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1 Aug 2018 07:00
Transense Technologies plc
("Transense", the "Company" or the "Group")
Trading Update
Transense Technologies plc, the provider of sensor systems for the transportation and industrial markets, is pleased to provide a trading update for the year ended 30 June 2018.
Results in the second half of the financial year were in line with the first half. Full year revenues were slightly ahead of the prior year and over 40% per cent. ahead of the prior year when excluding the FY17 revenue from Surface Acoustic Wave (SAW) technology licensing to General Electric.
Growth in the financial year, in the rental income, from large mining haul trucks using Translogik's iTrack tyre monitoring system has resulted in the Group commencing the new financial year with monthly recurring operating lease rental revenue at 1 July 2018 being over 200 per cent. higher than at 1 July 2017.
The Group closed the year with cash of £1.6m and no debt.
Graham Storey, CEO of Transense, commented: "We have continued to make good progress with both the rental stream from iTrack II and sales of Translogik's tyre probes. SAWSense revenue has fallen during the period however the level of activity remains positive. We look forward to providing a further update with our forthcoming final results."
For further information, please visit www.transense.co.uk or contact:
Transense Technologies plc
Graham Storey, Chief Executive Tel: +44 1869 238 380
finnCap Ltd (Nomad and Broker) Tel: +44 20 7220 0500
Ed Frisby, Giles Rolls (Corporate Finance)
Abigail Wayne (Corporate Broking)
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems and supporting technology for use in a variety of diverse high growth markets. Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Transense is targeting the transport and mining industries, and the global torque, temperature and pressure sensing markets, via its trading divisions, Translogik and SAWSense.
Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: TRT).
www.transense.co.uk
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