Transense Technologies plc (LON:TRT), the provider of sensor systems for the transportation and industrial markets, report the results for the six months ended 31 December 2017.
Highlights:
• Translogik revenues (iTrack & probes) up 96% to £1.02m (Dec 2016: £0.52m)
• Group revenues of £1.07m (Dec 2016: £1.04m)
• iTrack II opex rental model adopted at Glencore & BHP mines
• Translogik probe revenues gaining momentum
• Net loss before taxation for the period of £0.92m (Dec 2016: £0.95m)
• Operating cash outflow before movements in working capital £0.72m (Dec 2016: £0.80m)
• Net cash at end of period of £1.33m (Jun 2017: £2.52m)
Executive Chairman of Transense Technologies, David Ford, said:
“During the first half of the financial year, Translogik has achieved significant market traction for both tyre probes and the iTrack II system for mine haul trucks. The progress made is not yet fully evident in these financial results, however buying decisions made by major customers during the period give rise to greater visibility of future earning streams than the Company has ever been able to achieve previously.”
“Our relationship with GE continues to deepen, and interest in SAW technology is spreading throughout their operating divisions and central technical group. Furthermore, we continue to develop potential applications in other sectors, including automotive and marine, with positive results.”
“We believe that we are well placed to increase our share of a growing market for Tyre Pressure Monitoring Systems in large mine haul trucks as adoption rates increase, although we recognise that decision timescales continue to extend further than previously envisaged. Meanwhile, in the on road commercial fleet market, we believe that the specification of our range of tyre tread depth probes by leading tyre producers will continue to generate additional pull through of end user demand, and we remain confident of further growth in this segment of our business.”
