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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Transense Technologies Plc | LSE:TRT | London | Ordinary Share | GB00BDHDTH21 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 95.00 | 93.00 | 97.00 | 95.00 | 95.00 | 95.00 | 8,873 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Motor Veh Suply,new Pts-whsl | 3.53M | 1.4M | 0.0898 | 10.58 | 14.77M |
From Apr 2019 to Apr 2024
TIDMTRT
RNS Number : 3496D
Transense Technologies PLC
09 October 2018
Transense Technologies plc
("Transense", the "Company" or the "Group")
Final results for the year ended 30 June 2018
Transense Technologies plc (AIM: TRT), the provider of sensor systems for industrial, mining and transportation markets, is pleased to report audited results for the year ended 30 June 2018 in line with the Board's expectations. The Translogik division revenues continue to expand, SAWSense activity remains high and the Board is confident of increased revenues and activity in 2019 and beyond.
Highlights
-- Revenues increased marginally to GBP2.05m (2017: GBP2.00m) -- Translogik revenues increased by 60% to GBP1.90m (2017: GBP1.19m) -- Gross margin increased to 62.9% of revenues (2017: 56.8%) -- Administrative expenses reduced by 3% to GBP3.21m (2017: GBP3.32m)
-- Administrative expenses (excluding depreciation and amortisation) reduced by 11% to GBP2.65m (2017: GBP2.96m)
-- Pre-tax loss from continuing operations reduced to GBP1.91m (2017: GBP2.16m) -- Successful equity fund raise of GBP0.92m (net of costs) in June 2018
-- Significant increase in recurring iTrack II revenue on subscription model; improving visibility
-- Significant increase in probe sales from adoption by multiple outlets -- Continuing applications development for SAWSense showing positive results
Executive Chairman of Transense Technologies, David Ford, said:
"Increased traction in the commercialisation of probes and iTrack II have resulted in gaining increased market share. We are confident that further opportunities will arise in the current financial year to build on this traction through new routes to market and partnerships.
The engagement with GE has moved from the non-recurring engineering stage through to licensing and, in the medium term, we look towards the final project stage, being the receipt of royalties.
The Board continues to believe that the technology and products developed by the Group along with the services provided in the mining sector ensure that the Group is extremely well positioned in all key areas of the businesses and as a result the current level of optimism for future prospects is at a high level."
For further information please visit www.transense.co.uk or contact:
Transense Technologies plc Tel: +44 (0) 1869 238380 Graham Storey, Chief Executive finnCap (Nomad & Broker) Tel: +44 (0) 20 7220 0500 Ed Frisby, Giles Rolls (Corporate Finance) Tim Redfern (Corporate Broking)
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
Chairman's statement
The Group has made steady progress over the last year in both of its core businesses. Revenue generated by Translogik increased by 60% compared with the prior year, with iTrack II producing an increased proportion of revenue from subscription services which are expected to recur in future years.
It should be noted that in previous reports we have referred to revenues derived from iTrack II as rental income however as the revenue from the customer is substantially derived from providing a service we now more accurately refer to this income as a subscription service.
Increased traction in the commercialisation of probes and iTrack II have resulted in gaining increased market share. We are confident that further opportunities will arise in the current financial year to build on this traction through new routes to market and partnerships.
Whilst SAWSense has seen a reduction in current revenues, the level of activity and live projects continues to increase.
Financial results and condition
Revenues grew marginally by 2% to GBP2.05m (2017: GBP2.00m). Gross margins improved to 62.9% from 56.8%, and administrative expenses reduced by 3% to GBP3.21m (2017: GBP3.32m). Administrative expenses excluding depreciation and amortisation reduced by 11% to GBP2.65m (2017: GBP2.96m).
Whilst the Company has produced a pre-tax loss from continuing operations for the year, excluding share based payments, of GBP1.87m this does reflect a 16% improvement on the previous year's pre-tax loss of GBP2.16m. The total loss attributable to shareholders was GBP1.89m (2017: GBP2.17m) resulting in a net loss per ordinary share of 19.68 pence (2017: 22.84 pence). The Board do not recommend payment of a dividend (2017: Nil).
