Transense Technologies PLC Trading Update (3909E)

TIDMTRT

RNS Number : 3909E

Transense Technologies PLC

18 July 2016

18 July 2016

Transense Technologies Plc

("Transense" or "the Company")

Trading Update

Transense Technologies Plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, provides a trading update relating to the financial year ended 30 June 2016.

Trading update

The company reported that the sale of IntelliSaw to Emerson in October 2015, with the associated limited scope licensing of core Surface Acoustic Wave ("SAW") sensor technology, provided a strong signal to the industrial marketplace of the increasing maturity and value of this expertise. Progress towards commercialisation of SAW across several other applications has been steady throughout the second half of the year. This has become evident through the successful product launch by a major European customer in April 2016, and the post year-end signing of a licensing agreement in partnership with GE announced today. In the short term, SAW revenue generation is not a key value driver, however the board are pleased to note that sales for the full year did finish broadly in line with expectations.

The rate of revenue growth in Translogik continues to be held back by difficult market conditions in the mining sector. Several live trials are in progress and demonstrating good results, but decision making timescales continue to be elongated by financial and other constraints. Meanwhile, there has been an upturn in the rate of sales of tyre probe products in the second half of the year, which is encouraging.

Overall, trading results for the year ended 30 June 2016 are expected to be in line with the board's expectations as revised on the release of the interim results in March, with revenues of approximately GBP2M, and closing cash balances of GBP3.6M.

Capital structure

The board has taken advice on steps which may be taken to eliminate the accumulated deficit on reserves through a capital restructuring exercise and intends to bring proposals forward at the Annual General Meeting later this year.

For further information please visit www.transense.co.uk or contact:

 
 Transense Technologies Plc           Tel: [phone] 
  Graham Storey, Chief Executive 
 finnCap                              Tel: [phone] 
  Ed Frisby, Giles Rolls (Corporate    0500 
  Finance) 
  Tony Quirke, Alice Lane 
  (Corporate Broking) 
 IFC Advisory                         Tel: [phone] 
  Tim Metcalfe, Graham Herring,        8671 
  Heather Armstrong 
 

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. Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant 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.

Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: TRT).

www.transense.co.uk

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 company news service from the London Stock Exchange

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July 18, 2016 02:01 ET (06:01 GMT)