20th Feb 2020 11:17
(Alliance News) - Tracsis PLC on Thursday said trading in the first half of its financial year was in line with expectations as it recorded double-digit revenue growth.
Tracsis shares were up 4.4% at 825.00 pence each in morning trade in London.
For the six months to the end of January, the traffic data & transportation services firm reported revenue at over GBP26 million, up 38% from GBP18.8 million the year prior.
Tracsis said it expects its adjusted profit and earnings before interest, taxes, depreciation and amortisation to be ahead of prior year's GBP3.9 million and GBP4.2 million, respectively.
As at the end of the six-month period, cash balances stood at GBP26 million.
The improved results were helped by the Rail Technology & Services division, which benefited from "high levels" of recurring software revenue as well as income from multi-year contracts awarded from previous years.
The Traffic & Data Services division, meanwhile, was reported to have performed "pleasingly" and ahead of expectations.
Looking forward, the Leeds-based company said it will continue to review acquisition opportunities particularly in the Retail Technology & Services division and invest "heavily" in its technology base.
Half-year results will be published on April 2, Tracsis said.
By Ife Taiwo; [email protected]
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