Transense Technologies swings to maiden EBITDA profit in H1

The share price of AIM-listed Transense Technologies surged on Tuesday after the company revealed that it swung to a maiden underlying operating profit in the first half as revenues more than doubled.Chairman David Ford labelled it as a "significant watershed moment" for the firm.The Oxfordshire-based company, which has developed sensor systems for a wide variety of markets, reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £0.02m for the six months ended December 31st, compared with an EBITDA loss of £0.91m the year before. This was helped by a jump in revenues to a record £2.22m, up 130% from £0.97m previously.Chief Executive Graham Storey said that while the timing of new contracts and orders always remains uncertain, "the board believes that Transense is well positioned to deliver on market expectations for the full year to June 2014".He said that forward visibility of sales for the second half is "good" with several new orders received in January.The stock was 11.54% higher at 7.25p in afternoon trade.BC