Updates & Ideas

Tracsis - Almost a pure play software business

September 2026

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

For years, Tracsis (TRCS; 328p) has carried a conglomerate discount, with its gems obscured by a collection of lower-quality assets: it has a high-margin, sticky software business trapped inside a sprawling transport services group that insisted on messing about with low-margin traffic counting and event logistics. Those hopeless hustles were a volatile income stream that dragged the group’s overall margins down to a pathetic 15% and drove shareholders entirely around the bend. But just over one year into his tenure, CEO David Frost finally gave investors the hit they’d been craving. Tracsis announced it was acquiring Mistral Data from FirstGroup for £48m on a cash-free, debt-free basis - the largest deal in the company’s history. ...

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Christie Group - Jettisons two bad bits and invests in headcount

Growth Portfolio 3 - September '26

Tracsis - Buys German ticketing business (May 2026)

Tracsis - North American contract win (March 2026)

Tracsis (December 2025)

Tracsis (May 2025)

Tracsis - H2 sees PAYG per-journey revenues (April 2025)

Tracsis - Rail nationalisation clouds the picture (December 2024)

Tracsis - Condition monitoring set for US expansion (December 2023)

Tracsis (March 2023)

Tracsis (December 2022)

Tracsis (September 2022)

Tracsis - Buys New York based RailComm (April 2022)

Tracsis (December 2021)

Tracsis (August 2021)

Tracsis - North American deal planned (April 2021)

Tracsis (October 2018)

Tracsis (September 2016)

Tracsis - Eps enhancing acquisition of Ontrac (January 2016)

Tracsis (December 2015)

Tracsis (September 2015)

Tracsis (December 2014)

Tracsis - Two forecast upgrades in the past year (November 2014)

Tracsis - Trading ahead of expectations (August 2014)

Tracsis (June 2014)

Tracsis - Forecast upgraded by 12% (April 2014)

Tracsis (March 2014)

Tracsis (November 2013)

Tracsis (July 2013)

Tracsis (May 2013)

Tracsis - Market awaits the next aquisition (March 2013)

Tracsis (February 2013)

Tracsis - Stellar performance from MPEC (November 2012)

Tracsis (September 2012)

Tracsis - Compound eps growth of 52% over 5 years (July 2012)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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