(Alliance News) - Sensor systems maker Transense Technologies PLC on Thursday said its full-year results were ahead of internal expectations.
In the 12 months to June 30, the company achieved a year-on-year revenue rise of 9.8% to GBP2.2 million from GBP2.1 million. Transense narrowed its losses to GBP1.7 million from GBP1.9 million, helped by sales costs shrinking by 43% to GBP435,000 from GBP761,000.
The company said revenue growth was helped by a rise in iTrackk II subscriptions. Subscriptions in the real-time mining data systems platform rose by 58% to GBP980,000 from GBP620,000.
In February, Transense received an initial order of 50 iTrack II units from Japanese auto parts manufacturer Bridgestone Corp.
In August, Transense and Bridgestone entered a joint collaboration deal with regards the iTrack II and future generations of the technology. The agreement is for an initial 18 months with the ability to extend.
Since the year end, the total number of mine haul trucks fitted with iTrack exceeds 500, the company said.
Transense also operates the SAWSense surface acoustic wave technology.
In February, the company's licensee GE Aviation's T901-GE-900 engine, which incorporates SAWSense, was chosen by the US army in an engine contract. As part of the deal, GE Aviation - part of New York-listed engineering giant General Electric Co - will assist the US Army in improving its turbine engine program.
Executive Chair David Ford said: "I am pleased to report that 2019 has been a transformational year for the group having made a number of breakthrough successes. These have included the selection of GE's engine by the US Army, which includes our SAW sensor and the joint collaboration agreement with Bridgestone to develop the iTrack II system following Bridgestone Japan's initial iTrack II order.
"Looking forwards, the company is well capitalised having completed a fundraising in April 2019 and has in place an interest free loan with Bridgestone. This will provide a secure platform to support exciting future growth prospects."
Shares in Transense were up 0.6% in London on Thursday morning at 70.44 pence each.
By Eric Cunha; ericcunha@alliancenews.com
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Transense (TRT)