Tracsis warns of revenue drop, trades 'better than expected'
Traffic and transportation technology group Tracsis said on Thursday that overall trading during the Covid-19 pandemic had been "better than originally expected" but still cautioned of a roughly 18% hit to revenues as a result of the coronavirus.
Tracsis said its traffic and data services division had continued to secure new work, with the impact of reduced revenues being somewhat mitigated by a range of actions taken by the group to cut its cost base.
The AIM-listed group added that its rail technology and services units had also continued to trade "very well" as the performance of the segments were underpinned by high levels of recurring software revenue.
However, Tracsis acknowledged that the Covid-19 pandemic had "naturally" had an adverse impact on the business, with full-year sales forecast to be in the region of £46m after taking a £10m hit from the coronavirus and related disruptions.
Current cash balances were said to have remained strong at roughly £16m, after making all tax and acquisition-related payments.
As of 1025 BST, Tracsis shares were untraded at 620p.