Tracsis PLC on Wednesday said it expects to see improved growth in the second half of the year after reporting weak performance in the first six months.
The Leeds, England-based transport technology provider in the six months ended January 31, swung to a pretax loss of £300,000 from a £2.3 million profit the year before.
Over the same period revenue declined by 6.7% to £36.6 million from £39.2 million.
Continuing its progressive dividend policy, the company announced an interim dividend for the first half of 1.10 pence per share, up 10% from 1.00p the prior year.
Chief Executive Officer Chris Barnes said: ‘The programme of actions to transform the group’s operating model is progressing to plan and we are beginning to see the benefit in the growth of our pipeline of major software opportunities. Our financial performance for the period reflects this period of transition, with further growth anticipated in [the second half] and beyond.’
The new operating model aims to create a scalable platform for accelerated growth and to transition to a broader software-as-a-service business.
As it stands the company’s order book remains weighted towards the second half of the year. This combined with its pipeline of software opportunities, in both the UK and North American market, leaves management confident that growth will be achieved going forward.
Tracsis shares were down 3.3% to 817.00 pence each in London on Wednesday morning.
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