Transense Technologies plc Chairman’s statement David Ford

At the Transense Technologies plc LON:TRT Annual General Meeting the Chairman, David Ford, will make the following statement:

 

“As discussed in the Company’s preliminary results in September, the financial year ending  June 2015 had been a challenging one for the Company, in particular due to the sharp downturn in demand for commodities and consequent contraction in capital expenditure in the mining sector.

 

These restrictions have continued into the new financial year, however with our repositioning of the sales proposition of iTrack, we continue to see improvements to our sales pipeline which should enable the Translogik business to gain commercial traction.

 

The sale of IntelliSAW, as announced on 21 October 2015 to Emerson was a key milestone for the Company. The deal saw Transense receive a one-off license fee as part of the transaction to secure exclusive use of Transense Technologies’ IP relating to the IntelliSAW business.

 

The strong cash position achieved by the Company, as a result of the £2.5 million placing in July and the £2.9 million we have received from the sale of IntelliSAW, will see us invest in the commercial development of the remaining divisions of the Group – Translogik and SAWSense. Specifically, we will be growing the sales and marketing teams of Translogik to drive revenue.

 

While we invest in the sales and marketing teams, we also continue to invest in R&D across the business.

 

After a challenging period for the Company we are pleased with the progress made in recent months.  We are well capitalised to take full advantage of the opportunities we are seeing in all areas of the business.”