Tracsis wins first major North American contract

Tracsis has signed a “significant order” with a North American railroad operator for its Remote Condition Monitoring (RCM) technology, marking its first major contract in the region

Under the terms of the agreement, the initial order comprises the outright purchase of RCM hardware units, a software licence for the group's data aggregation and analysis tool Centrix, and various ancillary products.

The RCM units will be installed in the coming months across multiple geographic locations on the client's network.

The company, which provides software and services for the traffic data and transport industry, said the total order value is in excess of $0.4m and is expected to be fulfilled before the end of this year.

Chief executive officer John McArthur said: “We are delighted to have secured this significant order with a major class 1 operator having clearly demonstrated the business case and benefits of our remote condition monitoring technology.

“We are hopeful that this contract will lead to a further roll out across the client's network in the fullness of time and also act as a valuable reference case with other US rail customers."

At 0946 BST, shares were up 11.4% to 479p.