Business
AGM Statement & Trading Update
AGM Statement & Trading Update.
About this update from Transense Technologies Plc
[{"type":"text","content":"\n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n\nTransense Technologies plc\n(\"Transense\", or \"the Company\")\n \nAGM Statement and Trading Update\nTransense Technologies plc, the provider of specialist sensing solutions and measurement systems, announces the following trading update for the first four months of the financial year to 30 June 2024 (the \"Period\") ahead of its Annual General Meeting to be held at 10:00 a.m. today.\nTrading Update\nRevenues in the Period were 13 per cent higher than in the comparable period last year. The unaudited profit before taxation increased threefold on that generated in the comparable period, assisted by a temporary reduction in operating costs following the team reorganisation.\nAlthough well ahead of the prior period, revenue in the Period was below the Board's expectations. Royalty income from iTrack continued to rise, although more slowly than the historic run rate. Revenues from Translogik and SAWsense were substantially unchanged from the prior period, with a return to strong growth expected towards the second half of the financial year. The short-term order book and opportunity pipeline for both SAWsense and Translogik indicate an upturn in trading, and therefore the Board expects to meet market expectations for the full year.\nOperating cashflow is robust, and the net cash balance at 31 October 2023, following the receipt of Q1 iTrack royalties, was approximately £1.72m (30 June 2023: £0.98m).\nTo drive further revenue growth, market awareness, and accelerate pipeline conversion across its divisions, the Company is actively recruiting. An additional senior mechanical engineer joined this month, and offers of employment have been accepted by four further team members: a Business Development Director for Translogik, and three experienced engineering and project management professionals, to support the delivery of new projects and industrialisation activity in SAWsense. The Company is also hiring a dedicated marketing lead to support the busines...