Transport software firm reports strong half-year performance
Transport software provider Tracsis has reported rises in pre-tax profit and revenue in a busy half-year in which it delivered several projects and secured new contracts.
The Leeds-based firm saw revenue increase 16% to £18.1m (2017: £15.6m) for the half-year to January 31 and pre-tax profit increase 33% to £2.4m (2017: £1.8m). Its cash balances stood at £18.5m (31 July 2017: £15.4m, 31 January 2017: £12.7m)
During the period, the University of Leeds spin-out commenced work on delivering of a major contract for TRACS Enterprise software.
Its On-Trac service secured a number of bespoke software development projects and its Traffic & Data Services division traded well, which the firm said followed a series of operational improvements made in 2017.
Tracsis also confirmed the renewal of a major multi-year contract with a global engineering company and progressed in the USA with a Remote Condition Monitoring technology. It also made a £1.3m strategic investment into Vivacity Labs.
Post period end, the firm acquired Travel Compensation Services Limited and Delay Repay Sniper Limited.
John McArthur, chief executive, said: “I am very pleased with the Group’s performance in H1 and all key financial and operational metrics were comfortably ahead of the previous year, with good progress being made on a number of strategic initiatives which culminated in the acquisition of TCS and DRS.
“Looking ahead to H2, given the strength of our trading coupled with the number of new opportunities in play the Group is confident of delivering full year results in line with market expectations.”