Net cash used in operations amounted to GBP1.11m (2017: GBP0.87m). With overheads under close control and starting FY19 at a reduced cost base, and an increasing proportion of revenues on a recurring subscription service model, the net cash requirement to fund ongoing operations continues to fall. In June 2018, additional equity of GBP0.92m (net of associated costs) was raised in a placing with existing shareholders. Net cash balances at 30 June 2018 were GBP1.59m (2017: GBP2.52m).
Strategy
The Group provides innovative sensor systems for various complex applications and operates two principal businesses, SAWSense and Translogik.
The Group intends to continue to commercialise sensor technologies by working closely with global businesses and where appropriate entering into partnership arrangements in order to build a profitable business that generates value for shareholders through both capital appreciation and, in due course, distributions to shareholders.
SAWSense designs and develops Surface Acoustic Wave (or "SAW") sensor devices that can be used to measure torque, pressure and/or temperature in harsh, restricted or demanding environments to very high accuracy. This world leading technology has a broad range of potential uses ranging from premium value custom applications through to high volume mass markets.
Translogik designs and markets a range of Tyre Pressure Monitoring Systems ("TPMS") and tools to facilitate tyre management. These products and services are for heavy duty off road vehicles (particularly mine-haul trucks), commercial trucks, buses, as well as passenger cars. These comprise the iTrack system, which provides real-time tyre temperature and pressure measurements for mine-haul trucks in service, and a range of tyre probes and other offerings for the road transport sector.
The Translogik product offerings are continually evolving with the focus on providing a comprehensive data service to clients in the mining and truck industry. The data captured by our latest product offering, iTrack II, provides an invaluable insight into the location, condition and performance of haul trucks in live operation. This provides mine operators with multiple opportunities to deliver substantial cost savings and productivity gains.
Our markets
SAWSense in global industries
Sensor technology is widely used in virtually every industrial application across a broad range of industries, contributing to many billions of dollars in revenue. Sensors using SAW technology are powered by radio frequency, are wireless, and do not require batteries. This means that the sensor has significant benefits as the package can be extremely small and light and is suited to harsh environments or remote locations and does not require regular maintenance. Being wireless enables the sensor to be used on rotating components, other moving parts, or environments where electrical wiring would not be feasible.
These benefits are particularly appropriate in drives, motors, gearboxes, valves and couplings, which are in common use in the industrial equipment, energy generation, oil & gas, aviation, military and automotive sectors.
As Original Equipment Manufacturers (OEMs) seek ever more data on a real-time basis to optimise the performance of their products, accurate and frequent measurement becomes increasingly important. The world's largest and most successful companies in these fields are recognising SAW as one of the enabling technologies in developing the "Internet of Things" in this arena, contributing to a vision by which machines are networked with embedded sensors to optimise performance using real time analytical tools, algorithms and interactive controls.
TPMS in Mining
The original iTrack system was developed to provide tyre pressure and temperature monitoring data to mine haul-truck operators, primarily to reduce or eliminate the incidence of tyre failure. The associated benefits in tyre life management were evident and were initially viewed as a means of payback for the improved safety performance achieved.
Over recent years the collection of pressure and temperature data has become increasingly sophisticated, and our systems for measuring, monitoring and reporting tyre conditions are seen by key customers as a management tool to optimise asset utilisation and productivity, whilst continuing to make a key contribution to mine safety.
iTrack II, which was launched at MINExpo in September 2016, collects live tyre performance data from sensors, and transmits this instantly to an optional in-cab display and web based applications readable in real time by the Translogik Global Control Centre as well as the individual mine operators in their own operational control rooms. This valuable data can be utilised to minimise truck down time, extend tyre life, and improve safety. Crucially, it can also be used to increase mine productivity by identifying opportunities to optimise routings, loadings, and even road architecture.
The Board remains of the opinion that our system is the most technologically advanced mining truck TPMS technology available, offering specific benefits in cost savings and operating efficiency that are not delivered by competitors in the market to the same degree. We continue to provide iTrack II primarily as a subscription service model, which enables users to recognise the monthly cost in operating overheads, alongside the substantial savings in tyre operating costs and the productivity gains that are evident when in use. We are also continually developing additional features and capabilities, such as the provision of accelerometer data and improved connectivity, in order to maintain our technology leadership over potential competitors.
