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(Alliance News) - Transense Technologies PLC said, prior to its annual general meeting later on Thursday, that it expects a widened loss for the first half of its current financial year, despite revenue remaining in line.
The sensor systems provider said that its pretax loss for the six months to the end of December is expected to widen from the GBP906,000 reported the year before.
This is mainly due to a significant increase in overheads, due to a rise in sales and support activity for its tyre monitoring system iTrack, which is expected to drive the company's trading performance in the second half.
However, revenue for the period is set to be in line with the GBP933,000 reported the prior year, as strong growth in iTrack subscription revenue offset reduced Probe sales, which was attributed to a cut in marketing spending.
"The iTrack system is now receiving far more extensive market exposure and the current customer reaction reinforces our belief and confidence that iTrack is the most technologically advanced tyre monitoring system in the market. Accordingly, the board look forward to 2020 with increasing optimism," said Chair David Ford.
Shares in Transense Technologies - which is headquartered in Oxford - were down 7.9% at 76.00 pence on Thursday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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