TIDMTRCS
RNS Number : 9549P
Tracsis PLC
23 February 2021
23 February 2021
Tracsis plc
("Tracsis" or the "Group")
Trading update and notice of results
Tracsis, a leading provider of software, hardware, data
analytics/GIS and services for the rail, traffic data and wider
transport industries , is pleased to provide the following trading
update for the six months ended 31 January 2021.
Trading for the first half of the year has been in line with the
Board's expectations with high activity levels across large parts
of the Group.
Group revenue is expected to be c.GBP22m (H1 2020: GBP26.4m),
with underlying growth in the Rail Technology & Services
Division and lower sales in our Events and Traffic Data business
units as expected due to ongoing Covid-19 related restrictions on
their end markets. The overall impact of Covid-19 on H1 revenue is
expected to be c.GBP6.0m. We continue to expect activity levels in
the Events and Traffic Data business units to progressively return
to normal as lockdown restrictions are lifted.
While the Group's revenue is below that of the corresponding
period, EBITDA is expected to be only slightly lower than H1 last
year (H1 2020: GBP5.6m) due to a larger proportion of revenue in H1
2021 coming from the higher margin Rail Technology & Services
Division, and the positive impact of cost reduction actions taken
in response to the pandemic. Cash balances remain strong at
c.GBP21m (H1 2020: GBP26.0m, 31 July 2020: GBP17.9m). As in the
previous year, the Group has not taken advantage of any tax
deferrals and is fully up to date with all of its VAT payments
etc.
Our Rail Technology & Services Division traded well with
several new business wins and continued to benefit from high levels
of recurring software revenue and revenue from multi-year contract
wins in previous years. We have two large rail opportunities in the
final stages of contract award. All our rail businesses have been
involved in major multi-year tenders, some of these in
international markets, which gives us confidence in our ability to
continue to drive organic growth. Many of these opportunities
involve recurring software licence revenues. The impact of Covid-19
on the Division was largely limited to delay repay revenues, with
fewer people travelling due to government restrictions.
Our Data, Analytics, Consultancy & Events division has
performed in line with expectations, despite ongoing Covid-19
related challenges. This includes a strong contribution from
Compass Informatics as it continues to grow its GIS/data analytics
client base.
The Board's expectations for the year ending 31 July 2021 remain
unchanged.
The Group continues to invest in our technology base and to
pursue acquisition opportunities.
The Group's interim results will be announced on 8 April
2021.
The Board is committed to communicating with all investors
equally and directly, to ensure that its strategy, business model
and performance are clearly understood. Accordingly, as part of the
Group's Interim results roadshow, an online investor presentation
will be given by management, hosted by piworld, on Tuesday, 13th
April, at 1.30pm.
Anyone wishing to participate should register here:
http://bit.ly/TRCS_FY21_interim_results_retail
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
Enquiries:
Tracsis plc Tel: 0845 125 9162
Chris Barnes, CEO
Andy Kelly, CFO
finnCap Ltd Tel: 020 7220 0500
Christopher Raggett/Charlie Beeson, Corporate
Finance
Andrew Burdis, Corporate Broking
Alma PR Tel: 020 3405 0205
David Ison/Helena Bogle/Joe Pederzolli tracsis@almapr.co.uk
Notes to editors:
-- Tracsis plc is a technology company and a leading provider of
software and hardware products, data capture and data analytic/GIS
services for the rail, traffic data and wider transport
industries.
-- Tracsis' products and services are widely used to increase
efficiency, reduce cost and risk, improve operational and asset
performance, improve safety management and decision making
capabilities and improve the overall customer experience for
clients and customers.
-- The Group is split into two principle operating areas built
around detailed industry knowledge and expertise:
- Rail Technology & Services: Software and
technology/product led business. Develops remote condition
monitoring hardware, data acquisition software and safety and risk
management software for rail infrastructure providers. Software
that solves complex resource, asset optimisation and control
problems for Train Operators and Smart Ticketing, Delay Repay and
other retail software to improve the customer experience for rail
users.
- Data, Analytics, Consultancy & Events: A largely services
led business that focuses on data capture, data analytics, GIS,
data insights, consultancy and event traffic management within a
range of transport and pedestrian rich environments. The business
provides technology/bespoke products and data that underpins large
scale intelligent transport system and smart city planning and
decision making.
-- Tracsis has a blue-chip client base which includes all major
UK transport owning Groups. The business also works extensively
with Network Rail, Train Operating Groups and Companies, the
Department for Transport, TfL, multiple local authorities, major
outdoor music and sporting event organisers, and a wide variety of
large engineering and infrastructure companies.
-- The business drives growth both organically and through
acquisition and has made fourteen acquisitions since 2008.
-- For more information on Tracsis please visit http://www.tracsis.com
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END
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