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Tracsis awarded new, significant rail contract
28th Jul 2021 14:54
(Sharecast News) - Rail, traffic and transport technology company Tracsis has been awarded a new multi-year significant contract in the UK for its 'RailHub' software product suite, it announced on Wednesday.
The AIM-traded firm said the award was one of the large rail opportunities it highlighted in its interim results, that was in the final stages of contract award.
It described RailHub as a digital platform developed by its OnTrac subsidiary, that allows railway workers to plan and deliver safer work on the railways by providing "better and more visual" information.
Improving safety was a key priority area for the rail industry, which had an overriding focus on eradicating fatalities on or near the railway line, reducing near misses and reducing lost time accidents in rail and construction environments.
The contract would double RailHub's user base to more than 30,000 individuals, reflecting growing momentum in the UK rail sector's shift to digital, underpinning the board's confidence in the future of the RailHub product with both rail infrastructure providers and maintainers.
As a result of the large enterprise licence win, ongoing growth in rail technology and services and data analytics, and a post-Covid-19 recovery in business activity levels in the firm's traffic data and events business units, Tracsis said it was now expecting full-year EBITDA for the group to exceed market expectations.
"We are delighted to have secured this major new software contract win, which strongly aligns with the industry's ongoing investment in a digital railway as outlined in the recent 'William-Shapps Plan for Rail'," said chief executive officer Chris Barnes.
"This win further cements RailHub as an industry leading piece of software and reinforces the reputation of Tracsis as a fast-to-market innovator of products and services for the rail industry."
At 1424 BST, shares in Tracsis were up 3.93% at 979p.
The AIM-traded firm said the award was one of the large rail opportunities it highlighted in its interim results, that was in the final stages of contract award.
It described RailHub as a digital platform developed by its OnTrac subsidiary, that allows railway workers to plan and deliver safer work on the railways by providing "better and more visual" information.
Improving safety was a key priority area for the rail industry, which had an overriding focus on eradicating fatalities on or near the railway line, reducing near misses and reducing lost time accidents in rail and construction environments.
The contract would double RailHub's user base to more than 30,000 individuals, reflecting growing momentum in the UK rail sector's shift to digital, underpinning the board's confidence in the future of the RailHub product with both rail infrastructure providers and maintainers.
As a result of the large enterprise licence win, ongoing growth in rail technology and services and data analytics, and a post-Covid-19 recovery in business activity levels in the firm's traffic data and events business units, Tracsis said it was now expecting full-year EBITDA for the group to exceed market expectations.
"We are delighted to have secured this major new software contract win, which strongly aligns with the industry's ongoing investment in a digital railway as outlined in the recent 'William-Shapps Plan for Rail'," said chief executive officer Chris Barnes.
"This win further cements RailHub as an industry leading piece of software and reinforces the reputation of Tracsis as a fast-to-market innovator of products and services for the rail industry."
At 1424 BST, shares in Tracsis were up 3.93% at 979p.