REG - Transense Technlgy - AGM Statement and Trading Update

Transense TechnologiesAnnouncement

27/11/2024 07:00

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RNS Number : 7601N  Transense Technologies PLC  27 November 2024

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27 November 2024

 

Transense Technologies plc

("Transense", the "Company" or the "Group")

 

AGM Statement and Trading Update

 

Transense Technologies plc, the provider of specialist sensing solutions and
measurement systems, announces the following trading update for the first four
months of the financial year ending 30 June 2025 (the "Period") ahead of its
Annual General Meeting ("AGM") to be held at 3:30pm today.

 

Trading Update

 

Overall revenues in the Period were 48% higher than the corresponding period
last year. The contribution to revenue from Bridgestone iTrack increased by
23%, and revenues from the combined ongoing trading operations of Translogik
and SAWsense more than doubled. Gross margins were consistent with the prior
year at more than 85% of revenue.

 

The net profit for the Period increased by approximately 10% when compared
with the corresponding period last year, reflecting the costs added in
preparation for scale-up of both Translogik and SAWsense businesses. The total
headcount of the Company now exceeds 30 people, compared with 18 a year ago.

 

The move to bring Translogik production in-house has been completed
successfully without any significant disruption, delivering the anticipated
benefits in efficiency, quality and unit costs.  Engineering resource has
been added to provide improved customer support, ongoing product improvements,
and extend the current range to cover new applications and sectors of the
market. Furthermore, the new partnership with Tiretask to provide a software
platform for customers in conjunction with the TLGX range will provide the
opportunity to offer a complete solution on a subscription basis, rather than
the sale of hardware only, with a healthy pipeline of customer trials of this
new solution ongoing.

 

SAWsense participation in the Airbus LandOne and Protean PULSE collaborative
R&D projects is now well underway, alongside other customer funded
development projects.  In addition to these activities, the Company continues
to see a healthy level of incoming enquiries for its sensing technology from
well-known multinational customers.  To meet this demand, the Company has
recruited additional qualified and experienced team members including a
quality and manufacturing manager, engineers and technicians, and is currently
recruiting an Operations Director for SAWsense who will report to the Managing
Director.

 

Trading continues to be cash generative, and the net available cash balance at
31 October 2024 stood at £1.72m (30 June 2024: £1.28m).

 

Taking all of these factors into account, the Directors believe that the
Company is well placed to achieve results at least in line with market
expectation for the current year, and are optimistic of prospects thereafter.

 

Online access to the AGM

 

Shareholders that wish to attend the online AGM should register for the event
in advance by using the following link:
https://www.investormeetcompany.com/transense-technologies-plc/register
(https://www.investormeetcompany.com/transense-technologies-plc/register)

 

For further information please visit www.transense.com or contact:

 

 Transense Technologies plc                                     Via Investor Relations

 Nigel Rogers (Executive Chairman)                              (see below)

 Ryan Maughan (Managing Director)

 Melvyn Segal (Chief Financial Officer)
 Allenby Capital (Nominated Adviser and Broker)                 Tel: +44 (0)20 3328 5656

 Jeremy Porter / George Payne (Corporate Finance)

 Stefano Aquilino / Tony Quirke (Sales and Corporate Broking)
 Investor Relations                                             Tel: +44 (0)1869 238380 investor.relations@transense.co.uk

                                                              (mailto:investor.relations@transense.co.uk)
 Anice McNamee

 

Notes to Editors:

Transense is headquartered in Oxfordshire, UK and its shares are traded on
AIM, a market operated by the London Stock Exchange (AIM: TRT). The Company
develops and supplies advanced sensor technology and measurement solutions
used by some of the world's leading companies to improve performance,
efficiency, and safety in demanding, mission critical applications. Transense
currently operates through two active business segments:

 

·    SAWsense - designs, supplies and licences advanced sensor solutions
based on proven, patent protected Surface Acoustic Wave (SAW) technology to
world leading companies in aerospace, automotive, and industrial machinery
(including robotics), enabling improved efficiency and performance of their
products. Key customers include GE Aerospace, Parker Meggitt, McLaren Applied,
Airbus and several other confidential Tier One automotive, aerospace and
industrial machinery suppliers.

 

·    Translogik - develops smart, connected commercial vehicle tyre
inspection equipment to many of the world's leading tyre suppliers, fleet
operators and service centres. Enabling accurate measurement and digital
capture of safety-critical tyre condition data, used to reduce operating
costs, improve safety and provide audit records for regulatory compliance. Key
customers include Bridgestone, Goodyear, Continental and Prometeon (Pirelli),
and leading independent providers of vehicle fleet maintenance management
software.

 

In addition, Transense earns residual royalty income from Bridgestone iTrack -
a tyre monitoring system for off-highway vehicles that was developed by
Translogik. The associated sales, support and development infrastructure were
sold to Bridgestone Corporation, the world's largest tyre producer, in June
2020, and the intellectual property was licensed exclusively to Bridgestone
under a ten-year deal expiring in 2030.

 

Find out more at: https://www.transense.com/ (https://www.transense.com/)

 

 

 

 

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