By Greg Wright

Published 3rd Apr 2023, 09:21 BST

Updated 3rd Apr 2023, 10:55 BST

In the six months ended January 31 2023, Leeds-based Tracsis recorded a 34 per cent increase in revenue to £39.2m, which was in line with management’s expectations. Tracsis also secured a 76 per cent increase in profit before tax to £2.3m, which it said was underpinned by strong rail technology recurring revenue growth in both the UK and North America.

The group also secured “good growth” in its data, analytics, consultancy and events division.

Chris Barnes, the group’s chief executive, commented: "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 (software as a service) 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."

Over the half year, Tracsis won another new contract for its PAYG smart ticketing solution with a UK transport authority. This will go live later this calendar year. Tracsis said it is the first EMV (contactless bank card) deployment of this service on the UK's national rail network.

Activity levels in both the events and traffic data businesses, which had been heavily affected by Covid-19, have now returned to pre-pandemic levels, Tracsis said.

Tracsis said it had made a positive start to Q3 (third quarter) trading with high activity levels across the group and its expectations for the full year are unchanged. There was also a strong revenue contribution from RailComm following its acquisition in the previous year, including a large software licence deployment for a new product serving the transit market. Tracsis also reported a growing pipeline of other opportunities in North America

Leeds-based Tracsis will continue to pursue organic and acquisitive growth