Tracsis Shares Climb After FY26 Update and Mistral Data Deal Completion

Shares in Tracsis (LON: TRCS) rose on Monday morning, up around 4.7% to 335p, after the transport technology group confirmed trading for the year to 31 July 2026 came in line with market expectations and announced the completion of its £48m acquisition of Mistral Data.

The AIM-listed company said group revenue for FY26 is expected to be approximately £85.5m, up from £81.9m the previous year, while adjusted EBITDA is set to rise to around £13.5m from £12.6m, in line with analyst consensus.

Both figures include a full-year contribution from the Events business, which was sold on 31 July 2026. Year-end cash stood at £19.4m, down from £23.4m in 2025, excluding proceeds from the Events disposal received on 3 August.

The acquisition of Mistral Data, bought from FirstGroup plc and first announced on 29 July, has now cleared Competition and Markets Authority approval and other customary conditions. The £48m consideration was funded through existing cash and a £38.7m drawdown from Tracsis’s £40m revolving credit facility, leaving pro forma net debt to EBITDA at roughly 1.5x.

CEO David Frost said the deal marked “an important milestone,” bringing complementary technology, cloud-native capabilities and higher recurring revenues, while reinforcing Tracsis’s position in the UK rail software market.

He pointed to the Mistral Data and Vesputi acquisitions, the Events disposal, and the completion of the “One Tracsis” operating model as evidence of the group’s shift toward a more focused software and data technology business.

Tracsis will host an investor presentation on 16 September covering the strategic rationale behind the deal, and will publish full-year results on 19 November 2026.

The update appears to have reassured investors that integration risk remains manageable, with the stock opening firmly higher in early trading.