13th Jun 2024 11:36
(Alliance News) - Tracsis PLC on Thursday said it expects to report comparable year-on-year revenue in its next full year results.
The Leeds, England-based company is a provider of software, hardware, data analytics and services for the rail, traffic data and wider transport industries.
For the year ending on July 31, the company anticipates revenue in the range of GBP80.0 million to GBP82.0 million. This compares similarly to the GBP82.0 million revenue generated the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortisation margins are expected to be slightly higher than the 16% delivered in the first half of the year.
Tracsis reported net cash of GBP15.5 million at May 31, comparing favourably to net cash and equivalents of GBP15.3 million at July 31, 2023.
Chief Executive Officer Chris Barnes said: "While the impact of the pre-election restrictions coinciding with our busy final quarter of the financial year is unquestionably disappointing, this is an isolated event outside of our control."
Due to the UK general election, train operators alongside central and local government are restricted from making decisions relating to spending in the transport sector causing the rescheduling of various projects and fewer orders in the fourth quarter.
"Overall, the momentum in the group remains strong and our market opportunity continues to grow, especially in North America....We look forward to returning to business-as-usual across our affected UK businesses, as we emerge from the UK election period," Barnes said.
The company does not expect any changes in government in both the US and UK to impact its growth prospects going forward.
Tracsis shares were down 12% to 791.00 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
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