(Alliance News) - Transense Technologies PLC on Tuesday said now is a good time to invest to capitalise on strategic growth potential, as it announced a lower profit due to higher operating costs.
The Bicester, England-based sensor technology developer said pretax profit declined 13% to GBP550,000 in the six months to December 31, from GBP632,000 a year prior.
Revenue grew 36% to GBP2.5 million from GBP1.8 million. Operating expenses, however, increased 72% to GBP1.7 million from GBP965,000.
Executive Chair Nigel Rogers said: "The directors believe that now is the time to invest in people and infrastructure to capitalise on strategic growth potential. Recruitment is almost complete, and work on specifying production equipment and supply chain improvements is well underway."
He added: "Conversion to revenue is accelerating in both SAWsense and Bridgestone iTrack, and Translogik has already secured significant customer wins in the second half of the year. All three business segments have seen an increase in new business opportunities during the period, and the company is well-positioned to continue its growth."
Transense shares fell 12% to 133.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Transense (TRT)
