The underlying business is a high value-add services business with sophisticated patented technologies and is integral to the critical processes of industries including energy, petrochemicals, renewables, and CCUS (carbon capture, usage, and storage). The business was a non-core division of the listed UK chemicals business Johnson Matthey PLC with integrated central functions and IT systems. The situation therefore presented a substantial opportunity for value creation concentrated in three strategic areas:

• Growth: Key initiatives include: investing in sales personnel, bolstering marketing efforts, expanding into underserved regions, and implementing an effective CRM system. These measures aim to broaden the customer base, grow share, and enhance penetration, as well as expand application of Tracerco’s value-add technology and services.
• Operational efficiencies: The company plans to boost its operational capabilities through several initiatives, including improving procurement processes, using remote diagnostics, optimising engineer utilisation, product innovation, and consolidating core IT systems to increase efficiency.
• New market transition: Tracerco is expanding beyond its traditional markets to explore opportunities in renewable energy, CCUS, mining, and other sectors. By applying its sophisticated technologies to these new areas, Tracerco is not only diversifying its revenue streams but also positioning itself for significant future growth.