Shares in Tracsis (TRCS) fell nearly 9 per cent on the back of these figures, but the transport-focused software, technology and consultancy group did better than the headline figures suggest. Add back exceptional items, and adjusted cash profit rose 3 per cent year-on-year to £3.4m.
Still, adjust for the revenue boost from having acquired traffic data collection specialist Sky High, and turnover actually fell 12 per cent in the period to £7.64m. Much of that decline reflected an impasse in the rail franchise renewal process - meaning less consultancy work for preparing franchise bids. However, chief executive John McArthur points out that a revised timetable for future franchise bids has now been published.
Sales of the group’s core software - which helps to optimise crew rosters for train companies - rose nearly 8 per cent, though, helped by the launch of a new rolling stock tool, TRACS-RS. The group also secured the first sale of its FreightTRACS package, developed in conjunction with one of the UK’s major freight operators.
Broker WH Ireland expects adjusted pre-tax profit of £3.4m for 2014, giving adjusted EPS of 11.2p (from £3.3m/11.2p).
| TRACSIS (TRCS) | ||||
|---|---|---|---|---|
| ORD PRICE: | 186p | MARKET VALUE: | £47m | |
| TOUCH: | 186-190p | 12-MONTH HIGH: | 213p | LOW: 124p |
| DIVIDEND YIELD: | 0.4% | PE RATIO: | 22 | |
| NET ASSET VALUE: | 52p* | NET CASH: | £6.6m | |
| Year to 31 Jul | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2009 | 2.30 | 0.67 | 2.70 | nil |
| 2010 | 2.60 | 0.58 | 2.50 | nil |
| 2011 | 4.10 | 1.12 | 4.50 | nil |
| 2012 | 8.67 | 3.01 | 9.96 | 0.55 |
| 2013 | 10.8 | 2.59 | 8.42 | 0.70 |
| % change | +25 | -14 | -15 | +27 |
Ex-div: 15 Jan Payment: 31 Jan *Includes intangible assets of £6.1m, or 24p a share | ||||
