Sales (+3% LFL) and EBITDA are both in line, adj. PBT is +8% a/h and adj. FCF was also strong at £9.1m. This follows a strong H2 - wrt. to revenue and marginand from both sides of the business, as Rail Tech delivered broad-based growth (headwinds notwithstanding) while post y/e, TRCS won a strategically important and major Geointelligence contract (worth up to £9m/10yrs). As well, Rail Tech is now integrated under a single leadership team and operating model. This is an important first step in becoming a unified product business, delivering scalable, SaaS applications. And while Tracsis acknowledge this will be a multi-year process, we this is positive, as will enable the company to leverage its IP and deep domain knowledge in a more scalable fashion - fit for international expansion and should achieve greater shareholder value. Trading in the early part of FY26 has been in line hence n/c to forecasts.
