17th Mar 2014 09:21
LONDON (Alliance News) - Tracsis PLC Monday said it expects its full-year results to exceed current market forecasts, as it saw pretax profit rise in the half year ended January 31, boosted by its acquisition of Sky High Technology Ltd.
Tracsis provides software and services for the passenger rail and bus services in the transport industry.
The company raised its interim dividend by 17% to 0.35 pence from 0.30 pence, and added that it was committed to following its progressive dividend policy.
It posted a pretax profit of GBP2.3 million in the half, up from GBP1.7 million in the previous year, as revenue rose to GBP9.8 million from GBP4.7 million, boosted by the company's acquisition of Sky High.
Transport industry services provider Sky High, which Tracsis acquired in April 2013, boosted revenues in its data capture and passenger counting business to GBP5.4 million from GBP523,000 in the previous year.
In Tracsis's condition-monitoring technology division the company secured a five-year framework agreement extension, although revenues were down from the previous year due to the timing of orders received and renegotiations with its largest customer. It expects revenues in this division to be stronger in the second half.
Tracsis expressed confidence in beating expectations for the full year, as its second half had started well. The company said that it was evaluating a "number of exciting opportunities", and looking to accelerate its overseas strategy in 2014.
Shares in Tracsis were trading up 9.9% at 262.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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