Shares of Leeds-based transport technology provider Tracsis plc rose as much as 8% after it published a trading update for the year ended July 31, 2026, and confirmed the completion of its acquisition of Mistral Data Limited, a wholly owned subsidiary of FirstGroup plc.
Tracsis said its FY26 financial performance is in line with market expectations.
“Group revenue is expected to be c.£85.5m (2025: £81.9m), with adjusted EBITDA expected to be c.£13.5m (2025: £12.6m),” said Tracsis.
“In both cases, this includes the full-year contribution from the Events business that was sold on 31 July 2026, as previously announced.
“Year-end cash stood at £19.4m (2025: £23.4m). This excludes the cash proceeds from the sale of the Events business, that were received on 3 August 2026 …
“On 29 July 2026 the Group announced the proposed acquisition of Mistral Data, subject to receipt of clearance from the UK Competition and Markets Authority and certain other customary conditions.
“These conditions have now been satisfied and the Group is pleased to announce the completion of the acquisition.
“The £48m consideration has been satisfied from the Group’s existing cash resources and drawings of £38.7m from its £40m revolving credit facility. The Group’s pro forma net debt to EBITDA on completion is expected to be c.1.5x.”
Tracsis CEO David Frost said: “The acquisition of Mistral Data represents an important milestone in this journey. It brings complementary product capabilities, modern cloud-native technology and increased recurring revenues, while further strengthening our leadership position in the UK rail software market.
“Alongside this, the acquisition of Vesputi, the disposal of our Events business and the completion of the ‘One Tracsis’ groupwide operating model transition have further accelerated our evolution into a more focused software and data technology business.
“Looking ahead, Tracsis is better positioned than ever, with a portfolio aligned to attractive long-term growth markets, a higher proportion of recurring revenue and an increasing emphasis on scalable software products.
“With a simplified operating model, enhanced capabilities and a clear strategic focus, we are well placed to benefit from sustained investment in rail technology driven by the industry’s need for greater efficiency, productivity, safety and customer experience.
“Our priority is now to integrate Mistral Data successfully and capitalise on the significant opportunities ahead.”