Tracsis, Leeds transport data firm, ups profit 76%

Leeds-based transport data analytics firm Tracsis plc announced a 76% increase in profit before tax to £2.3 million for the six months ended January 31 as its revenue jumped 34% to £39.2 million.

Tracsis CEO Chris Barnes said: “I am pleased with the first half performance which was in line with our expectations.

“We have seen strong revenue and adjusted EBITDA growth, underpinned by strong rail technology recurring revenue growth in both the UK and North America and new large contract wins across Remote Condition Monitoring and Smart Ticketing.

“I am also delighted to see good growth in our Data, Analytics, Consultancy and Events division which is huge testament to the team and all their hard work throughout the Covid pandemic to ensure that we could respond quickly to market demand post the removal of all lockdown restrictions.

“Our future opportunity pipeline is strong and the UK rail industry’s transition to a new Great British Railways structure will continue to drive interest in product solutions that will deliver a data-driven, customer-focused, safety-critical future for the industry.

“Tracsis is well positioned to benefit from the digital transformation of the rail industry both in the UK and North American markets.

“We continue to invest in implementing a simplified and more integrated operating model to help us to execute our growth strategy, to improve the speed and robustness of large SaaS programme delivery, to strengthen the resilience of our IT infrastructure, to attract and retain talent, and to meet our objectives of being carbon neutral by 2030.

“We are confident that there are strong growth prospects for all parts of our Group and therefore we remain committed to implementing our overall strategic growth and investment plans.

“We will continue to pursue organic and acquisitive growth, including greater investment in self-funded R&D supported by a strong balance sheet.”