Shares of Leeds-based transport data analytics firm Tracsis plc rose about 4% on Wednesday after it published a trading update for the year ended July 31, 2022, saying its revenue is expected to have increased to £69 million from £50.2 million.

“Both divisions have delivered high levels of revenue growth, which includes a strong post-Covid lockdown recovery of activities in the Events and Traffic Data business units, the contribution from the RailComm and Icon GEO businesses that were acquired in the year, and the initial benefit from the previously announced multi-year Rail Technology software contracts that were won during the year,” said Tracsis.

“The group expects adjusted EBITDA to be ahead of market expectations.

“The group’s cash balance remains strong at c.£17.2m (2021: £25.4m), which enables the group to continue to invest in its technology base and to support future organic and acquisitive growth opportunities.

“The Rail Technology and Services Division has continued to trade well. The division benefits from high levels of recurring software revenue, a fast-growing user base, and has a large pipeline of multi-year opportunities.

“Performance for the year to 31 July 2022 includes the benefit from multi-year rail technology software contracts that went live during the year.

“Following the acquisition of RailComm, the Group has won several new rail contracts in North America that will support ongoing revenue and profit growth in this market.

“The Data, Analytics, Consultancy and Events Division has delivered revenue growth ahead of expectations, driven by a very strong post-Covid lockdown recovery of activities in the Events and Traffic Data business units in the final quarter of the financial year.

“There was also strong revenue growth in both the Transport Insights and Data Analytics/GIS businesses, including the benefit from the acquisition of Icon GEO in November 2021.”