Half-yearly report

Transense Technologies PLC ("Transense" or the "Company") The AIM-listed technology transfer company that is engaged in developing Surface Acoustic Wave Technology (SAW), wireless, batteryless, and sensor systems for the automotive and other industries. INTERIM RESULTS for the half year ended 30 June 2010 Highlights * Distribution agreement signed in February 2010 with the China based Qingdao Mesnac, for RFID products. * Translogik signed a distribution agreement with RFID Chile in May 2010. * Successful Placing by Hybridan to raise £2.038 million (before expenses) and Open Offer raising £0.5 million. * Steady progress in developing our growing product range. * Cash in bank at 28 September 2010 - £2.440 million. David Kleeman, Chairman of Transense Technologies PLC commented: "I am pleased by the progress achieved during the half year and commend all at Transense for consistently delivering and selling best in class products and technology, both domestically and internationally, from a platform that has historically been constrained both by limited resources and budgets". "I look forward to seeing this progress continued. Our aim is to establish Transense on a strong and profitable path. Our objective for the current year is to maintain the momentum we have seen and progress the opportunities with, in particular, Translogik and SenGenuity. We have made a satisfactory start, and providing our markets remain firm, the Board looks forward to the future with enthusiasm and confidence." For more information, please contact: Transense Technologies PLC Tel: +44 (0) 1869 238 380 Graham Storey, Chief Executive Brewin Dolphin - Nomad Neil Baldwin Tel: +44 (0) 845 213 4726 Hybridan LLP - Broker Claire Noyce Tel: +44 (0) 207 947 4350 Peckwater PR Tarquin Edwards Tel: +44 (0)7879 458 364 tarquin.edwards@peckwaterpr.co.uk Chairman's statement "I am pleased by the progress achieved during the half year, and particularly with our successful Placing and Open Offer, which was announced in June 2010. Hybridan, our broker, raised £2.038 million (before expenses) by way of a placing at 4.5 pence per Placing Share with institutional investors and the Open Offer raised £0.5 million. We are pleased with the support our investors showed and the funds will be used to accelerate the pace at which Translogik addresses opportunities and for working capital purposes. We see significant opportunities in the rapidly expanding tyre management solutions market and the Board continues to examine ways in which we can progress the commercialisation of the Translogik offering. We had hoped for receipt of orders from significant potential customers during the period. Relationships with them continue to develop and we look forward to completion of their testing and to the subsequent delivery of orders. In February, a distribution agreement was signed with the China based Qingdao Mesnac for RFID products. We also concluded a distribution agreement between Translogik and RFID Chile in May and we were pleased to subsequently announce later that month an expanded trial. I look forward to seeing this progress continued and to seeing Transense establish itself on a strong and profitable path. Our objective for the current year is to maintain the momentum we have seen and extend the opportunities we have, in particular, with Translogik and SenGenuity." David Kleeman Non-Executive Chairman 29 September 2010 Chief Executive review As was discussed in our preliminary results (announced 02/06/09), 2009 saw an intense and exciting period of change for the group with an increase in operational activity and a strategic repositioning for Transense, away from being a pure technology transfer company in which an IP licensing model prevailed, to one in which a dedicated product division, namely Translogik, was developed, so as to accelerate the group's movement towards profitability through the establishment of a direct route to market. I am delighted to report that during the first half of this year, good progress and solid momentum has continued across both of our main areas of activity and this is particularly apparent in the successful continuing roll out of our Translogik business and as far as our relationship with SenGenuity and its related growing income streams are concerned. TransLogik Translogik was incorporated in 2009 to generate short to mid-term revenue for Transense and it is a 100% owned subsidiary of the Group. Translogik provides a growing portfolio of hardware and software solutions to the Tyre market and is focussed mainly on Data Collection tools, active and passive Tyre Temperature and Pressure devices, GPS tracking, data logging and RFID tyre tagging. Products include electronic tread depth and pressure data collection tools for Truck and OTR tyre inspections, and Radio Frequency Identification ("RFID") tags and patches for tyre casing and general asset tracking in often hostile terrains. The development of a second generation product, despite delays, is nearly completed. Forecast sales of the first generation product have been affected adversely both by delays in an expected order from a major customer and also by market awareness of the imminent release of the next generation product. As far as Translogik's OTR products are concerned, the field trials in Chile of our Tyre Pressure Monitoring System ("TPMS") for the mining industry are progressing well and have been extended. We are