Profit and revenue soar for Tracsis

The Leeds-based company increased its revenues by 29 per cent to £32.6m for the year ending July 31, from £25.4m in the previous period, ahead of original market expectations.

Its fully diluted adjusted earnings per share increased 22 per cent to 22.37p.

Its cash balances fell by £2.1m to £11.4m following a series of acquisitions and investments, which the company said was bedding in well and providing a positive contribution to group revenues.

These include the software development and hosting business Ontrac completed in December 2015, which secured several major orders secured for its software products.

Tracsis also secure a significant order with a North American Class 1 railroad operator for Remote Condition Monitoring (RCM) hardware and software, something the company said showed it has the capability and product set to address this large overseas market opportunity

John McArthur, Chief Executive Officer, said: “Having put in place solid foundations at the beginning of the year with the Group’s transactions and investments, the focus in the second half has been one of delivery. As a result the Group has achieved another set of positive results with strong growth in revenue and profitability.

“These results include our most active transactional period to date with the acquisitions of SEP and Ontrac, both of which are trading well and have further bolstered our positive performance, and a further two investments completed. The result of these acquisitions made during the period, combined with good progress on new software development, has led to the Tracsis offering being significantly enhanced in terms of breadth and depth.”

Tracsis was named best company turning over between £10m and £50m at this year’s Yorkshire Post Excellence in Business Awards.