Tracsis
Website:
Tracsis
Index:
AIM
EPIC: TRCS
Supersector:
Technology
Sector:
Software and Computer Services
Subsector:
Software
Market Cap:
£105.7M
Payout Frequency: Semi-Annual
Tracsis Dividend Analysis and Summary
Dividend details
- Interim dividend declared: 1.3p per share (up from 1.2p; +8% year-on-year).
- Ex-dividend date: 14/05/2026 (derived from the record date).
- Record date: 15/05/2026; Payment date: 22/05/2026.
- Policy: Board reiterates a progressive dividend policy.
- Recent history: Final dividend of 1.4p paid on 12 Feb 2026 for FY25.
Sustainability and coverage
- Coverage on adjusted earnings is strong: H1 FY26 diluted adjusted EPS 10.2p vs interim dividend 1.3p implies a c.7.8x cover (payout ~13% of H1 adjusted EPS).
- On statutory earnings, H1 EPS was ~0.01p due to exceptional costs; dividend cover on a statutory basis is weak for the half, placing emphasis on adjusted metrics and cash generation.
- Cash and balance sheet support: £25.8m cash, debt free; H1 free cash flow £2.5m. The interim dividend cash outlay is modest relative to liquidity.
- Seasonality typically boosts H2 cash generation, further underpinning affordability.
Growth trajectory and outlook support
- Dividend momentum intact (interim +8%), aligned with the “progressive” stance.
- Quality of revenue improving: recurring software licence revenue +4% to £10.4m; consumer-driven transactional revenue +24% to £2.4m.
- Contract pipeline underpins medium-term visibility: PAYG Tap Converter rollout expected to begin H2 2026; new multi-year Train Dispatch contract in North America to contribute recurring revenues from FY27.
- FY26 adjusted EBITDA expected to be in line with market expectations, supporting ongoing distributions.
Capital allocation and structural changes affecting dividends
- M&A: Post-period acquisition of Vesputi GmbH for c.€4.7m cash (c.£4.1m) plus up to €2.4m earn-out (partly in shares at 307p). Expands digital ticketing, adds transaction-led revenues. Uses cash but remains manageable given cash position and an undrawn £35m RCF.
- Operating model transformation (“One Tracsis”): c.£1m non-repeat cash costs in FY26 (headcount/duplication removal). Near-term exceptional charges but aimed at scalability and margin resilience over time.
- Share count: Prior-year buyback reduced shares outstanding, marginally lowering future cash cost of dividends per penny declared.
Risks and flags to dividend stability
- UK rail headwinds: CP7 funding constraints and elongated procurement remain a drag (notably on RCM hardware). Could weigh on near-term growth and statutory profits.
- Reliance on adjusted metrics: Statutory earnings near breakeven in H1 due to exceptional items; investors should monitor persistence of one-off costs versus underlying profit conversion.
- Execution and integration risk: Ongoing transformation and M&A (Vesputi) introduce integration and delivery risk; however, low payout ratio mitigates dividend pressure.
- Revenue phasing/seasonality: High H2 skew and shift towards SaaS can create timing volatility, though recurring elements are increasing.
Read more
Tracsis Annual Dividend Yield - 0.76%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 29/01/2026 |
12/02/2026 |
Final |
1.4000p |
GBX |
| 14/05/2026 |
22/05/2026 |
Interim |
1.3000p |
GBX |
Total (Annual Dividends Per Share):
2.70p
Dividend Yield =
Annual Dividends Per Share (2.70p)
÷ Share Price (355p)
= 0.76%
Tracsis Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 14/05/2026 |
22/05/2026 |
Interim |
1.3000p |
GBX |
| 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%
|
| Dividend CAGR (5Y) |
24.57%
|
| Years of Growth |
3
|
| Payout Ratio |
77.37%
|
| Buyback Yield |
0.88%
|
| Shareholder Yield |
1.61%
|
| P/E Ratio (TTM) | 110.27 |
|---|
| Forward P/E | 12.82 |
|---|
| P/FCF | 10.34 |
|---|
| Earnings Yield | 0.93% |
|---|
| FCF Yield | 9.67% |
|---|
| ROE | 1.48% |
|---|
| ROCE | 2.75% |
|---|
| Profit Margin | 1.16% |
|---|
| Operating Margin | 2.38% |
|---|
| Gross Margin | 58.61% |
|---|