Transense Technologies PLC AGM Statement (3980X)
19 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMTRT
RNS Number : 3980X
Transense Technologies PLC
19 December 2019
Transense Technologies plc
("Transense" or the "Company")
AGM Statement
Transense Technologies plc, the provider of sensor systems for
the industrial, mining and transportation markets, announces that
at the Company's Annual General Meeting ("AGM") being held at 2.00
p.m. today at finnCap's offices, 60 New Broad Street, London, EC2M
1JJ, the Chairman, David Ford, will make the following
statement:
"I am pleased to report that the growth of recurring monthly
iTrack subscription revenues has continued to increase in the
current financial year, growing organically 40% when comparing H1
numbers this year with H1 last year. Following the signing of the
Joint Collaboration Agreement with Bridgestone in August 2019 we
have subsequently signed affiliate agreements in many key
territories. These agreements have produced sales opportunities at
an unprecedented level with several new trials underway, and many
more scheduled to commence in the second half of the financial
year.
In the previous year the Company experienced a reduced level of
Probe sales, principally as a result of a cut back in marketing
spend. The level of marketing commitment has now been increased and
whilst the sales in H1 will not reflect a recovery the level of
enquiries has risen substantially which is encouraging for H2 and
the following year.
The level of income from SAWSense remains relatively flat
although it has been enhanced by the second year of grant income
from the Strain & Temperature related project, with the
University of Southampton, and we continue discussions with GE with
a view to widening their adoption of our SAW technology within the
GE group.
The overall level of revenue for the first half is in line with
the previous year however the overheads have increased
significantly reflecting an increase in sales and support activity
on iTrack, which are expected to drive trading in the second half
of the year. As a result of the planned increase in overheads, the
H1 loss before tax will be higher than in the corresponding period
in the prior year.
The iTrack system is now receiving far more extensive market
exposure and the current customer reaction reinforces our belief
and confidence that iTrack is the most technologically advanced TMS
in the market.
Accordingly, the Board look forward to 2020 with increasing
optimism."
For further information please visit www.transense.co.uk or
contact:
Transense Technologies plc Tel: +44 (0) 1869
Graham Storey, Chief Executive 238380
finnCap Tel: +44 (0) 20 7220
Ed Frisby, Giles Rolls, Matthew Radley 0500
(Corporate Finance)
Tim Redfern, Tim Harper (ECM)
About iTrack
The iTrack Mining system provides real-time data on the
condition of the tyres, combined with live tracking of vehicle
location and status. Our 24/7 Control Room monitors the pressures
and temperatures live, and this information can, for example, be
used to ensure tyres do not exceed critical heat thresholds, to
detect incorrect load distributions, predict suspension failures
and eliminate manual tyre pressure checks. The Directors believe
that these benefits maximise the hours a truck is working (Truck
Uptime) and improve productivity by minimising maintenance
requirements and using data to identify underperforming trucks.
www.trans-logik.com/itrack-2/
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed
patent-protected sensor systems and supporting technology for use
in a variety of diverse high growth markets. The Directors believe
that Transense's Surface Acoustic Wave (SAW), wireless,
battery-less, sensor systems offer advantages over legacy wireless
sensor systems. Transense is targeting the transport and mining
industries, and the global torque, temperature and pressure sensing
markets, via its trading divisions, Translogik and SAWSense.
www.transense.co.uk
Transense's shares are admitted to trading on AIM (AIM:
TRT).
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
This information is provided by RNS, the news service of the
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END
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