Transense Technologies (AIM:TRT), a provider of sensing solutions and measurement systems, lost up to 15% of its share value in early trades after quarterly sales fell short of the board’s expectations.
It reported a 13% increase in revenues and a threefold rise in unaudited profit before tax for the first four months of the financial year to 30 June 2024.
However, revenue was below the board’s expectations due to slower growth in iTrack royalties and flat revenues from Translogik and SAWsense.
The company said it expects to meet market expectations for the full year, as it predicted an upturn in trading for both SAWsense and Translogik, based on the short-term order book and opportunity pipeline.
Transense said in a statement that it is engaged with several aerospace customers, but does not expect to conclude a licence with Parker Meggitt by 31 December 2023.
The company has strengthened its team by hiring five new members, including a business development director for Translogik and a marketing lead.
In the early part of its financial year, it made several new patent applications to industrialise the SAWsense technology.
Since last September, it has bought back 528,000 shares for £0.47 million and said it has £0.18 million left for further purchases.
The company will hold its annual general meeting at 10.00 am today.
Transense’s share price fell by about 15% to 89p per share in early trades, before rising to 102.2p by 09.00 am, about 5% below its closing price yesterday.