Tyre tread depth probes
Our tyre tread depth probes offer a fast and reliable way for mining and on-road truck service providers, as well as passenger car tyre fitters, to record and automatically transmit tread depth data by Bluetooth. Our product range has been manufactured for over 15 years, during which time it has earned a reputation in the market place as a rugged and reliable solution. Coupled with software developed in-house, we also offer a Passenger Car Audit System ("PCAS"), which captures tread depth data and provides a clear visual display of tyre conditions to the end customer to aid decision making.
Our range is uniquely compatible with the product management systems of a number of the world's leading tyre producers, including Bridgestone, Continental, Goodyear and Michelin.
Equity fund raise
In June 2018, shareholders approved a proposal that the Company issue an additional 2,500,000 shares at a price of 40 pence each to existing institutional investors to support marketing, product development and working capital requirements of the Group. The net proceeds of the placing amounted to GBP0.92m net of associated costs and were included in the net cash balances at the year end.
Prospects
The Board continues to believe that the technology and products developed by the Group along with the services provided in the mining sector ensure that the Group is extremely well positioned in all key areas of the businesses and as a result the current level of optimism for future prospects is at a high level.
David M Ford
Group Chairman
8 October 2018
Chief Executive's report
The Group has made solid progress this year with increased traction for both iTrack II and probes with growing commercial revenues from both products and services that are well placed to offer unique solutions over a sustained period of competitive advantage in the future.
SAWSense
SAWSense is a leader in the development of Surface Acoustic Wave ("SAW") wireless, battery-less, sensor systems that offer significant advantages over legacy systems in common use. The business is actively involved in several projects in conjunction with major global industrial companies.
In the short to medium term, the primary source of ongoing revenue is dependent upon the level of customer chargeable engineering activity and licensing fees, both of which reduced in the current year as a consequence of the more advanced stage of development of key projects. Recharged engineering costs were GBP0.15m in 2018, compared with GBP0.29m in 2017, licensing fees were GBP0.00m in 2018, compared to GBP0.58m in 2017.
In the prior year, SAWSense entered into a significant licensing agreement with GE for the use of our patented, wireless, passive SAW technology in a specific torque application. The Group received a non-refundable license fee of GBP0.58m following successful technical validation. In the current year, a manufacturing partner has been selected and significant technical progress has been made. Commercialisation cannot be considered certain, but the likelihood is increasing through time. GE will pay to Transense a perpetual sales royalty in respect of unit sales upon commercialisation, although this is not likely to arise for several years.
We are currently in discussions with GE on three further industrial projects. We also have two current projects in the automotive sector which are progressing and we continue to provide instrumented torque shafts for US Motor Sport through our Joint Development Agreement with McLaren. In addition to our on-board marine torque prop shaft trial, which continues, we have also, shortly after the year end, received funding in conjunction with one UK university from a charity connected to a major financial institution, with the aim of developing a SAW based solution focussed on improving health and safety in the maritime transportation of fluids.
Translogik
iTrack II
Commercialisation of iTrack II has seen steady progress throughout the year, with the system live on a substantial number of trucks at the year end and covering eight mines in three continents. This generated a threefold increase in monthly subscription service income since the start of the financial year.
At the end of the year there were active prospects with realistic expectations of success at a further ten sites. Much of the existing business is with world leading mine owners such as Glencore and BHP; companies which operate many thousands of trucks across hundreds of sites world-wide, and recognise the benefits of data provided by our system.
We continue to believe that our product range demonstrates substantial superiority in capabilities and reliability to those of our rivals.
The strength of our product offering and the iTrack brand reputation has resulted in Translogik moving from "opportunities to work more closely with selected partners" as stated in the interim report to the current state of play whereby we are holding discussions on collaborative arrangements with major global companies in this sector.
We are firmly of the view that progressing opportunities to work closely with one or more major partners could substantially accelerate market penetration, in turn producing increased recurring revenues.
Probe
Translogik revenues derived for the sale of our range of tyre tread depth probes increased by 83% to GBP0.84m (2017: GBP0.46m).
Goodyear USA, which alone operates 2,300+ Truck and Bus tyre service centres, launched their new tyre management system in March 2018 called 'Tire Optix' which incorporates the Translogik tyre probe. We have subsequently seen a significant increase in Goodyear orders and this is a trend we expect to continue as adoption of their system expands within the USA and worldwide. In addition to this, we are seeing further rollout of Bridgestone's corresponding 'Toolbox' and 'Total Tyre Care' systems as well as Continental's 'Fleetfox' system, all of which adopt the Translogik probe.
