Tracsis (AIM:TRCS), the transport technology provider, expects revenue of approximately £85.5m for the year ended 31 July, up from £81.9m in 2025.
Adjusted EBITDA is expected to be around £13.5m, ahead of £12.6m the prior year, and in line with the Group-compiled analyst consensus range of £13.2m to £13.9m.
Both figures include the full-year contribution from the Events business, which Tracsis sold on 31 July, with the sale proceeds received on 3 August and therefore excluded from year-end cash of £19.4m, down from £23.4m in 2025.
Tracsis has also completed its previously announced acquisition of Mistral Data, after satisfying UK Competition and Markets Authority clearance and other customary conditions.
The £48m consideration was funded from existing cash and £38.7m drawn from the Group's £40m revolving credit facility, leaving pro forma net debt to EBITDA of around 1.5x on completion.
"The acquisition of Mistral Data represents an important milestone in this journey, it brings complementary product capabilities, modern cloud-native technology and increased recurring revenues," said chief executive David Frost, adding that it strengthens the Group's position in the UK rail software market.
Frost also pointed to the Vesputi acquisition, the Events disposal and completion of the "One Tracsis" operating model as steps accelerating the Group's shift toward a software and data technology focus.
Tracsis will host an investor presentation on Mistral Data on 16 September, with full-year results due on 19 November.
Panmure Liberum analyst Andrew Ripper repeated a Buy rating following Monday's update, along with a 560p target, whilst noting that getting Mistral right could trigger a meaningful re-rating for the share.
Ripper models Mistral contributing about £10m/£14m revenue and c£3m/£4m EBITDA in FY27E/FY28E and notes the acquisition completed earlier than expected, lifting FY27 estimates slightly. He points to a valuation gap (Tracsis trading on c7.6x EV/EBIT to CY27E versus a c13x software sector average) which the broker reckons underpins potential upside if synergies materialise.
News Intelligence what this means for the company
Tracsis has completed its £48m acquisition of Mistral Data and confirmed FY26 revenue and EBITDA in line with consensus, signalling execution on its strategic pivot toward software and recurring revenues. The deal was funded by drawing £38.7m from its £40m revolving credit facility against existing cash, leaving pro forma net debt to EBITDA at 1.5x—a manageable leverage level that reflects disciplined capital deployment. The company had previously stated it would use proceeds from its Events business sale to cut net debt, and this acquisition completion, paired with the Events disposal and Vesputi acquisition, marks material progress on the stated shift away from services toward scalable software.
The completion removes acquisition risk and confirms Tracsis is executing on its stated strategy to consolidate UK rail software capabilities and shift toward recurring revenue. At 1.5x pro forma net debt to EBITDA, the company retains financial flexibility, though the leverage step up from the prior year's implied position warrants monitoring as integration proceeds.
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