Transport technology provider, Tracsis has provided a trading update for the year ending July 31, 2023. 

The company is expected to have a 19% increase in revenue to over £81.5m which is a £12.8m increase from 2022, with significant growth in both divisions of operation.

The company further expects adjusted EBITDA to be £16m (2022: £14.2m). The Group's robust cash position and healthy cash generation leave it well positioned to continue to invest in its technology base and further acquisitions.

Tracsis' products and services are widely used to increase efficiency, reduce cost and risk, improve operational and asset performance, improve safety management and decision-making capabilities in addition to improving the overall end-user experience for clients and customers.

There has been strong growth within the UK from The Rail Technology and Services Division on the delivery of a series of large multi-year SaaS contracts for Train Operators and Network Rail.

This has triggered an increase in rail technology software licence usage and annual recurring revenue, despite ongoing industrial disputes and the delayed transition to the new Great British Railways structure.  

The Data, Analytics, Consultancy and Events Division has also delivered revenue growth ahead of expectations. This includes the benefit from new contract wins in Data Analytics/GIS and ongoing demand for specialist consultancy services, in addition to a very strong post Covid lockdown recovery in the Events and Traffic Data businesses.

To continue providing a solid platform for ongoing growth the Group continues to integrate its activities, technologies, and operating model. Technology investment has increased to accelerate future growth which will continue through the forthcoming financial year.

Expectations weighting the growth of the second half of the financial year continue as Tracsis plc grow their pipeline and deliver a large orderbook of work.