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(Alliance News) - Transense Technologies PLC on Thursday said its interim results reflect substantial investment in infrastructure and working capital in preparation for potential growth.
Transense shares were trading 8.6% lower in London at 64.00 pence each on Thursday.
The sensor systems provider said for the six months ended 31 December, revenue increased to GBP970,000 from GBP930,000 in the first half of 2018.
However, its pretax loss widened to GBP1.2 million from GBP906,000, reflecting additional overhead spending.
Non Executive Chair Nigel Rogers said: "The results for the first half of the financial year reflect the substantial investment in infrastructure, working capital and overhead costs required to take full advantage of our technical excellence, with the financial and commercial support of market leading partners."
In August, Transense signed joint collaboration agreement with Bridgestone Corp, by which its tyre monitoring system iTrack received exclusively to Bridgestone's customers for large mine haul trucks. Earlier in February, the agreement was extended until February 2022.
"There has been a transformational change in the scope and commercial reach of the iTrack system, and the business has the potential to deliver a significant breakthrough in market penetration," Rogers said.
On Wednesday, Transense announced its chair David Ford stepped down with immediate effect to become chief executive of iTrack business.
Although Transense has revised downwards its expectations for the current financial year "to reflect its current market dynamics, it remains committed to delivering increases in growth trajectory in the future."
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
