')
Interim results for the six months ended 31 January 2018
Tracsis plc (AIM: TRCS), a leading provider of software and services for the traffic data and transportation industry, is pleased to announce its interim results for the six months ended 31 January 2018.
- Revenue increased 16% to £18.1m (2017: £15.6m)
- Adjusted EBITDA* increased 21% to £4.3m (2017: £3.5m)
- Statutory Pre-tax Profit increased 33% to £2.4m (2017: £1.8m)
- Cash balances at 31 January of £18.5m (31 July 2017: £15.4m, 31 January 2017: £12.7m)
- The business remains debt free with excellent cash flow and cash conversion
- Proposed interim dividend increased by 17% to 0.7p per share (2017: 0.6p)
- Commenced work on delivery of a major contract for our TRACS Enterprise software with a major UK TOC
- On-Trac secured a number of bespoke software development projects
- Traffic & Data Services division traded well following a series of operational improvements made in 2017
- Renewal of a major multi-year contract with a global engineering company
- Further progress in the USA for our Remote Condition Monitoring technology
- Strategic investment into Vivacity Labs showing promising results and expected to provide H2 support for our video analytics work
Post period end Highlights:
- Acquisition of Travel Compensation Services Limited and Delay Repay Sniper Limited
John McArthur, Chief Executive Officer, commented:
"I am very pleased with the Group's performance in H1 and all key financial and operational metrics were comfortably ahead of the previous year, with good progress being made on a number of strategic initiatives which culminated in the acquisition of TCS and DRS. Looking ahead to H2, given the strength of our trading coupled with the number of new opportunities in play the Group is confident of delivering full year results in line with market expectations."
John McArthur / Max Cawthra, Tracsis plc
Tel: 0845 125 9162
Andrew Pinder / Seb Lawrence, Investec Bank plc
Tel: 020 7597 4000
* Calculation unchanged from previous years and in line with broker forecasts and research coverage on Tracsis. Full definition and reconciliation in Note 9.
The information communicated in this announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.