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Leeds-HQ’d provider of software and services to the rail and transport industries, Tracsis has announced that Chris Barnes will step down as Chief Executive Officer and from the Board on 31 July 2025. He will be replaced by David Frost who today joins the company and will pick up the reigns at the start of next month.
The change comes after a couple difficult years for the firm. FY24 (the twelve months ended 31st July) saw top and bottom line declines at Tracsis (see here) and the company’s H125 performance was described Barnes as “disappointing”. The transport technology provider’s share price has more than halved since last summer.
Frost is a seasoned CEO in the industrial technology sector with extensive US experience. He most recently served as Chief Executive Officer of Ovarro Ltd, an IoT technology specialist focused on the monitoring and control of remote critical assets in national and critical infrastructure markets. Prior to Ovarro, he held senior position at Eaton Corporation, General Electric and Honeywell. Barnes, who has been at the helm for the last six years, will remain with the business for a period of time to ensure an orderly handover of responsibilities.
The most recent trading update from the company in April (see here) struck a more upbeat tone with Tracsis optimistic that its second half fortunes will improve significantly. Without further material contract wins, the Board expected FY25 adjusted EBITDA to be in the range £12.5m - £13.5m (FY24: £12.8m). This guidance was reconfirmed in today’s press release. It is, however, likely to be another few months before both the full year results are published and we get a better indication of how FY26 is shaping up.
Posted by: Duncan Aitchison at 09:58
Tags:
software
appointment
transportation