TIDMTRT
RNS Number : 0633E
Transense Technologies PLC
05 July 2021
Transense Technologies plc
("Transense", or "the Company")
Year End Trading Update
Transense Technologies plc, the provider of specialist sensor
systems, is pleased to provide a trading update for the financial
year ended 30 June 2021.
Trading for the full year has closed in line with market
expectations (as upgraded in February 2021) based on the unaudited
accounts, with revenues of approximately GBP1.8m and a profit at
both EBITDA* and profit after tax levels.
Net cash balances at 30 June 2021 were GBP1.04m (FY20:
GBP1.19m). The operating cash flow for the full financial year is
expected to be positive before movements in working capital.
Royalties for the final quarter of the financial year are not
reflected in the year end cash balance as they are not payable
until July 2021, thereby further demonstrating the Company's
increasingly strong financial position.
iTrack Royalties
The rate of increase in the installed base of iTrack gathered
significant additional momentum in the second half of the financial
year, and especially in North America during the final quarter. As
a consequence, the royalty run rate has increased by around 80%
since the licence was granted.
iTrack system capabilities continue to be enhanced under
Bridgestone ownership as it becomes further embedded into their
mining solutions business and, as referenced in their mid-term
update in May 2021**, a number of global long term contracts have
been committed and are in the roll out stage. This process is
expected to accelerate following completion of Bridgestone's
proposed acquisition of Otraco International PTY Limited, a leader
in tyre management solutions with an extensive service network in
key markets such as Australia, Chile and South Africa.
Surface Acoustic Wave (SAW)
Commercial relationships with existing key customers for our SAW
technology are deepening, generating growth in revenues from
technical support, engineering fees, and system sales.
Significant progress has also been made, with the support of the
SAW Commercial Advisory Panel (SAWCAP), in identifying and
evaluating several new potential applications across a range of
industry sectors. This has advanced our knowledge and understanding
of how our offer can be differentiated from other torque
measurement tools and techniques, which in turn enables us to
better allocate our resources and evaluate the likelihood of
successful outcomes.
Translogik
Translogik tyre probe revenues increased substantially, with
year-on-year growth of around 50%. Revenues from the original TL-G1
probe held up well and importantly, following the launch of the new
modular TLGX probe range in June 2020, we have seen a growing
increase in both sales and interest in the new range. We are very
encouraged that a number of major OEMs using the TL-G1 probe are
trialing the new modular probes, although this led to some
potential demand in the last few months of the year being delayed
pending a decision to switch to the TLGX range. These decisions are
now looking positive, and we anticipate that the outcome will act
to stimulate further success in future financial years.
Overall, the Board is satisfied with the Company's progress and
looks forward to providing further details in the final audited
results for the year to 30 June 2021, which are expected to be
released in late September.
* EBITDA comprises earnings before interest, taxation,
depreciation and amortisation
** Source: Bridgestone Corporation - Mid Term Business Plan
(2021-2023) Progress Update, May 17, 2021
For further information please visit www.transense.com or
contact:
Transense Technologies plc Via Walbrook PR
Nigel Rogers (Executive Chairman)
Melvyn Segal (CFO)
Allenby Capital (Nominated Adviser and Tel: +44 (0)20 3328
Broker) 5656
Jeremy Porter/James Reeve (Corporate Finance)
Tony Quirke (Equity Sales)
Walbrook PR Tel: +44 (0)20 7933
Tom Cooper/Nick Rome/Anysia Virdi 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 automotive, aerospace, industrial,
green energy, rail and marine.
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. www.transense.com
For further information please contact transense@walbrookpr.com
.
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