Current trading and outlook
Trading in the first two months of the current year has seen an increase in revenues and a reduction in pre-tax losses compared to the first two months of the year ended 30 June 2018 (FY18) and the cash burn in the first two months of the financial year 2019 (FY19) has run at the monthly rate of GBP0.11m which is half the rate of the first two months in FY18.
The ongoing success of ITrack II and the results of recent trials is anticipated to produce further adoption of the system in H1 of the financial year 2019. The potential collaboration with major global companies in the mining sector could lead to an acceleration in the growth rate of mines adopting iTrack II.
The interest in the different versions of the probe with the major tyre suppliers has grown considerably during the year and the prospects in FY 19 remain positive as the majors continue to integrate the probe into their tyre management systems.
The engagement with GE has moved from the NRE stage through to licensing and, in the medium term, we look towards the final project stage, being the receipt of royalties.
Graham Storey
Chief Executive Officer
8 October 2018
Strategic Report
Financial Review
Results for the year
Revenues from continuing activities totalled GBP2.05m (2017: GBP2.00m). The pre-tax loss (before discontinued operations) totalled GBP1.91m (2017: GBP2.16m).
Translogik revenues grew by 60% to GBP1.90m, and SAWSense generated GBP0.15m of revenues (2017: GBP0.81m which included the GE license fee of GBP0.58m). Gross margins improved to 62.9% (2017: 56.8% reflecting the change from selling iTrack to providing it on a subscription basis. The depreciation on capitalised iTrack kit, included in administrative expenses, increased to GBP0.16m (2017: GBP0.07m). Administrative expenses for the year, before depreciation, amortisation and interest, amounted to GBP2.65m compared with GBP2.96m in the prior year.
The increase in Translogik revenues reflects the good growth in the new iTrack subscription services following the launch of iTrack II in September 2016 and an 80% increase in Probe sales during the period. During the previous year overheads rose as a result of a bad debt, additional professional fees and the launch of iTrack II in the current year we experienced a reduction in administrative overheads both pre and post depreciation and amortisation.
The Earnings per share (EPS) are set out below (in Pence):
Hot Features
Premium
2018 2017
EPS (including discontinued operations) (19.68) (22.84)
EPS (excluding discontinued operations) (19.68) (22.78)
Taxation
The Company has UK tax losses available to carry forward at 30 June 2018 of approximately GBP19.8m, subject to HMRC agreement.
Certain elements of development expenditure undertaken by the Company are eligible for enhanced research and development tax relief which generally relates to salary costs of technical staff. The accounting treatment adopted is to recognise the R & D tax credits on a cash basis due to the uncertain nature of the claim. Subject to HMRC approval, the expected tax credit to be received in June 2019 in relation to 2017 and 2018 is approximately GBP0.27m.
2018 2017
EPS (including discontinued operations) (19.68) (22.84)
EPS (excluding discontinued operations) (19.68) (22.78)
Cash flow and financial position
There was a net cash outflow of GBP0.93m (2017: GBP1.13m) during the year, arising from trading and GBP0.92m of proceeds arising from the issue of equity share capital in June 2018.
Net cash used in operations amounted to GBP1.11m (2017: GBP0.88m).
At 30 June 2018 the Group had net cash balances of GBP1.59m (2017: GBP2.52m).
The forward looking cash flow forecasts based on the anticipated level of activity indicates that the Group should have sufficient funds available for the short to medium term. The Board are however aware that the effect of increased demand for iTrack services will put pressure on working capital due to the timeline between investment and recoupment.
Going Concern
The financial statements have been prepared on the going concern basis. The Group has made a loss for the year of GBP1.89m (2017: profit of GBP2.17m). The Group has Accumulated Losses of GBP1.89m (2017: Accumulated Losses of GBP0.01m following the Share Capital reorganisation). The balance of cash and cash equivalents at 30 June 2018 is GBP1.59m (2017: Cash and cash equivalents GBP2.52m).
The Group meets its day to day working capital requirements through existing cash reserves and does not currently have an overdraft facility. The directors have prepared cash flow forecasts for the period to 30 September 2019. These forecasts indicate that the Group should continue to be able to operate within its current cash resources for the foreseeable future.
Capital Structure
The Company Share Capital reduction and reorganisation was completed during the previous year.