also hopeful of other trials being agreed in other territories by the end of the year. On the Truck side, we are currently rolling out a trial of our TPMS system with Balfour Beatty, the international infrastructure services business. Trials have been successful to date and are ongoing and we look forward to further continued positive progress. RFID Tags RFID tags have been developed to be embedded within the tyre during the manufacturing process, or to attach to the tyre wall as an aftermarket solution. Adoption of RFID tags into tyres has been slower than anticipated largely because the implementation of the technology has not yet been announced as was expected by a major OEM. This is now likely to occur by the end of Q2 2011, which, together with a number of other factors, encourages us to anticipate that take up will start to gain traction next year in 2011. Vectron From an initial license granted in July 2008, Transense's relationship with its licensee, SenGenuity (the latter is a division of Vectron Int. Inc, itself part of US listed Dover Corporation) has continued to flourish and the Company is in receipt of modest, but steady royalty flows. SenGenuity's initial license with Transense allowed SenGenuity to manufacture Transense's temperature and pressure sensor. This license has since been extended to include use of Transense's patented wireless Reader Electronics in isolation to the Company's sensors and projections have suggested that meaningful royalty revenue may be forthcoming by 2012. SenGenuity is now rolling out a heat sensor solution and is currently installing systems in China, Switzerland, India and the USA. This multi sensor system is using Transense's reader electronics and is being used in breaker circuit boxes at electrical substations. Flexplate We are excited by our ongoing work being carried out with a large US car manufacturer. Our Flexplate business offers significant opportunities for Transense and I am delighted to report that the project continues to make good progress. Current Trading I am happy to report on considerable progress being achieved on a number of fronts during the period and this has been translated into good momentum. We are pursuing opportunities in Australia, South Africa and the US and our successful fundraise in June 2010 will actively help us to accelerate the pace at which Transense and Translogik are able to address and capitalise upon such opportunities. As you can see from our results and at our stage of development as a company, our turnover is and will continue to be lumpy, but in the absence of a major market downturn, I look to the Group's future with a good measure of confidence. Graham Storey Chief Executive 29 September 2010 +------------------------+-------------+-----------+-+------------+-+---------+ |Transense Technologies |  |  | |  | |  | |plc | | | | | | | +------------------------+-------------+-----------+-+------------+-+---------+ |Condensed Consolidated Statement of Comprehensive         | |Income | +-----------------------+-------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +-----------------------+-------------+------------+-+------------+-+---------+ |  |  |Half year to| |Half year to| | Year to| +-----------------------+-------------+------------+-+------------+-+---------+ |  |  | 30 Jun 10| | 30 Jun 09| |31 Dec 09| +-----------------------+-------------+------------+-+------------+-+---------+ |  |  | (Unaudited)| | (Unaudited)| |(Audited)| +-----------------------+-------------+------------+-+------------+-+---------+ |  |  | £'000| | £'000| | £'000| +-----------------------+-------------+------------+-+------------+-+---------+ |Continuing operations  |  | |  | |  | +-----------------------+-------------+------------+-+------------+-+---------+ |Revenue |  | 243| | 350| | 636| +-----------------------+-------------+------------+-+------------+-+---------+ |Cost of sales |  | (135)| | (36)| | (141)| +-----------------------+-------------+------------+-+------------+-+---------+ |Gross profit |  | 108| | 314| | 495| +-----------------------+-------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +-----------------------+-------------+------------+-+------------+-+---------+ |Administrative expenses  | (936)| | (944)| | (2,058)| +-------------------------------------+------------+-+------------+-+---------+ |Exceptional share based payments | 0| | 0| | 0| |items | | | | | | +------------------------+------------+------------+-+------------+-+---------+ |Operating Loss |  | (828)| | (630)| | (1,563)| +------------------------+------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +------------------------+------------+------------+-+------------+-+---------+ |Financial income |  | 3| | 18| | 21| +------------------------+------------+------------+-+------------+-+---------+ |Loss before taxation  | (825)| | (612)| | (1,542)| +------------------------+------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +------------------------+------------+------------+-+------------+-+---------+ |Taxation |  | 25| | 48| | 70| +------------------------+------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +------------------------+------------+------------+-+------------+-+---------+ |Total comprehensive income for the | (800)| | (564)| | (1,472)| |period | | | | | | +------------------------+------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +------------------------+------------+------------+-+------------+-+---------+ |  |  |  | |  | |  | +------------------------+------------+------------+-+------------+-+---------+ |Basic and fully diluted loss per | (1.1p)| | (0.7p)| | (2.0p)| |share  | | | | | | +-------------------------------------+------------+-+------------+-+---------+ +------------------------------+-+-----------------+-+-----------+-+---------+ |Transense Technologies plc | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Condensed Consolidated Statement of Financial | |   | |   | |Position | | | | | +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |   | |   | +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | 30 Jun 10| | 30 Jun 09| |31 Dec 09| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | (Unaudited)| |(Unaudited)| |(Audited)| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | £'000| | £'000| | £'000| +------------------------------+-+-----------------+-+-----------+-+---------+ |Non current assets  |  | |  | |  | +--------------------------------+-----------------+-+-----------+-+---------+ |Property, plant and equipment  | 131| | 18| | 151| +------------------------------+-+-----------------+-+-----------+-+---------+ |Intangible assets | | 1,471| | 1,407| | 1,494| +------------------------------+-+-----------------+-+-----------+-+---------+ |Available for sale investments  | 90| | 65| | 90| +------------------------------+-+-----------------+-+-----------+-+---------+ |Loans receivable | | 0| | 25| | 0| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | 1,692| | 1,515| | 1,735| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Current assets | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Inventory  | 37| | 17| | 33| +--------------------------------+-----------------+-+-----------+-+---------+ |Corporation tax receivable  | 92| | 147| | 169| +--------------------------------+-----------------+-+-----------+-+---------+ |Trade and other receivables  | 405| | 72| | 137| +--------------------------------+-----------------+-+-----------+-+---------+ |Cash and cash equivalents  | 437| | 2,091| | 1,277| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | 971| | 2,327| | 1,616| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Total assets | | 2,663| | 3,842| | 3,351| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Current liabilities | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Trade and other payables  | (582)| | (103)| | (491)| +------------------------------+-+-----------------+-+-----------+-+---------+ |Current tax liabilities | | (23)| | (34)| | (32)| +------------------------------+-+-----------------+-+-----------+-+---------+ |Total liabilities | | (605)| | (137)| | (523)| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Net assets | | 2,058| | 3,705| | 2,828| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Capital and reserves  |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Share capital | | 7,580| | 7,580| | 7,580| +------------------------------+-+-----------------+-+-----------+-+---------+ |Share premium | | 7,856| | 7,856| | 7,856| +------------------------------+-+-----------------+-+-----------+-+---------+ |Accumulated deficit | | (13,378)| | (11,731)| | (12,608)| +------------------------------+-+-----------------+-+-----------+-+---------+ |Shareholders' funds  | 2,058| | 3,705| | 2,828| +--------------------------------+-----------------+-+-----------+-+---------+ +------------------------------+-+-----------------+-+-----------+-+---------+ |Transense Technologies plc | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Condensed Consolidated Statement of Financial | |   | |   | |Position | | | | | +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |   | |   | +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | 30 Jun 10| | 30 Jun 09| |31 Dec 09| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | (Unaudited)| |(Unaudited)| |(Audited)| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | £'000| | £'000| | £'000| +------------------------------+-+-----------------+-+-----------+-+---------+ |Non current assets  |  | |  | |  | +--------------------------------+-----------------+-+-----------+-+---------+ |Property, plant and equipment  | 131| | 18| | 151| +------------------------------+-+-----------------+-+-----------+-+---------+ |Intangible assets | | 1,471| | 1,407| | 1,494| +------------------------------+-+-----------------+-+-----------+-+---------+ |Available for sale investments  | 90| | 65| | 90| +------------------------------+-+-----------------+-+-----------+-+---------+ |Loans receivable | | 0| | 25| | 0| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | 1,692| | 1,515| | 1,735| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Current assets | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Inventory  | 37| | 17| | 33| +--------------------------------+-----------------+-+-----------+-+---------+ |Corporation tax receivable  | 92| | 147| | 169| +--------------------------------+-----------------+-+-----------+-+---------+ |Trade and other receivables  | 405| | 72| | 137| +--------------------------------+-----------------+-+-----------+-+---------+ |Cash and cash equivalents  | 437| | 2,091| | 1,277| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | | 971| | 2,327| | 1,616| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Total assets | | 2,663| | 3,842| | 3,351| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Current