Tracsis (TRCS) H1 2026 earnings summary

Executive summary

• Revenue grew 7% year-over-year to £38.9m for H1 FY26, with margin and earnings improvements across both divisions and adjusted EBITDA up 31% to £5.0m.

• Diluted adjusted EPS increased 34% to 10.2p per share, with strong cash generation and a debt-free balance sheet of £25.8m.

• Strategic progress includes the acquisition of Vesputi in Germany, supporting international diversification and digital ticketing expansion.

• Ongoing transformation to a scalable, software-led business model, with the implementation of the One Tracsis operating model and new group-wide leadership.

• FY26 outlook remains in line with market expectations, underpinned by commercial momentum and a significant confirmed orderbook.

Financial highlights

• Adjusted EBITDA increased 31% to £5.0m, with a margin of 12.8% (up 236bps year-over-year).

• Diluted adjusted EPS up 34% to 10.2p per share; free cash flow was £2.5m, similar to prior year.

• Revenue and margin growth achieved in both divisions; recurring and transactional revenues both increased by 7% year-over-year.

• Interim dividend of 1.3p per share declared, up 8% year-over-year, maintaining a progressive dividend policy.

• Statutory operating loss narrowed to £77k from £1.08m, with profit before tax at breakeven.

Outlook and guidance

• Trading in Q3 remains strong, supporting expectations for full-year performance in line with market consensus.

• Board expectations for FY26 unchanged; significant confirmed orderbook and resilient digital ticketing activity.

• Focus remains on operational delivery, completing the One Tracsis organizational model, and progressing organic and inorganic growth drivers.

• Anticipates further exceptional cash outflows of approximately £2 million in H2 FY26 related to transformation costs.

• Commercial momentum and strategic actions are expected to support long-term growth ambitions.