A more detailed review of the financial year is provided in the Chairman's statement and the Chief Executive's report.
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2018
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
Continuing
operations
Revenue 2,050 2,003
Cost of sales (761) (865)
---------------------------------------------- ----------------------------------------------
Gross profit 1,289 1,138
Administrative
expenses (3,208) (3,318)
---------------------------------------------- ----------------------------------------------
Operating loss (1,919) (2,180)
Financial income 5 23
---------------------------------------------- ----------------------------------------------
Loss before
taxation (1,914) (2,157)
Taxation 26 (4)
---------------------------------------------- ----------------------------------------------
Loss from
continuing
operations (1,888) (2,161)
---------------------------------------------- ----------------------------------------------
Discontinued
operations
Loss from
discontinued
operation - (5)
---------------------------------------------- ----------------------------------------------
Loss for the year (1,888) (2,166)
============================================== ==============================================
Basic and fully
diluted loss
per share
(pence)
Continuing
operations (19.68) (22.78)
Discontinued
operations - (0.06)
---------------------------------------------- ----------------------------------------------
Total operations (19.68) (22.84)
============================================== ==============================================
Loss for the year (1,888) (2,166)
---------------------------------------------- ----------------------------------------------
Other
comprehensive
income:
Exchange
difference on
translating
foreign
operations - 21
---------------------------------------------- ----------------------------------------------
Other
comprehensive
income for the
year - 21
Total
comprehensive
income for the
year
attributable to
the equity
holders of the
parent (1,888) (2,145)
============================================== ==============================================
Consolidated Balance Sheet
at 30 June 2018
Year ended 30 June Year ended 30 June
2018 2018 2017 2017
GBP'000 GBP'000 GBP'000 GBP'000
Non current
assets
Property,
plant and
equipment 474 258
Intangible
assets 909 938
Trade lease
receivables - 59
---------------------------------------------- ----------------------------------------------
1,383 1,255
Current
assets
Inventories 685 985
Trade and
other
receivables 698 702
Cash and
cash
equivalents 1,592 2,520
---------------------------------------------- ----------------------------------------------
2,975 4,207
---------------------------------------------- ----------------------------------------------
Total assets 4,358 5,462
Current
liabilities
Trade and
other
payables (316) (511)
Current tax
liabilities (66) (41)
Provisions (100) (100)
---------------------------------------------- ----------------------------------------------
Total
liabilities (482) (658)
---------------------------------------------- ----------------------------------------------
Net assets 3,876 4,804
============================================== ==============================================
Equity
Issued share
capital 5,025 4,766
Share
premium 682 22
Translation
reserve 21 21
Share based
payments 41 -
Accumulated
loss (1,893) (5)
---------------------------------------------- ----------------------------------------------
3,876 4,804
============================================== ==============================================
Consolidated Statement of Changes in Equity
For the year ended 30 June 2018
Group Share Share Translation Reserve Share based payments Cumulative Total
capital premium losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2016 11,546 17,218 - - (21,841) 6,923
Loss for the
year - - - - (2,166) (2,166)
Share
reorganisation (6,823) (17,218) - - 24,041 -
Costs of share
reorganisation - - - - (39) (39)
Shares issued
and share
premium 43 22 - - - 65
Currency
movement on
subsidiary
reserves - - 21 - - 21
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Balance at 30
June 2017 4,766 22 21 - (5) 4,804
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Loss for the
year - - - - (1,888) (1,888)
Share based
payments - - - 41 - 41
Shares issued
and share
premium 259 660 - - - 919
---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Balance at 30
June 2018 5,025 682 21 41 (1,893) 3,876
============================================== ============================================== ============================================== ============================================== ============================================== ==============================================
Consolidated Cash Flow Statement
For the year ended 30 June 2018
Group
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
Loss before taxation
from continuing
operations (1,888) (2,166)
Adjustments for:
Financial income (5) (23)
Depreciation 227 118
Amortisation of
intangible assets 332 238
Share based payments 41 -
Unrealised currency
translation gain - 21
Cost of capital
restructure - (39)
---------------------------------------------- ----------------------------------------------
Operating cash flows
before movements
in working capital (1,293) (1,851)
(Increase)/decrease in
receivables (203) 766
Decrease in payables (169) (57)
Decrease/(increase)/
in inventories 300 (414)
Decrease in trade
lease receivables 266 598
---------------------------------------------- ----------------------------------------------
Cash (used)/generated
in operations (1,099) (958)
Taxation
(paid)/recovered (7) 81
---------------------------------------------- ----------------------------------------------
Net cash used in
operations (877) (877)
---------------------------------------------- ----------------------------------------------
Investing activities
Interest received 5 23
Acquisitions of
property, plant and
equipment (443) (63)
Acquisitions of
intangible assets (303) (282)
Assets/liabilities - -
held for sale
---------------------------------------------- ----------------------------------------------
Net cash used in
