Latest Bellvedi News
Nov 14, 2019
As anticipated ( see here ), Leeds-based traffic data and transportation industry software and services provider Tracsis has reported another year of good progress. For the twelve months to 31st July, revenue increased by 24% yoy to £49.2m and adjusted EBITDA was up 12% at £10.5m. The top line growth was driven a strong second half performance fuelled by the company’s three acquisitions made this calendar year; Compass Informatics Limited, Cash & Traffic Management Limited and Bellvedi . Together, these purchases contributed nearly £6m of additional sales to the FY19 numbers and accounted for over 60% of the rise in overall turnover. This last financial year also saw Tracsis land its largest software contact to date – a five-year framework agreement for its TRACS Enterprise product secured with a major Train Owning Group. The FY19 results are made all the more impressive given the change at the helm at the end of the third quarter. We noted in January, when the appointment of CEO Designate, Chris Barnes was first announced, that the pieces were in place for a seamless transition ( see here ) and so it appears to have proved. Tracsis holds a good position in a market with high barriers to entry and contracts sold on a repeat basis. The traffic and transport sectors are undergoing much change and the company remains well placed help with the manifold critical data challenges these industries must wrestle with. It is therefore not surprising that the directors of Tracsis both believe that the business is well placed for further growth and have confidence in the core markets that the Group serves and operates in.