Tracsis tech officer ditches shares

Raymond Kwan, the Chief Technical Officer of Tracsis ditched 750,000 shares on the same day the firm announced that it considers it likely that the company will exceed current market expectations for the year ended July 31st 2012.

Tracsis is a developer, supplier and aggregator of resource optimisation, data capture and reporting technologies to the transport industries.

Kwan sold the shares for 75p each for a total of £562,500 on June 1st, reducing his stake in the firm to 1,899,850 shares. His wife holds 226,000 shares, which together with Kwan's stake totals 8.6% of the issued share capital of the firm.

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On the same day as the trading update, the company announced that profits would be ahead of expectations for the full-year period.

According to market consensus, revenue for the full year is currently expected to be £6.84m, pre-tax profit at £1.90m, earnings per share at 6.10p, with a dividend of 0.50p.

Tracsis shares have risen 72% in the past year, compared with the support services industry as a whole, which is down 1.9%.

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