2nd Mar 2016 08:37
LONDON (Alliance News) - Transense Technologies PLC Wednesday said its short-term outlook is more cautious as a result of current market conditions, although it remains optimistic about prospects for its current business streams, as it reported a swing to a pretax profit for its first half.
Transense develops sensor systems for the transportation and industrial markets.
The company reported a swing to a pretax profit of GBP2.1 million for the half year to end-December from a GBP1.2 million pretax loss the year before, as revenue more than quadrupled to GBP3.7 million from GBP777,000.
Transense sold its loss-making IntelliSaw division to Emerson Electric Co Ltd last October, which it said had increased resources available to it. This resulted in a one-off licence fee for use of intellectual property required by IntelliSaw, which made up much of the jump in revenue for the period. Excluding this licence fee revenue rose to GBP1.0 million.
"Reasonable progress has been made in commercialising products and services sold through our Translogik division, although this has been constrained to an extent by ongoing difficulties experienced by our customers in the mining sector," said Executive Chairman David Ford in a statement.
"We continue to be optimistic about prospects for each of our current business streams, although our approach to the short-term outlook is more cautious whilst these conditions prevail," Ford added.
Shares in Transense were up 9.8% at 1.29 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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