24th Oct 2013 08:34
LONDON (Alliance News) - Shares in Tracsis PLC declined Thursday after it posted lower pretax profits despite increases in revenues for the full year ended July 31.
Shares in Tracsis were trading down 8.8% at 185.00 pence Thursday morning.
The transportation software and technology company posted a pretax profit of GBP2.6 million, down from GBP3.0 million in the previous year. Tracsis said the decline in pretax profits was due to high share-based payment charges in relation to the company's long-term incentive plan and one-off exceptional costs in relation to its April acquisition of traffic survery firm Sky High.
Revenues grew to GBP10.8 million from GBP8.7 million, with GBP3.2 million generated by acquisitions and GBP7.6 coming from continuing operations.
Administrative costs rose to GBP5.3 million from GBP3.8 million in the previous year.
The company posted a final dividend of 0.4 pence per share, bringing total payment for the year to 0.7 pence, an increase of 27% from 0.55 pence in the previous year.
Director Raymond Kwan resigned in January, and Chairman Rodney Jones stepped down in June. The company said it is currently in the process of replacing them.
"This has been a further year of growth for the group, which included the acquisition of Sky High," said Chief Executive Officer John McArthur in a statement. "As an acquisitive business, we continue to evaluate opportunities that would fit the group whilst also driving organic growth."
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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