Tracsis

Website: Tracsis
Index: AIM
EPIC: TRCS
Supersector: Technology
Sector: Software and Computer Services
Subsector: Software
Market Cap: £90.44M
Payout Frequency: Semi-Annual

Next Tracsis Dividend

Tracsis next goes ex-dividend on 29/01/2026. This will be the Final dividend for 2026.

The dividend per share amount is 1.4000p (GBP) and the payment date is 12/02/2026.

Dividend summary

Final dividend per share: 1.4p (FY24: 1.3p; +8%), subject to AGM approval.
Total FY25 dividend per share: 2.6p (FY24: 2.4p; +8%).
Payment date: 12/02/2026.
Record date: 30/01/2026.
Ex-dividend date: 29/01/2026 (derived as one business day before the record date).
Policy: Progressive dividend maintained.
Additional shareholder returns: £3.0m share buyback completed in FY25; shares bought back and cancelled (share count down to 29.73m).

Dividend sustainability and cover

Coverage vs earnings: FY25 adjusted diluted EPS 24.8p covers the 2.6p total dividend by ~9.5x (very robust). Note: statutory EPS is 1.7p, which does not cover the dividend due to non-cash amortisation and exceptional items.
Coverage vs cash: FY25 free cash flow £7.7m easily covers cash dividends paid of ~£0.76m (~10% FCF payout). Even including the £3.0m buyback, total shareholder returns were well covered by FCF.
Balance sheet: £23.4m cash, debt-free, and a new £35m revolving credit facility provide strong liquidity to support ongoing distributions and investment.

Growth trajectory and policy outlook

Dividend growth: Total DPS up 8% y/y (2.2p ? 2.4p ? 2.6p over the last three years), consistent with a progressive policy.
Earnings and cash backdrop: Adjusted EBITDA broadly stable at £12.6m; free cash flow up to £7.7m; strong cash generation underpins dividend growth.
Quality of revenues: Recurring software licence revenue up 6% to £23.2m; transactional PAYG/delay-repay revenue up 17% to £4.1m; multi-year contract wins (e.g., GeoIntelligence, Tap Converter) support visibility into FY26.
Share count reduction from buyback provides marginal DPS affordability tailwind.

Capital allocation and structural items relevant to dividends

£3m share buyback completed; shares cancelled.
£35m RCF established, enhancing flexibility for disciplined M&A while maintaining a progressive dividend.
Operating model transformation completed; Rail Technology & Services now under a single global leadership/delivery model, aimed at scalability and margin resilience.
Investment initiated in next-generation Operations & Planning SaaS platform; modest capitalised development (£0.8m) suggests manageable investment alongside dividends.

Risks and flags to dividend stability

UK rail headwinds (CP7): Ongoing funding constraints reduced RCM hardware revenues (-42%); procurement timelines extended by TOC renationalisation/GBR transition. Near-term drag on growth but recurring revenues and orderbook provide buffer.
Statutory earnings volatility: Amortisation and exceptional transformation costs depress statutory EPS; however, cash generation and adjusted earnings currently provide ample cover.
North America sensitivity: Value-in-use relies on securing new work; timelines and conversion risk could affect future growth (management notes this is possible but unlikely).
M&A execution risk: Strategy includes inorganic growth; while disciplined, acquisitions could alter cash needs and dividend growth cadence if larger deals complete.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
23/01/2025	07/02/2025	Final	1.30p	GBX
08/05/2025	23/05/2025	Interim	1.20p	GBX

Total (Annual Dividends Per Share): 2.50p

Dividend Yield = Annual Dividends Per Share (2.50p) ÷ Share Price (297.5p) = 0.84%

Ex Dividend Date	Payment Date	Type	Amount	Currency
29/01/2026	12/02/2026	Final	1.4000p	GBX
08/05/2025	23/05/2025	Interim	1.20p	GBX
23/01/2025	07/02/2025	Final	1.30p	GBX
09/05/2024	24/05/2024	Interim	1.10p	GBX
25/01/2024	09/02/2024	Final	1.20p	GBX
20/04/2023	05/05/2023	Interim	1.00p	GBX
26/01/2023	10/02/2023	Final	1.10p	GBX
14/04/2022	06/05/2022	Interim	0.90p	GBX
30/01/2020	14/02/2020	Final	1.00p	GBX
25/04/2019	03/05/2019	Interim	0.80p	GBX
31/01/2019	15/02/2019	Final	0.90p	GBX
12/04/2018	27/04/2018	Interim	0.70p	GBX
01/02/2018	16/02/2018	Final	0.80p	GBX
06/04/2017	21/04/2017	Interim	0.60p	GBX
26/01/2017	10/02/2017	Final	0.70p	GBX
07/04/2016	22/04/2016	Interim	0.50p	GBX
28/01/2016	12/02/2016	Final	0.60p	GBX
23/04/2015	08/05/2015	Interim	0.40p	GBX
29/01/2015	13/02/2015	Final	0.45p	GBX
26/03/2014	11/04/2014	Interim	0.35p	GBX

Year	Interim	Final	Currency	Total	Change
2024	1.100	1.300	GBX	2.400	9.090
2023	1.000	1.200	GBX	2.200	10.000
2022	0.900	1.100	GBX	2.000	11.110
2019	0.800	1.000	GBX	1.800	12.500
2018	0.700	0.900	GBX	1.600	14.280
2017	0.600	0.800	GBX	1.400	16.660
2016	0.500	0.700	GBX	1.200	20.000
2015	0.400	0.600	GBX	1.000	25.000
2014	0.350	0.450	GBX	0.800

Number of Shares:

Payment	Paid	Amount
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