Yorkshire transport services firm increases revenue 41 per cent with international acquisitions
A Yorkshire transport services firm has reported a 41 per cent increase in revenue following international business acquisitions.
Tracsis, a provider of software, hardware and services for the rail, traffic data and wider transport industries, earned revenues of £26.4m for the first half of this year, compared to £18.8m in 2019.
The firm also saw adjusted EBITDA increase by 23 per cent to £5.2m from £4.2 on a like for like basis.
This follows the company’s acquisition of Compass Informatics in Ireland, CTM in Australia and Bellvedi in Hertfordshire in 2019.
Last month, the firm also acquired London ticketing software company iBlocks.
Chris Barnes, CEO of Tracsis, commented: “We are pleased with the first half performance which was in line with expectations.
“All of the acquisitions from 2019 performed well, and we were also delighted in March to have completed the iBlocks acquisition which increases our rail technology product portfolio and takes us into exciting new areas of the rail industry.
“Despite the recent COVID-19 crisis, our Rail Technology & Services business currently remains resilient and we are in the final stages of negotiating several large multi-year software and hardware contract opportunities.
“Our Traffic & Data Services division is however being majorly impacted by COVID-19 and as a result we have taken a series of actions to mitigate the impact on the business as much as possible, with the full year outcome currently under review.
“The group continues to have substantial cash balances and strong cash flow.”
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