UK's Tracsis H1 adjusted EBITDA up 31%; backs FY outlook

Tracsis

28/04/2026 07:18

Overview

UK transport technology provider's H1 revenue rose 7% yr/yr to £38.9 mln

Adjusted EBITDA for H1 climbed 31% to £5.0 mln, margin improved to 12.8%

Diluted adjusted EPS increased 34% to 10.2p, driven by higher profitability

Outlook

Tracsis reaffirms FY26 expectations; sees adjusted EBITDA in line with market estimates

Company says near-term UK rail market headwinds persist, impacting hardware volumes and procurement timelines

Tracsis expects UK consumer-driven transactional revenues to remain at H1 FY26 levels, with incremental contribution from Vesputi

Result Drivers

RECURRING SOFTWARE REVENUE - Co said recurring software licence revenue grew 4% to £10.4 mln, mainly in the UK from the Operations and Planning portfolio, including price increases

TRANSACTIONAL REVENUE - Co said consumer-driven transactional revenue rose 24% to £2.4 mln, driven by increased use of PAYG digital ticketing and higher delay repay transaction volumes

CONTRACT WINS - Co cited new and ongoing contract wins, including Tap Converter (UK Rail Delivery Group), GeoIntelligence (UK government), and Train Dispatch (North America), as supporting revenue growth

Company press release: ID:nRSb1039Ca

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
GBP 38.90 mln
H1 Adjusted EBITDA
GBP 5 mln
H1 Pretax Profit
GBP 0


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

The average consensus recommendation for the software peer group is "buy"

Wall Street's median 12-month price target for Tracsis PLC is GBp660.00, about 104.7% above its April 27 closing price of GBp322.50

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)