Tracsis
Website:
Tracsis
Index:
AIM
EPIC: TRCS
Supersector:
Technology
Sector:
Software and Computer Services
Subsector:
Software
Market Cap:
£107.12M
Payout Frequency: Semi-Annual
Tracsis Dividend Analysis and Summary
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.
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Tracsis Annual Dividend Yield - 0.71%
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 (352p)
= 0.71%
Tracsis Dividend History
| 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 |
|
Tracsis Dividend Calculator
Tracsis Dividend Growth
| Dividend Growth (1Y) |
8.33%
|
| Dividend CAGR (5Y) |
23.64%
|
| Years of Growth |
3
|
| Payout Ratio |
145.96%
|
| Buyback Yield |
-0.6%
|
| Shareholder Yield |
0.11%
|
| P/E Ratio (TTM) | 213.02 |
|---|
| Forward P/E | 12.94 |
|---|
| P/FCF | 10.88 |
|---|
| Earnings Yield | 0.49% |
|---|
| FCF Yield | 9.19% |
|---|
| ROE | 0.78% |
|---|
| ROCE | 1.38% |
|---|
| Profit Margin | 0.63% |
|---|
| Operating Margin | 1.23% |
|---|
| Gross Margin | 57.86% |
|---|