20th Mar 2020 12:14
(Alliance News) - Tracsis PLC on Friday said it expects disruption and a reduction in revenue in the second half of financial 2020 due to cancellations arising from attempts to contain the spread of Covid-19.
The traffic data & transportation services firm said its events businesses SEP and CTM - which both get a "significant" amount of revenue from major UK based outdoor events - have seen events scheduled for the summer been cancelled or postponed. It added that it expects additional events to be cancelled or rescheduled.
Tracsis also said it expects traffic data collection and passenger analytics activities scheduled to occur in the coming weeks, to be disrupted. However, it added it expects the Rail Technology & Services division to have resilience as it derives most of its income from highly recurring product sales.
The Leeds-based company said that although it is unable to predict the extent to which recent developments will negatively affect its second half performance and subsequently its annual performance, it has "substantial" cash balances and a "strong" cash flow.
As at the end of the first half to the end of January, Tracsis cash balances stood at GBP26 million.
The stock was trading 1.5% higher at 475.10 pence each on Friday afternoon in London.
By Ife Taiwo; [email protected]
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