Transense Technlgy - AGM Statement
"I am pleased to report that the growth of recurring monthly iTrack subscription revenues has continued to increase in the current financial year, growing organically 40% when comparing H1 numbers this year with H1 last year. Following the signing of the Joint Collaboration Agreement with Bridgestone in
In the previous year the Company experienced a reduced level of Probe sales, principally as a result of a cut back in marketing spend. The level of marketing commitment has now been increased and whilst the sales in H1 will not reflect a recovery the level of enquiries has risen substantially which is encouraging for H2 and the following year.
The level of income from SAWSense remains relatively flat although it has been enhanced by the second year of grant income from the Strain & Temperature related project, with the
The overall level of revenue for the first half is in line with the previous year however the overheads have increased significantly reflecting an increase in sales and support activity on iTrack, which are expected to drive trading in the second half of the year. As a result of the planned increase in overheads, the H1 loss before tax will be higher than in the corresponding period in the prior year.
The iTrack system is now receiving far more extensive market exposure and the current customer reaction reinforces our belief and confidence that iTrack is the most technologically advanced TMS in the market.
Accordingly, the Board look forward to 2020 with increasing optimism."
For further information please visit www.transense.co.uk or contact:
Tel: +44 (0) 1869 238380
Tel: +44 (0) 20 7220 0500
The iTrack Mining system provides real-time data on the condition of the tyres, combined with live tracking of vehicle location and status. Our 24/7
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
This information is provided by RNS, the news service of the
Quick facts: Transense Technologies
Market Cap: £7.18 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE