17th Sep 2014 09:29
LONDON (Alliance News) - Transense Technologies PLC Wednesday said its outlook for 2015 was encouraging, as it posted a narrowed pretax loss for the year to end-June.
Transense develops sensor systems for the transportation and industrial markets.
The company posted a pretax loss of GBP1.1 million, narrowed from GBP2.4 million a year before, as revenue rose to GBP3.6 million from GBP1.5 million. Although the company achieved a maiden earnings before interest, tax, depreciation and amortisation profit of GBP20,000 in the first half, it ended the year with a loss due to a delay in orders that were expected to conclude before the year end.
In the company's Translogik division, the company saw revenue growth driven by sales of its inspection tools, and of its iTrack Tyre Temperature and Pressure Monitoring Systems.
In its IntelliSaw, which sells to switchgear manufacturers, business sales were below expectations due to extended pilots and complex validation processes. Transense said that now that these processes have been completed by several major customers, it expects to see adoption of its IS485 system on a larger scale.
At SAWSense the company saw revenue more than double as it continued to undertake a number of projects in the business with customers.
The company noted that whilst order intake in recent months has been disappointing, prospects for all three of its divisions remain strong, with an expanding pipeline of potential sales opportunities.
Shares in Transense were trading down 3.3% at 5.1975 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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