LEEDS-based Tracsis, which provides software and technology led products and services for the traffic and transportation industry, has sold a non-core business.
Tracsis has disposed of Tracsis Traffic Data Pty Limited (TTD), its data capture operation in Australia, to Martin Prowse, the managing director of that company as part of a management buy-out.
In a statement. Tracsis, which is led by CEO, John McArthur, said: “The disposal aligns with the group’s strategy to maintain strength in its core markets and operate in high value, niche markets.
“The board is focused on continuing to drive its growth strategy in the UK and overseas but no longer believe TTD’s data capture operations in Australia is required to achieve this goal. The directors believe that disposing TTD, which has limited trading visibility and does not have critical mass, mitigates the group’s execution risk which is inherent in operations of this kind.”
In the year ended 31 July 2015, TTD generated revenue of £2.2m, EBITDA of £0.3m, profit before tax of £0.25m and had tangible net assets of circa £0.5m.