Transense Technologies plc (LON:TRT) Chief Executive Officer Graham Storey caught up with DirectorsTalk for an exclusive interview to discuss their final results for year ended 30th June 2017
Q1: Final results issues today for the year ended 30th June, what were your key achievements in the year?
A1: I think completely the GE license, launching iTrack II with its increased market penetration and recently we’ve experienced an upswing in our tread depth probe so they would be the highlights.
Q2: Can you tell us more about the recent new Translogik iTrack contract win with BHP Billiton (LON:BLT) and Glencore (LON:GLEN) in Australia?
A2: We’ve actually been supplying Glencore’s Ravensworth mine with iTrack for over a year so the new contract there was really an expansion to the rest of the fleet and they also subsequently added another mine called Rolleston.
We’ve been supplying BHP in Chile at their Spence mine for over 2 years so once again, this is more of an expansion into another of the group’s mines rather than a new client although of course this is in Australia which is significant.
It’s gratifying generally that two of the largest mines in the world are expanding the use of iTrack and we’re hopeful of future contract wins with these companies.
Q3: Can you shed more light on the completion of the GE licence agreement? What does it mean for Transense Technologies?
A3: Well, our SAW sensor was subjected to the most stringent and exhaustive series of tests ever undertaken and passed with flying colours so that’s not only good news for our relationship with GE but elsewhere. GE are generally probably the best possible industrial partner for SAWSense, they have significant opportunities in the multiple applications which we hope to develop with them in the coming years.
Q4: You mentioned that you have a positive outlook, what can we expect to see from Transense Technologies this year?
A4: Increasing adoption across all of the group’s different products namely iTrack, with trials underway in Australia, Namibia, West Africa and Peru, in addition to these new territories we hopeful of further rollouts at BHP Billiton and Glencore, particularly in Australia and Latin America.
Also, clients like Goodyear and Bridgestone are rolling out new software platform to incorporate our tread depth probe. Sales this year are markedly ahead of our budgets, having already received orders for this quarter for circa 3 times the quantity we sold in the last quarter so we believe that tread depth probes will play an increasing part in our revenue going forward.
We also just made a breakthrough sale of 90 Passenger Car Audit Systems in South Africa and we’re hopeful of more sales in that territory and elsewhere.
Finally, SAWSense, our relationship with GE continues to widen and deepen and we’re increasingly working closer with them on a variety of projects so we see the next financial year as being very positive in that area too.