investing activities (741) (322)
---------------------------------------------- ----------------------------------------------
Financing activities
Proceeds from issue of
equity share capital 919 65
---------------------------------------------- ----------------------------------------------
Net cash from
financing activities 919 65
---------------------------------------------- ----------------------------------------------
Net decrease in cash
and cash equivalents (928) (1,134)
Cash and equivalents
at the beginning
of year 2,520 3,654
---------------------------------------------- ----------------------------------------------
Cash and equivalents
at the end of year 1,592 2,520
============================================== ==============================================
NOTES RELATING TO THE GROUP FINANCIAL STATEMENTS
BASIS OF PREPARATION
The group financial statements have been prepared and approved by the Directors in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and with those parts of the Companies Act 2006 applicable to companies reporting under adopted IFRS.
IFRS and IFRIC are issued by the International Accounting Standards Board (the IASB) and must be adopted into European Union law, referred to as endorsement, before they become mandatory under the IAS Regulation.
1 SEGMENT INFORMATION
The Group has two reportable segments being the unique trading divisions, SAWSense and Translogik, which make use of technology developed by the Group to measure and record temperature, pressure and torque.
The business revenues include royalties, engineering support and sale of product in relation to this technology.
Information regarding the Group's segments is included in the primary statements and notes to the financial statements. Revenue and EBITDA are the Group's key focus and in turn is the main performance measure adopted by management.
The tables below sets out the Group's revenue split and operating segments.
Revenue
Year ended Year ended
30 June 2018 30 June 2017
GBP'000 GBP'000
Chile 660 659
North America 322 703
United Kingdom &
Europe 362 313
Australia 400 104
Japan 160 108
Rest of the World 146 116
---------------------------------------------- ----------------------------------------------
2,050 2,003
============================================= =============================================
Translogik SAWSense Total
GBP'000 GBP'000 GBP'000
Year ended 30
June 2018
Sales 1,903 147 2,050
============================================= ============================================= =============================================
Gross profit 1,173 116 1,289
Allocated
overheads (978) (482) (1,460)
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Contribution 195 (366) (171)
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Group
overheads (1,702)
----------------------------------------------
Loss before
taxation (1,873)
Taxation 26
----------------------------------------------
Loss for the
year (1,847)
=============================================
Translogik SAWSense Total
GBP'000 GBP'000 GBP'000
Year ended 30
June 2017
Sales 1,193 810 2,003
============================================= ============================================= =============================================
Gross profit 376 762 1,138
Allocated
overheads (1,304) (482) (1,786)
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Contribution (928) 280 (648)
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Group
overheads (1,509)
Loss from
discontinued
operations (5)
----------------------------------------------
Loss before
taxation (2,162)
Taxation (4)
----------------------------------------------
Loss for the
year (2,166)
=============================================
During the year ended 30 June 2018 there were 3 (year ended 30 June 2017: 3) customers whose turnover accounted for more than 10% of the Group's total revenue as follows:
Year ended 30 June 2018 Revenue Percentage
GBP'000 of total
Customer A 400 20%
Customer B 365 18%
Customer C 262 13%
Year ended 30 June 2017 Revenue Percentage
GBP000 of total
Customer A 624 31%
Customer B 380 19%
Customer C 221 11%
2 FINANCIAL INCOME AND EXPENSE
Recognised in profit or loss
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
Finance income 5 23
Interest income on cash on deposit - -
Total finance income 5 23
=============== ==========
3 TAXATION
Recognised in the statement of comprehensive income
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
Current tax expense
Current year - 4
Adjustment for
previous year (26) -
---------------------------------------------- ----------------------------------------------
Tax credit in
statement of
comprehensive income (26) 4
============================================= =============================================
Reconciliation of effective tax rate
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
(Loss) for the year (1,914) (2,157)
Total tax credit - -
---------------------------------------------- ----------------------------------------------
(Loss) before tax (1,914) (2,157)
============================================= =============================================
Tax calculated at
the average
standard UK
corporation tax
rate of 19.00%
(2017: 19.75%) (364) (426)
Expenses not
deductible for tax
purposes 3 48
Current year losses
for which no
deferred
tax asset was
recognised 357 378
Adjustment for
overseas profits 4 4
Prior year
adjustment (26) -
---------------------------------------------- ----------------------------------------------
Total tax
(credit)/charge (26) 4
============================================= =============================================
A deferred tax
asset has not been
recognised
in respect of the
following item:
Tax Losses 3,345 3,561
============================================= =============================================
Reductions in the UK corporation tax rate 20% to 19% (effective from 1 April 2017) has been enacted. This will reduce the Company's future current tax charge accordingly. Deferred tax has been calculated at the rate of 19% at the balance sheet date. The effect of this change is that the deferred tax asset as at 30 June 2017 has been calculated based on the rate of 19% substantively enacted at the balance sheet date.
