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Highlights

  • Full-year revenue reaches approximately GBP 82.0 million (2024: GBP 81.0 million), with adjusted EBITDA of GBP 12.6 million (2024: GBP 12.8 million).

  • Year-end cash position increased to GBP 23.4 million (2024: GBP 19.8 million), supported by cash generation and completion of a GBP 3.0 million share buyback.

  • Agreement of a new GBP 35 million revolving credit facility with HSBC UK Bank plc, providing financial flexibility until 2028 with an extension option to 2030.

Tracsis plc (LSE:TRCS), a provider of transport technology solutions, has released a trading update for the year ended 31 July 2025, reporting performance in line with previously revised guidance, continued commercial progress, and the completion of a share buyback programme. The Group also confirmed expectations for FY26 alongside the announcement of a new financing facility.

Financial Performance

For the year ended 31 July 2025, Group revenue is expected to be approximately GBP 82.0 million, compared with GBP 81.0 million in the prior year. Adjusted EBITDA is expected at around GBP 12.6 million, compared with GBP 12.8 million in 2024. These results are in line with guidance issued during the interim results on 24 April 2025.

The Group reported year-end cash of GBP 23.4 million, up from GBP 19.8 million in 2024. This increase was achieved alongside completion of the GBP 3.0 million share buyback programme in H2.

Commercial and Operational Progress

Tracsis noted improved second-half trading, supported by growing recurring software licence revenues, transactional revenues, and delivery from its Rail Technology & Services development orderbook. Seasonal contributions from Data, Analytics, Consultancy & Events also supported the performance.

Key contract developments during FY25 included progress in smart ticketing. Tracsis was selected by the Rail Delivery Group as one of four providers for digital pay-as-you-go (DPAYG) ticketing trials across the Northern and East Midlands railway networks, expected to begin between September and November 2025. The trials will feature Tracsis’ Hopsta-powered smart ticketing app, already in operation as “Tap&Pay” with ScotRail.

The company also continued work on previously secured multi-year contracts, including the Tap Converter project with the Rail Delivery Group in Customer Experience and the RailHub development programme with Network Rail in Safety & Risk Management.

FY26 Outlook

Tracsis stated that its expectations for FY26 remain unchanged, though it continues to factor in persistent headwinds in the UK Rail market. Network Rail’s Control Period 7 (CP7) funding constraints are expected to maintain reduced volumes in Remote Condition Monitoring (RCM) hardware, though volumes are anticipated to increase as infrastructure projects are approved.

Additionally, extended procurement timelines linked to the renationalisation of Train Operating Companies and the creation of Great British Railways are expected to continue. Despite these challenges, the Board expects to deliver modest growth in FY26, supported by recurring revenue from its installed base, a confirmed orderbook, and a pipeline of rail technology solutions.

New Financing Facility

Tracsis also announced the agreement of a new GBP 35 million revolving credit facility with HSBC UK Bank plc. The facility runs until July 2028 with an option to extend to July 2030, providing additional headroom and flexibility to support product development, strategic investment, and mergers and acquisitions.