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The Leeds-based firm, which unveiled its audited results for the year ended July 31, 2022, said revenue for the period increased 37 per cent to £68.7m and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization, increased nine per cent to £14.2m.

Pre-tax profit fell to £2.6m, compared to £4.6m the year before after £3.1m of exceptional items, including an increase in the fair value of contingent consideration following a strong underlying trading performance in Bellvedi, part of its rail operations and planning business. It also included transaction costs associated with the acquisitions of two businesses during the year.

Tracsis acquired geoscience company Icon GEO and Railcomm, a US-based rail technology software and services firm which provides direct access to the large and growing North American market during the year.

Chris Barnes, chief executive officer, said: “We have delivered a financial performance aligned to our long term strategic growth plan, with high levels of organic and acquisitive growth. Our rail technology and services division has won several multi-year software contracts, and in data, analytics, consultancy and events we have seen a strong post-Covid recovery in activity levels.”

He added: “We are confident that there are strong growth prospects for all parts of our group and therefore remain committed to implementing our overall strategic growth and investment plans.”