The Group has tax losses, subject to agreement by HM Revenue and Customs, in the sum of GBP19.7m (2017: GBP18.1m), which are available for offset against future profits of the same trade. There is no expiry date for tax losses. An appropriate asset will be recognised when the Group can demonstrate a reasonable expectation of sufficient taxable profits to utilise the temporary differences.
The rate of Corporation Tax will reduce to 17% with effect from 1 April 2020.
As a result, the effective tax rate used to calculate the current tax for the period ended 30 June 2018 was 19.00% (2017: 19.75%).
4 EARNINGS PER SHARE
Basic loss per share is calculated by dividing the loss after taxation of GBP1.89m (2017: loss of GBP2.17m) by the weighted average number of ordinary shares in issue during the year of 9,595,825 (2017: 9,483,815). Unexercised options over the ordinary shares are not included in the calculation of diluted loss per share as they are anti-dilutive.
Year ended Year ended
30 June 30 June
2018 2017
Number Number
Weighted average
number of shares -
basic 9,595,825 9,483,815
Share option
adjustment - -
---------------------------------------------- ----------------------------------------------
Weighted average
number of shares -
diluted 9,595,825 9,483,815
============================================= =============================================
Notes to the financial statements (continued)
Basic and fully diluted loss per share (continued)
Year ended Year ended
30 June 30 June
2018 2017
GBP'000 GBP'000
(Loss) from
continuing
operations (1,888) (2,160)
From continuing
operations
---------------------------------------------- ----------------------------------------------
Basic (loss) per
share (19.68) (22.78)
============================================= =============================================
Loss from
discontinued
operations - (5)
From discontinued
operations
---------------------------------------------- ----------------------------------------------
Basic loss per
share - (0.06)
============================================= =============================================
Earnings
attributable to
shareholders
Basic (loss) per
share (19.68) (22.84)
============================================= =============================================
There are 665,000 share options at 30 June 2018 (2017: 675,000) that are not included within diluted earnings per share because they are anti-dilutive.
5 CASH AND CASH EQUIVALENTS
Group
30 June 2018 30 June 2017
GBP000 GBP000
Cash and cash equivalents per balance
sheet 1,592 2,520
Cash and cash equivalents per cash
flow
statements 1,592 2,520
============ ============
6 STATUTORY ACCOUNTS
The Financial information set out in this announcement does not constitute the Company's Consolidated Financial Statements for the financial years ended 30 June 2018 or 30 June 2017 but are derived from those Financial Statements. Statutory Financial Statements for 2017 have been delivered to the Registrar of Companies and those for 2018 will be delivered following the Company's AGM. The auditors Grant Thornton UK LLP have reported on those financial statements. Their reports were unqualified, did not draw attention to any matters by way of emphasis without qualifying their report and did not contain statements under Section 498(2) or (3) of the Companies Act 2006 in respect of the Financial Statements for 2018 or 2017.
The Statutory accounts are available on the Company web site and will be posted to shareholders who have requested a copy and thereafter by request to the Company's registered office.
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 London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR FKFDQCBDDQKK
(END) Dow Jones Newswires
October 09, 2018 02:00 ET (06:00 GMT)
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