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LONDON (Alliance News) - Transense Technologies PLC Monday reported a widened pretax loss for the first half of 2015, as revenue as hit by a contraction in its core mining markets.
Transense provides sensor systems for the transportation and industrial markets.
For the half year to end-June the company reported a pretax loss of GBP2.1 million, widened significantly from a pretax loss of GBP118,000 a year before, as revenue more than halved to GBP1.2 million from GBP3.4 million, and administrative expenses increased.
The company's performance was hit by the sharp downturn in demand for commodities and contraction of spending in the mining sector in the early part of the year. As a result the company has repositioned its sales proposition, and is now offering a lease rental product for customers.
Elsewhere it is continuing talks with a preferred bidder regarding the possible sale of IntelliSAW, which provides monitoring systems for the power transmission, power distribution and industrial markets. It said it will make a further announcement in due course on this sale.
Following the half-year end the company raised GBP2.5 million in a placing, which it said means it now has "adequate financial resources" to consider future investment in further product development.
"Overall, the board is satisfied with the progress made in recent months having overcome some difficult challenges. The company has developed valuable technology, a growing reputation, and an enviable customer base across multiple geographic and industry sectors. With the financial resources now available, we believe that the company is well placed to capitalise on these exciting opportunities and we view the future with renewed confidence," the company said in a statement.
Shares in Transense were down 13% at 1.08 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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