Tracsis, which produces software that prevents train derailments and delays, yesterday revealed that its full year sales had soared as it targets the North American market.
The company, which spun out of Leeds University, can help transport operators to computerise their staff and rolling stock schedules, so they can operate more efficiently.
In the year ended July 31, the company’s revenues increased 106 per cent to £22.4m, while profit before tax increased 62 per cent to £4.2m. Over the year, Leeds-based Tracsis established a North American pilot which has been extended. The company said that “all indications point to a significant long term market opportunity” in America.
John McArthur, the company’s chief executive, said: “We continue to benefit from transport markets that are experiencing record levels of government spending, steadily rising passenger numbers and regulatory change. This environment provides for good growth opportunities as we look to help solve the transportation problems of tomorrow.
“In the year ahead, we intend to make further in-roads into overseas markets, most notably the US, whilst continuing to diversify our technology portfolio and UK offering through a combination of in-house development and further well placed acquisitions.”
Analysts from Charles Stanley highlighted the fact that the company’s trial with a Class 1 rail operator appears to be going well with further orders anticipated, and talks are starting with other US operators. Cash generation has been exceptionally strong, the analysts’ note said.