Tracsis PLC Trading and Covid-19 Update (8881G)
March 20 2020 - 3:00AM
UK Regulatory
TIDMTRCS
RNS Number : 8881G
Tracsis PLC
20 March 2020
20 March 2020
Tracsis plc
("Tracsis" or the "Group")
Trading and Covid-19 Update
Tracsis is a leading provider of software, hardware and services
for the rail, traffic data and wider transport industries, and in
response to the rapidly evolving Covid-19 situation has been
evaluating the potential impact on the Group.
We expect the Rail Technology & Services Division to have
resilience as it derives most of its income from highly recurring
product sales and we will continue to remain focused on the
delivery of a number of large multi-year client contracts, with
staff being able to work on development whilst at home.
We do however expect parts of the Traffic & Data Services
Division to be impacted by Covid-19. In particular, our events
businesses SEP and CTM both derive a significant amount of revenue
from major UK based outdoor events, and in recent days we have been
notified by some major clients that events scheduled for this
summer will either be cancelled or postponed to the Autumn. We
expect further events to be cancelled or postponed in due course.
We are attempting to mitigate the impact as much as possible
through reduced casual labour costs and other actions that the
business can take to offset this. We also expect disruption to our
Traffic Data collection and Passenger Analytics activities that are
scheduled to take place over the coming weeks, given road traffic
and rail passenger activity will be heavily reduced and hence not
representative.
Given that the situation is changing rapidly, at this point in
time it is not possible to accurately quantify the impact on H2
trading and therefore full year expectations. Further updates will
be provided in due course.
The Group is a resilient business with substantial cash balances
maintained and strong cash flow. Interim results to 31 January 2020
will be issued on 2 April 2020.
Our key priority during these unprecedented times is the health
and wellbeing of our employees, our clients and their families.
Enquiries:
Tracsis plc Tel: 0845 125 9162
Chris Barnes, CEO
Max Cawthra, CFO
finnCap Ltd Tel: 020 7220 0500
Christopher Raggett/Scott Mathieson, Corporate Finance
Andrew Burdis, Corporate Broking
Notes to editors:
-- Tracsis plc is a technology company and a leading provider of
software and hardware products, data capture and data analytic
services for the rail, traffic data and wider transport
industries.
-- Tracsis' products and services are widely used to increase
efficiency, reduce cost and risk and improve operational and asset
performance, safety management and decision making capabilities for
clients and customers.
-- The Group i s split into two principle operating areas built
around detailed industry knowledge and expertise :
- Rail Technology & Services: Software and technology led
business supported by consultancy. Develops remote condition
monitoring hardware and safety, productivity improvement, risk
management and data acquisition software for rail infrastructure
providers and software that solves complex resource, asset
optimisation and control problems for Train Operators.
- Traffic & Data Services : A largely services led business
that focuses on data capture, data analytics, data insights and
event traffic management within transport and pedestrian rich
environments. The business provides technology and data that
underpins large scale intelligent transport system and smart city
planning and decision making.
-- Tracsis has a blue-chip client base which includes all major
UK transport owning Groups. The business also works extensively
with Network Rail, the Department of Transport, TfL, multiple local
authorities, major outdoor music and sporting event organisers, and
a wide variety of large engineering and infrastructure
companies.
-- The business drives growth both organically and through
acquisition and has made fourteen acquisitions since 2008.
-- For more information on Tracsis please visit http://www.tracsis.com
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END
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