Trading Update and Completion of Acquisition
Tracsis plc announced that its financial performance for the year ended 31 July 2026 is in line with expectations, with revenue projected at approximately £85.5 million and adjusted EBITDA around £13.5 million, both reflecting growth from the previous year. The company also confirmed the completion of its acquisition of Mistral Data Limited for £48 million, funded by existing cash and a £38.7 million draw from its revolving credit facility, resulting in a pro forma net debt to EBITDA ratio of approximately 1.5x. Tracsis expects to announce its full-year results on 19 November 2026.
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Tracsis (LSE: TRCS), a leading transport technology provider, is pleased to provide a trading update for the year ended 31 July 2026 and confirm completion of its acquisition of Mistral Data Limited ("Mistral Data").
FY26 financial performance in line with market expectations 1
Group revenue is expected to be c.£85.5m (2025: £81.9m), with adjusted EBITDA* expected to be c.£13.5m (2025: £12.6m). In both cases, this includes the full-year contribution from the Events business that was sold on 31 July 2026, as previously announced.
Year-end cash stood at £19.4m (2025: £23.4m). This excludes the cash proceeds from the sale of the Events business, that were received on 3 August 2026.
Completion of the acquisition of Mistral Data
On 29 July 2026 the Group announced the proposed acquisition of Mistral Data, subject to receipt of clearance from the UK Competition and Markets Authority and certain other customary conditions. These conditions have now been satisfied and the Group is pleased to announce the completion of the acquisition.
The £48m consideration has been satisfied from the Group's existing cash resources and drawings of £38.7m from its £40m revolving credit facility. The Group's pro forma net debt to EBITDA 2 on completion is expected to be c.1.5x.
Investor presentation: Tracsis and Mistral Data: A stronger platform for growth
David Frost, CEO, and Andy Kelly, CFO, will host a virtual investor presentation on Wednesday 16 September at 11:00am BST, providing an overview of the Mistral Data acquisition and what this means for the enlarged group, followed by Q&A.
The presentation will cover what Mistral Data does, how its products complement Tracsis's existing capabilities, the development of the business, the opportunity in the UK rail software market, and how the acquisition supports and accelerates Tracsis's growth transformation strategy.
Investors can register to attend here: https://engageinvestor.news/TRCS_IP_0926
David Frost, Chief Executive Officer of Tracsis, commented:
"The Group has delivered full-year performance in line with market expectations and ahead of FY25. I would like to thank the whole Tracsis team for their hard work in achieving this. I am pleased with how we have continued to successfully balance disciplined near-term delivery with progress against our strategy to deliver long-term, higher-margin growth.
The acquisition of Mistral Data represents an important milestone in this journey. It brings complementary product capabilities, modern cloud-native technology and increased recurring revenues, while further strengthening our leadership position in the UK rail software market.
Alongside this, the acquisition of Vesputi, the disposal of our Events business and the completion of the 'One Tracsis' groupwide operating model transition have further accelerated our evolution into a more focused software and data technology business.
Looking ahead, Tracsis is better positioned than ever, with a portfolio aligned to attractive long-term growth markets, a higher proportion of recurring revenue and an increasing emphasis on scalable software products.
With a simplified operating model, enhanced capabilities and a clear strategic focus, we are well placed to benefit from sustained investment in rail technology driven by the industry's need for greater efficiency, productivity, safety and customer experience. Our priority is now to integrate Mistral Data successfully and capitalise on the significant opportunities ahead."
Notice of Results
Results for the year ended 31 July 2026 will be announced on Thursday 19 November 2026.
1 The Group is aware of four analysts publishing independent research. The Group-compiled consensus of analyst expectations for the year ended 31 July 2026, including the full-year contribution from the Events business, is for a mean adjusted EBITDA* of £13.5m, with a range of £13.2m to £13.9m.
2 Pro forma net debt excluding IFRS 16 lease liabilities versus expected Tracsis plc FY26 adjusted EBITDA* excluding Tracsis Events Limited plus Mistral Data adjusted EBITDA* for the 12 months ended 31 March 2026.
*Adjusted EBITDA is defined as earnings before net finance income or expense, tax, depreciation, amortisation, exceptional items, other operating income, and share-based payment charges.
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