MPEC buy boosts Tracsis income
Software and consultancy services business Tracsis has reported record revenues following its takeover of Derby-based MPEC Technology.
Tracsis, which bought MPEC for £3.4m in June 2011, said the move had added £1.07m to its turnover figure for the year to 31 July 2011.
This, along with a 14 per cent improvement in "organic growth", had led to revenue to rise from £2.6m in 2010 to £4.1m in 2011, the business said.
Profit before tax also increased from £584,000 to £1.12m - up 77 per cent - while cash balances at 31 July 2011 stood at £4.7m. The business said it was debt free.
Leeds-based Tracsis, which specialises in services to the rail industry, said its recent share placing was also oversubscribed with £1.95m raised.
John McArthur, chief executive officer, said: "Tracsis has performed extremely well in the year, achieving record levels of organic revenues and profits, and the contribution of MPEC Technology Limited has also been significant.
"The MPEC acquisition is Tracsis's fourth in four years and represents a slight diversification into embedded software, but I believe it still sits well underneath the Tracsis transport umbrella."