liabilities | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Trade and other payables  | (582)| | (103)| | (491)| +------------------------------+-+-----------------+-+-----------+-+---------+ |Current tax liabilities | | (23)| | (34)| | (32)| +------------------------------+-+-----------------+-+-----------+-+---------+ |Total liabilities | | (605)| | (137)| | (523)| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Net assets | | 2,058| | 3,705| | 2,828| +------------------------------+-+-----------------+-+-----------+-+---------+ |  | |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Capital and reserves  |  | |  | |  | +------------------------------+-+-----------------+-+-----------+-+---------+ |Share capital | | 7,580| | 7,580| | 7,580| +------------------------------+-+-----------------+-+-----------+-+---------+ |Share premium | | 7,856| | 7,856| | 7,856| +------------------------------+-+-----------------+-+-----------+-+---------+ |Accumulated deficit | | (13,378)| | (11,731)| | (12,608)| +------------------------------+-+-----------------+-+-----------+-+---------+ |Shareholders' funds  | 2,058| | 3,705| | 2,828| +--------------------------------+-----------------+-+-----------+-+---------+ +-------------------+-------------+-------------+-----------------+------------+ |Transense |  |  |  |  | |Technologies plc | | | | | +-------------------+-------------+-------------+-----------------+------------+ |Condensed Consolidated Statement of Changes in |  |  | |Equity (Unaudited) | | | +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ | |  | Issued share|Share premium| Accumulated|Total equity| | | | capital| account| deficit| | +-+-----------------+-------------+-------------+-----------------+------------+ | |  | £'000| £'000| £'000| £'000| +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ |Balance at 1 | 7,580| 7,830| (11,197)| 4,213| |January 2009 | | | | | +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ |Loss for the year | -| -| (1,472)| (1,472)| +-------------------+-------------+-------------+-----------------+------------+ |Shares issued and | -| 26| -| 26| |share premium | | | | | +-------------------+-------------+-------------+-----------------+------------+ |Share based | -| -| 61| 61| |transactions | | | | | +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ |As at 31 December | 7,580| 7,856| (12,608)| 2,828| |2009 | | | | | +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ |Loss for the year | -| -| (800)| (800)| +-------------------+-------------+-------------+-----------------+------------+ |Share Premium | -| -| -| -| |adjustment | | | | | +-------------------+-------------+-------------+-----------------+------------+ |Share based | -| -| 30| 30| |transactions | | | | | +-+-----------------+-------------+-------------+-----------------+------------+ | |  |  |  |  |  | +-+-----------------+-------------+-------------+-----------------+------------+ |Balance at 30 June | 7,580| 7,856| (13,378)| 2,058| |2010 | | | | | +-------------------+-------------+-------------+-----------------+------------+ +--------------------------------------+------------+-+------------+-+---------+ |Transense Technologies plc |  | |  | |  | +--------------------------------------+------------+-+------------+-+---------+ |Condensed Consolidated Statement of |  | |  | |  | |Cash Flows | | | | | | +-+------------------------------------+------------+-+------------+-+---------+ | |  |Half year to| |Half year to| | Year to| +-+------------------------------------+------------+-+------------+-+---------+ | |   | 30 Jun 10| | 30 Jun 09| |31 Dec 09| +-+------------------------------------+------------+-+------------+-+---------+ | |  | (Unaudited)| | (Unaudited)| |(Audited)| +-+------------------------------------+------------+-+------------+-+---------+ | |  | £'000| | £'000| | £'000| +-+------------------------------------+------------+-+------------+-+---------+ |Cash flow from operating activities |  | |  | |  | +--------------------------------------+------------+-+------------+-+---------+ |Loss for the period | (800)| | (612)| | (1,542)| +--------------------------------------+------------+-+------------+-+---------+ |Adjustments for |  | |  | |  | +--------------------------------------+------------+-+------------+-+---------+ |Financial income | (3)| | (18)| | (21)| +--------------------------------------+------------+-+------------+-+---------+ |Depreciation of property, plant and | 20| | 6| | 11| |equipment | | | | | | +--------------------------------------+------------+-+------------+-+---------+ |Amortisation and impairment of | 150| | 114| | 215| |intangible assets | | | | | | +--------------------------------------+------------+-+------------+-+---------+ |Equity settled share based payment | 30| | 31| | 61| +--------------------------------------+------------+-+------------+-+---------+ |Operating cash flows before movements | (603)| | (479)| | (1,276)| |in working capital | | | | | | +-+------------------------------------+------------+-+------------+-+---------+ | |  |  | |  | |  | +-+------------------------------------+------------+-+------------+-+---------+ |Change in receivables | (293)| | 3| | (62)| +--------------------------------------+------------+-+------------+-+---------+ |Change in payables | 82| | (97)| | 289| +--------------------------------------+------------+-+------------+-+---------+ |Change in Inventories | (4)| | 1| | (15)| +--------------------------------------+------------+-+------------+-+---------+ |Cash used in operations | (818)| | (572)| | (1,064)| +--------------------------------------+------------+-+------------+-+---------+ |Taxation recovered | 102| | 0| | 0| +--------------------------------------+------------+-+------------+-+---------+ |Net cash used in operations | (716)| | (572)| | (1,064)| +-+------------------------------------+------------+-+------------+-+---------+ | |  |  | |  | |  | +-+------------------------------------+------------+-+------------+-+---------+ |Cash flows from Investing activities |  | |  | |  | +--------------------------------------+------------+-+------------+-+---------+ |Interest received | 3| | 18| | 21| +--------------------------------------+------------+-+------------+-+---------+ |Acquisition of property, plant & | 0| | 0| | (138)| |equipment | | | | | | +--------------------------------------+------------+-+------------+-+---------+ |Acquisition of intangible assets | (127)| | (75)| | (263)| +--------------------------------------+------------+-+------------+-+---------+ |Net cash used in investing activities | (124)| | (57)| | (380)| +-+------------------------------------+------------+-+------------+-+---------+ | |  |  | |  | |  | +-+------------------------------------+------------+-+------------+-+---------+ |Cash flows from financing activities |  | |  | |  | +--------------------------------------+------------+-+------------+-+---------+ |Proceeds from issue of equity share | 0| | 0| | 0| |capital | | | | | | +--------------------------------------+------------+-+------------+-+---------+ |Share premium refund of issuance fees | 0| | 25| | 26| +--------------------------------------+------------+-+------------+-+---------+ |Net cash used for financing activities| 0| | 25| | 26| +-+------------------------------------+------------+-+------------+-+---------+ | |  |  | |  | |  | +-+------------------------------------+------------+-+------------+-+---------+ |Net (decease)/increase in cash and | (840)| | (604)| | (1,418)| |cash equivalents | | | | | | +--------------------------------------+------------+-+------------+-+---------+ |Cash and cash equivalents at beginning| 1,277| | 2,695| | 2,695| |of period | | | | | | +--------------------------------------+------------+-+------------+-+---------+ |Cash and cash equivalents at end of | 437| | 2,091| | 1,277| |period | | | | | | +--------------------------------------+------------+-+------------+-+---------+ Notes to the Interim results for the six months to 30 June 2010    1     Accounting Policies      In the current financial year, the Group has adopted IFRS 3 (Revised 2008) Business Combinations and IAS 27 (Revised 2008) Consolidated and Separate Financial Statements as required, and will apply these principles throughout the year. Adoption of these standards did not have any significant effect on the financial position or performance of the Group.      The accounting policies and presentation applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31st December 2009, except as noted below.    2     Reporting Entity      Transense Technologies plc (the "Company") is a company incorporated in England and Wales. These condensed consolidated interim financial statements of the Company as at and for the six months ended 30th June 2010 comprise the Company and its subsidiary (together the "Group"). These condensed consolidated interim financial statements are presented in pounds sterling, rounded to the nearest thousand.      The comparative figures for the financial year ended 31st December 2009 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified and (ii) did not contain a statement under section 498 of the Companies Act 2006.      The consolidated financial statements of the Group as at and for the year ended 31st December 2009 are available upon request from the Company's registered office or at www.transense.co.uk.      These condensed consolidated interim financial statements are unaudited.    3     Going concern      The interim financial information has been prepared on a going concern basis, which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future.      As referred to in Note 4 below in July 2010 the Group raised £2.344M net of costs and as a result of the fund raising the Directors consider that the Group will continue to meet its liabilities as they fall due in the foreseeable future.    4     Post Balance Sheet Events      A proposed placing of 45,288,887 new shares at a price of 4.5p per share together with an Open Offer for 11,111,111 also at a price of 4.5p per share was approved on 30th June and the new shares were issued in July 2010 resulting in the raising of £2.538M (Net £2.344M)    5     Corporation tax and Deferred tax      The Company is entitled to a Corporation Tax credit in respect of expenditure on Research and Development. No deferred tax asset is recognised in these financial statements in respect of trading losses to date.    6     Consolidated Accounts      Translogik Limited was incorporated and commenced trading in May 2009. These accounts reflect the trading of Translogik for the six months to 30th June 2010. [HUG#1447711] This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Transense Technologies plc via Thomson Reuters ONE
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