Startup investment for Tracsis as “significant progress” sees revenue hike

TRANSPORT software business Tracsis has reported revenues of £32m, up 26% on last year as it also announced investment in a startup.

The company said that it had made “significant progress” during the year with the integration of two acquisitions, £19.5m Ontrac and SEP – which had a record trading year.

During the year it also disposed of Tracsis Traffic Data, a non-core trading subsidiary in Australia.

The company announced this morning that it would be investing £500,000 in Nutshell Software Limited, a joint investment with Martyn Cuthbert who was the majority shareholder of Ontrac which was acquired by the Group in December 2015.

It specialises in the rapid creation of apps across multiple platforms for large enterprises. Tracsis is acquiring 37.8% of the business in the deal.

Tracsis said its results were “comfortably ahead of market expectations” with the second half of the year particularly strong. H2 revenues exceeded £18m (H1 2016: £14.3m)

The Leeds-based group also said that post-EU referendum the group had “not experienced any material change in business activity” though it said it was too early to assess the long-term implications of the Brexit decision. It said it would “remain vigilant of the situation.