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Tracsis annual results hit by Covid-19 impact on traffic services
StockMarketWire.com
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Transport technology company Tracsis has reported a fall in profits in its full-year results, despite strong performance from its railways division.
In its unaudited results for the 12 months to the end of July 2020, the company reported an operating profit of £4.3 million, down from £6.7 million in the previous financial year.
Revenue was down slightly to £48 million, compared to £49.2 million a year earlier.
Tracsis's Rail Technology & Services Division's performance exceeded expectations, growing revenue by 17% and earnings before interest, tax, depreciation and amortisation by 33%.
However, the Covid-19 pandemic hit the company's Traffic & Data Services Division by an estimated £10 million of revenue, although it said action had been taken to reduce its cost base and to mitigate the impact.
At 2:11pm: (LON:TRCS) Tracsis PLC share price was 0p at 530p
Story provided by StockMarketWire.com
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