Transense reports most successful year yet
Transense Technologies plc, which offers RFID/TPMS chips and equipment, had what it refers to as its most successful year yet in the 12 months ended 30 June 2013. The company reports revenue increased 98 per cent to £1.5 million (2012: £0.765m, 18 months: £1.014 million). During the same period gross profit is said to have increased 140 per cent to £1.02 million (2012: £0.424 million, 18 months: £0.565 million). As a result the company reports that it has a positive cash position at 30 June 2013 of £1.98 million (30 June 2012: £0.195 million).
Operational highlights leading to the news include a successful placing and over-subscribed open offer which, together with a further placing, raised approximately £5 million. At the same time “significant developments” are said to have taken place within Translogik, the firms RFID and TPMS equipment division. This refers to a “large increase in sales and installations of iTrack mining tyre monitoring system”, the increase in sales of tyre inspection tools with three of the largest orders yet as well as a “surge in enquires for RFID products”.
Financial website Interactive Investor summed up the results like this: Transense Technology narrowed its full year pre-tax loss to £2.4 million, from a loss of £3.4 million.
Graham Storey, CEO, commented: “The last 12 months have been the most successful in terms of revenue in the company’s history and indications in recent months are that this pattern of growth is continuing into the coming year. Having invested heavily in R&D, developing products and a worldwide partner and distribution network, the company has moved into a new phase of growth, with rapid expansion underpinned by our strengthened balance sheet. We look forward to the coming years with considerable confidence.”