LONDON (ShareCast) - Tech group Tracsis managed to more than double both revenues and profits in the year to July 31st, causing the shares to jump on Wednesday.

The company, which specialises in resource optimisation software, condition monitoring technology, and consultancy services to passenger transport industries, saw revenues increase 112% from £4.1m to £8.7m during the period, while pre-tax profit surged 169% from £1.1m to £3.0m.

During the year, the company said it achieved several new contract wins, with continued uptake and demand for the MPEC condition monitoring technology. Meanwhile, it also generated the first sales of TRACS-RS, a new software product which aids with the process of rolling stock vehicle planning.

"We are once again delighted with the performance of the group, with strong growth in both revenue and profitability,” said Chief Executive Officer John McArthur.

“Looking ahead, we remain well placed to address the needs of the transportation industry - primarily removing extraneous resourcing costs plus improving service delivery and network robustness. There is a significant growth opportunity available to Tracsis both in the UK market and overseas and we will address this both organically and through acquisitions as appropriate."

Cash balances improved from £4.7m to £7.6m over the year, helped by the “proactive working capital management and a strong conversion of operating profit to cash,” the firm said.

Tracsis is proposing a final dividend of 0.35p per share, bringing the full-year dividend to 0.55p per share (2011: nil).

Shares jumped 8.61% to 145p on Wednesday afternoon.

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