Executive Chairman of Transense Technologies LON:TRT, David Ford, said: “The Company has made a great deal of progress over the last year in positioning each of the two core businesses for future success. The Company is now in a robust financial condition and has the resources available to commit to building two distinct businesses with high growth potential.
The board is confident that the longer term prospects for the Company are promising, whilst maintaining a cautiously optimistic view of prospects for short term revenue growth and the achievement of break even.“
Transense Technologies Plc (AIM: TRT), the provider of sensor systems for industrial, mining and transportation markets, has given DirectorsTalk its audited results for the year ended 30 June 2016 in line with the board’s expectations, and significant progress in the development of each of the two core business activities.
Highlights
· Revenues including licence fees £5.12m (2015: £1.25m)
· Disposal of loss making IntelliSAW division in October 2015
· Licence fees from Emerson of £3.04m following disposal of IntelliSAW business
· Profit from continuing operations £1.63m (2015: Loss £2.08m)
· Net profit for the year of £1.15m (2015: net loss of £3.12m)
· Net cash generated from operations of £0.84m (2015: £2.15m net cash consumed)
· Net cash at end of period of £3.65m (2015: £0.47m)
· Increased market recognition of value in SAW technology
· Imminent launch of iTrack II system for mining productivity
· Proposed new capital structure
