Transport tech firm announces 19% growth in revenues
Transport technology specialist Tracsis announced revenues of £82m in its full-year results, up from £68.7m over the previous year.
Adjusted EBITDA was up 13% from £14.2m to £16m in the year to the end of July.
The firm said revenues had grown 26% in its rail technology and services division, and 14% in its data analytics, consultancy and events division, and it was well positioined to dliver future growth.
Chief executive Chris Barnes said, ““This has been a year of significant financial and operational progress for Tracsis. We have delivered strong organic and earnings-accretive acquisitive growth, have completed the implementation of several large, complex enterprise software contracts, and have made further progress in integrating the Group’s activities and enhancing our capabilities.
“The performance of our North American rail business has been particularly pleasing alongside the strong performance of all businesses within the data, analytics, consultancy and events division.
“Q1 trading has started in line with expectations, and the Group remains well positioned to deliver further growth in the coming year. We have a strong orderbook and a fast growing opportunity pipeline across both Divisions. We expect FY24 growth to be weighted towards H2 given the impact uncertainty in UK rail has had on delivery timescales and the impact an expected SaaS transition will have on the phasing of rail revenues in North America.
“Digital transformation will continue to play a significant role in the rail industry’s transition to a data-driven, customer-focused, safety-critical future. The breadth of Tracsis’ product offering and leading digital end-to-end solutions has a clear alignment to the growing needs of the rail industry and increased demands from a customer experience perspective. We are well placed to help the industry to increase passenger revenues whilst also delivering operational performance improvements and efficiency savings.”