REG - Tracsis PLC - Board Change

TracsisAnnouncement

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RNS Number : 2530Q  Tracsis PLC  09 July 2025

9 July 2025

Tracsis plc

("Tracsis" or the "Group")

Board Change

Tracsis (LSE: TRCS), a leading transport technology provider, announces that
Chris Barnes will step down as Chief Executive Officer and from the Board on
31 July 2025, following six years in the role.

The Board is pleased to confirm that David Frost will be appointed as CEO.
David will join the Group on 9 July 2025 before assuming the role of CEO and
joining the Board on 1 August 2025. Chris will remain with the business for a
period of time thereafter to ensure an orderly handover.

David is an accomplished CEO in the industrial technology sector with a proven
track record of driving organic growth, executing high-quality M&A and
delivering advanced analytical software solutions across critical
infrastructure end markets, together with extensive US experience. He most
recently served as Chief Executive Officer of Ovarro Ltd ("Ovarro"), an IoT
technology leader in the monitoring and control of remote critical assets in
national and critical infrastructure markets, where he delivered revenue and
profit growth of 2.5x and 3x respectively. Prior to Ovarro, David previously
served in a senior capacity at Eaton Corporation, General Electric and
Honeywell.

The Group confirms it remains on track to achieve FY25 adjusted EBITDA within
the range £12.5m - £13.5m as previously communicated.

Jill Easterbrook, Non-executive Chair of Tracsis, said:

"I am pleased that David is joining Tracsis at this important time for the
business. He is a strong CEO with prior experience of leading a technology
business in the critical infrastructure space. Together with his focus on
strategic thinking, organic growth and M&A, this makes David ideally
suited to the role.

Chris has made significant progress during the last six years in modernising
and streamlining the Group to create a platform for future growth. He guided
the business through the challenges of Covid, expanded the business into
international markets and has been instrumental in setting Tracsis' strategy
to deliver long term shareholder value. The Board and employees have greatly
valued Chris' passionate and energetic leadership and we wish him well for the
future."

Chris Barnes, outgoing Tracsis CEO, said:

"It has been a privilege to lead Tracsis over the past six years. The Group
has developed significantly in that time, establishing a clear strategic focus
and strong foundations to support future growth. I've worked with a fantastic
team and I'm very grateful for their support and commitment. I hand over
confident that the Group is in capable hands and well placed to make the most
of the opportunities ahead."

David Frost, incoming Tracsis CEO, said:

"I am honoured to succeed Chris and to lead Tracsis into its next chapter.
Tracsis is an outstanding business, operating in specialist markets with
strong underlying fundamentals that underpin our strategic direction.

Our compelling value proposition, built on innovation and deep sector
expertise, positions us to address the evolving challenges of the rail and
wider transport sectors, both in the UK and globally.

With a strong financial foundation and a dedicated and talented team, I look
forward to guiding Tracsis through its next phase of sustainable growth."

 

Contacts

 Tracsis plc                                                              +44 (0)845 125 9162

 Chris Barnes, CEO

 Andy Kelly, CFO

 Berenberg (Nominated Adviser, Corporate Broker & Financial Adviser)      +44 (0)20 3207 7800

 Mark Whitmore / Richard Andrews / Ryan Mahnke

 James Thompson (QE)

 Alma Strategic Communications                                            +44 (0)20 3405 0205
 David Ison / Rebecca Sanders-Hewett / Joe Pederzolli

                                                                        tracsis@almastrategic.com (mailto:tracsis@almastrategic.com)

The information contained within this announcement is deemed by the Group to
constitute inside information under the Market Abuse Regulation (EU)
No.596/2014

Relevant disclosures:

The following disclosures are required under Rule 17 and Schedule Two,
paragraph (g) of the AIM Rules for Companies:

David Frost (aged 58) holds or has held the following directorships or
partnerships in the past five years:

Existing directorships or partnerships

None

Previous directorships or partnerships

 Ovarro Ltd              Frost Home Rental Ltd
 Ovarro DA Ltd           Ovarro SA
 Ovarro DA Holdings Ltd  Ovarro PTY Ltd
 Ovarro Holdings Ltd     Ovarro INC
 Ovarro TS Ltd           Ovarro SDN.BHD
 Ovarro LD Ltd           Ovarro SAS
 Ovarro Group Ltd        Ovarro BV
 Controlpoint Ltd

 

David Frost does not have a beneficial interest in any Tracsis shares and has
confirmed that, other than the information disclosed above, there is no
further information in connection with his appointment required to be
disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.

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