(Alliance News) - Transense Technologies PLC on Tuesday posted a widened loss for financial 2020 but said it has seen an improvement in year-on-year performance in the first quarter of financial 2021.
Shares in the sensor systems maker were trading 8.3% lower at 50.00 pence each on Tuesday morning in London.
For its financial year ended June 30, Transense posted a pretax loss of GBP1.3 million, widened from a GBP1.1 million loss the year prior as a 1.2% year-on-year rise in revenue to GBP603,000 from GBP596,000 was offset by a 7.6% increase in administrative expenses to GBP1.7 million.
The rise in expenses was mainly a result of increased amortisation and one-off impairment charges relating to intangible patent assets for Transense's Surface Acoustic Wave wireless sensor systems
Looking ahead, the Bicester-based company said it is breaking even in the first quarter of the new financial year but expressed caution amid uncertainty regarding the Covid-19 pandemic.
"Trading in the first quarter of the current financial year is in line with expectations and reflects the substantial reduction in overhead. Revenues from SAW and Translogik Probe have increased compared to the same period last year and early indications are that royalty income on iTrack deployment during the year has significant growth potential, although caution is clearly applicable in view of the global risks associated with the broader economic and practical effects of the Covid-19 pandemic," said Executive Chair Nigel Rogers.
During the financial year, Transense licensed existing and future iTrack technology to ATMS Technology, a subsidiary of Bridgestone Corporation Japan.
As at June 30, Transense had cash of GBP1.2 million, down from GBP2.6 million the year prior.
By Ife Taiwo; firstname.lastname@example.org
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