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LONDON (Alliance News) - Transense Technologies PLC Monday said that whilst restrictions in capital expenditure in the mining sector have continued into its new financial year, it has continued to see improvements in its sales pipeline.
The company had noted at the time of its full year results in September that the year to end-June had been "challenging" for the company as a result of the downturn in demand for commodities, and the subsequent contract of spending in the mining sector.
However, the company said that repositioning of its sales proposition in its iTrack tyre monitoring system has helped improve the company's sales pipeline.
As a result of a GBP2.5 million fund raising in July, and GBP2.9 million in proceeds from the sale of its IntelliSAW business in October, the company has a "strong cash position", it said. It will use this to invest in the development of its remaining divisions, in particular the sales and marketing team of its Translogik business.
"After a challenging period for the company we are pleased with the progress made in recent months. We are well capitalised to take full advantage of the opportunities we are seeing in all areas of the business," said Chairman David Ford in a statement ahead of the company's annual general meeting.
Shares in Transense were untraded Monday morning. It last closed at 1.35 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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