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LONDON (Alliance News) - Transense Technology narrowed its pretax loss as it saw revenue more than double in the half-year ended December 31.
The technology company, which produces sensor systems, posted its maiden earnings before interest, tax, depreciation and amortisation profit of GBP20,000, up from a loss of GBP910,000 in the previous year.
Transense said it was well positioned to deliver on market expectations for the full-year to June 2013, as it had good forward visibility of sales in the second-half and picked up new orders in January.
"This solid and growing sales pipeline combined with a strong balance sheet should allow the company to scale rapidly over the next few years," said Chief Executive Officer Graham Storey in a statement.
The company saw good revenue growth from its Translogic division as increased tyre and fuel costs drove demand for its iTrack Tyre Temperature and Pressure Monitoring Systems in the mining and commercial vehicle industries.
In its IntelliSAW business, however, sales have not been at the level the company expected at its current stage of development. However, it recently won a supply agreement with Siemens India, and opened offices in Shanghai, China, Bogota and Columbia to strengthen its market presence.
Shares in Transense were trading up 12% at 7.27 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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