Last checked at 1 Dec 2022 07:00
Transense Technologies plc
("Transense", or "the Company")
AGM Trading Update
Transense Technologies plc, the provider of specialist sensor systems, announces the following trading update ahead of its Annual General Meeting to be held at 10 a.m. today.
Trading Update
Revenues in the first five months of the current financial year to 30 November 2022 are in line with the Board's expectations, and approximately one third up on the level achieved in the same period last year.
Trading continues to be profitable with positive operating cashflow. Net cash at 30 November was approximately £0.80 million (30 June 2022: £1.06 million), reflecting a further investment in share buybacks of £0.1 million and a substantial increase in Translogik inventory to satisfy both existing and pipeline levels of demand.
Commercial development opportunities across all three segments of the Company's business show good prospects for further growth as the financial year progresses.
Since the announcement of a £650,000 share buyback programme on 27 September 2022, the Company has acquired 110,000 shares for treasury at a total cost of £97,000. The remainder of £553,000 is available for further such purchases subject to shareholder approval at today's AGM.
Site Visit & Presentation
The AGM will be held at 10 a.m. today at 1 Landscape Close, Weston on the Green, Oxfordshire, OX25 3SX. Following the AGM there will be a presentation and site visit for those who have pre-registered. There will be no new price sensitive information disclosed during the presentation. A copy of the presentation will be made available on the Company's website from approximately midday today.
For further information please visit www.transense.com or contact:
Transense Technologies plc Nigel Rogers (Executive Chairman) Melvyn Segal (CFO) | Via Walbrook PR |
Allenby Capital (Nominated Adviser and Broker) Jeremy Porter/George Payne (Corporate Finance) Tony Quirke (Equity Sales) | Tel: +44 (0)20 3328 5656 |
Walbrook PR Tom Cooper/Nick Rome/Joe Walker | Tel: +44 (0)20 7933 8780 Transense@walbrookpr.com |
Notes to Editors:
Transense is a developer of specialist wireless sensor systems used to enable real-time data gathering and monitoring. Products include the patent protected Surface Acoustic Wave (SAW) sensor technology, used to improve equipment power, performance, reliability and efficiency; iTrack, Transense's Tyre Pressure Monitoring System, licensed to Bridgestone Corporation, the world's largest tyre producer, under a ten-year deal in June 2020; and a range of intelligent tyre monitoring equipment under the Translogik brand. Target sectors include aerospace, automotive (high performance and off-road) and complex machine control.
The Group's strategy is to maximise shareholder value through the delivery of sustained revenue growth from all three principal technologies - SAW, iTrack and Translogik probes - through leveraging excellence in innovation, know-how in commercialising technologies, industry partnerships and exposure to global growth markets.
Transense is headquartered in Oxfordshire, UK, and was admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: TRT), in 1999.
For further information please contact transense@walbrookpr.com or visit www.transense.com.