Transense Technologies PLC Trading Update (1094H)
30 July 2019 - 4:00PM
UK Regulatory
TIDMTRT
RNS Number : 1094H
Transense Technologies PLC
30 July 2019
Transense Technologies plc
("Transense" or the "Company")
Trading Update
Transense Technologies plc, the provider of sensor systems for
the industrial, mining and transportation markets, is pleased to
provide a trading update for the year ended 30 June 2019.
Revenues in the second half of the year showed continued
improvement, such that full year revenues were ahead of previous
board expectations at approximately GBP2.20m (FY18: GBP2.05m). In
particular, subscription income arising from large mining haul
trucks using Translogik's iTrack II tyre monitoring system
continued to gather considerable momentum reaching approximately
GBP0.98m for the full year (FY18: GBP0.61m).
Overheads have remained closely controlled, and accordingly the
loss for the year ended 30 June 2019, both EBITDA loss and Loss
After Tax, will be better than the board's previous
expectations.
The Group closed the year with net cash balances of GBP2.6m
(FY18: GBP1.6m).
In February 2019, the Company announced an initial order with a
new customer that is a major supplier to the mining marketplace.
Since that announcement and sale, additional revenues have been
generated in North America predominately for the provision of
iTrack II support services to the new customer. We continue to work
closely with the customer and believe that this activity offers the
potential for significant future growth.
Revenues from Translogik probes saw a disappointing reduction
from previous record levels, partly as a result of reduced
promotional activity reflecting spend control prior to the
Company's placing announced in March 2019. We anticipate some
degree of recovery in the current financial year.
The selection of GE by the US army for their endeavour to
re-engine part of their helicopter fleet announced in February 2019
was a strong endorsement of our technology and we are now working
closely with GE to find additional areas where this technology can
be further exploited.
Graham Storey, CEO of Transense, commented: "We have continued
to make good progress with subscription income from iTrack II from
both new and existing customers, and consider future prospects to
be very positive. Revenues from Probe and SAWSense have fallen
during the period, however the level of activity remains
encouraging. We look forward to providing a further update with our
forthcoming final results."
All FY19 financials disclosed above are unaudited.
Transense Technologies plc Tel: +44 (0) 1869 238380
Graham Storey, Chief Executive
finnCap Tel: +44 (0) 20 7220
Ed Frisby, Giles Rolls, Matthew Radley 0500
(Corporate Finance)
Tim Redfern, Manasa Patil (ECM)
IFC Advisory Tel: +44 (0) 20 3934
Tim Metcalfe, Graham Herring, Heather Armstrong 6630
About iTrack II
The iTrack II Mining system provides real-time data on the
condition of the tyres, combined with live tracking of vehicle
location and status. Our 24/7 Control Room monitors the pressures
and temperatures live, and this information can, for example, be
used to ensure tyres do not exceed critical heat thresholds, to
detect incorrect load distributions, predict suspension failures
and eliminate manual tyre pressure checks. The Directors believe
that these benefits maximise the hours a truck is working (Truck
Uptime) and improve productivity by minimising maintenance
requirements and using data to identify underperforming trucks.
www.trans-logik.com/itrack-2/
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. The Directors believe
that Transense's Surface Acoustic Wave (SAW), wireless,
battery-less, sensor systems offer 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 (AIM:
TRT).
www.transense.co.uk
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
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END
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