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Transense Technlgy - AGM Statement

RNS Number : 3980X
Transense Technologies PLC
19 December 2019
 

Transense Technologies plc

("Transense" or the "Company")

 

AGM Statement

 

Transense Technologies plc, the provider of sensor systems for the industrial, mining and transportation markets, announces that at the Company's Annual General Meeting ("AGM") being held at 2.00 p.m. today at finnCap's offices, 60 New Broad Street, London, EC2M 1JJ, the Chairman, David Ford, will make the following 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 August 2019 we have subsequently signed affiliate agreements in many key territories. These agreements have produced sales opportunities at an unprecedented level with several new trials underway, and many more scheduled to commence in the second half of the financial year.

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 University of Southampton, and we continue discussions with GE with a view to widening their adoption of our SAW technology within the GE group.

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:

 

Transense Technologies plc

Graham Storey, Chief Executive

 

Tel: +44 (0) 1869 238380

 

finnCap

Ed Frisby, Giles Rolls, Matthew Radley (Corporate Finance)

Tim Redfern, Tim Harper (ECM)

 

Tel: +44 (0) 20 7220 0500

 

 

About iTrack

 

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 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. www.transense.co.uk

Transense's shares are admitted to trading on AIM (AIM: TRT).

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 


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Quick facts: Transense Technologies

Price: 44

Market: AIM
Market Cap: £7.18 m
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