Transport technology provider Tracsis 'continues to pursue merger and acquisition opportunities'

The group anticipates that its performance for this financial year will be in line with market expectations.

Chris Barnes, chief executive officer, commented: "This has been a year of significant financial and operational progress for Tracsis.

“We have delivered strong organic and earnings-accretive acquisitive growth, have completed the implementation of several large, complex enterprise software contracts, and have made further progress in integrating the group's activities and enhancing our capabilities.

“The performance of our North American rail business has been particularly pleasing alongside the strong performance of all businesses within the data, analytics, consultancy and events division.”

First quarter trading has started in line with expectations, and the group remains well positioned to deliver further growth in the coming year, he added.

He continued: “We have a strong order book and a fast growing opportunity pipeline across both divisions. We expect FY24 (full year 2024) growth to be weighted towards H2 (the second half of the year) given the impact uncertainty in UK rail has had on delivery timescales and the impact an expected transition will have on the phasing of rail revenues in North America.

He added: “Digital transformation will continue to play a significant role in the rail industry's transition to a data-driven, customer-focused, safety-critical future.

"The breadth of Tracsis' product offering and leading digital end-to-end solutions has a clear alignment to the growing needs of the rail industry and increased demands from a customer experience perspective.

"We are well placed to help the industry to increase passenger revenues whilst also delivering operational performance improvements and efficiency savings.

“We remain committed to implementing our overall strategic growth and investment plans, and will continue to pursue both organic and acquisitive growth supported by a strong balance sheet."

Commenting on outlook, Tracsis said: “The group has a clear growth strategy and has a strong balance sheet to support its delivery.

"We are making good progress in implementing this strategy, including winning new multi-year software contracts, and continuing to deliver on contracts won in previous years.

"We have recognised the need to accelerate the transformation of the group's operating model based on lessons learned from recent SaaS (software as a service) implementations and we will invest over the coming year in the actions required to provide a robust platform for ongoing scalable growth based on best practices.”