Trading Update and Notice of Results

RNS Number : 6691K

Transense Technologies PLC

01 August 2013

 

1 August 2013

 Transense Technologies PLC

("Transense" or the "Company")

Notice of Results and Trading Update

Transense Technologies plc (AIM: TRT), the provider of sensor systems for the transportation and industrial markets, is pleased to announce that its results for the financial year ended 30 June 2013, are expected to be in line with market expectations and will be released on  Monday 16 September 2013.

Transense has made good commercial and operational progress over the twelve month period. Major highlights have included the first large-scale deployment of Translogik's iTrack mining tyre monitoring system at Anglo American subsidiary, Kumba Iron Ore in South Africa. Since that announcement, the level of enquiries regarding the iTrack system from around the world has risen significantly, and with a number of field trials already in progress, the Board is confident that further material deployments will follow.

There has also been a considerable increase in sales of the Translogik tyre inspection tools in the year, with the Company receiving its three largest single orders ever in recent months, from Dunlop Japan, and two of its value added resellers in North America and Europe. In addition to these record orders for iTrack and tyre probes, Translogik is also seeing a surge in enquiries for its RFID (Radio Frequency Identification) products and expertise, as the wide-scale adoption of tyre RFID systems with major tyre OEMs accelerates.

The Company's IntelliSAW division has completed a number of installations with highlights including a first full factory fit-out at the new state-of-the-art, Fuxin Special Steel Company (FSSC) Steel Plant in China, as well as POSCO in South Korea, the country's largest steel manufacturer, and major orders from Saudia Arabia and Taiwan. Additionally, multiple pilots are continuing supported by the Company's partners in various territories and are expected to lead to further orders in due course.

The Company completed a successful Placing and over-subscribed Open Offer in July 2013 which, together with a Further Placing, raised approximately £5m in aggregate gross proceeds to support this rapidly growing pipeline of business.  This additional capital is being used to maximise the growth potential of the business, particularly through sales and field channel support and quality control. This fundraising allows additional resources to be made available across the Group as Translogik and IntelliSAW seek to achieve near and medium-term revenue growth. In addition, the Company's newly established trading division focused on torque sensors, SAWsense, continues to support its longer-term development projects with existing partners such as General Motors, McLaren and Intelwind, as well as in other new areas of opportunity, both in the automotive and non-automotive fields.

Graham Storey, CEO of Transense, commented, "This has been a landmark year for Transense, which has seen market acceptance of our technology. Both our IntelliSAW and Translogik divisions have demonstrated considerable growth, and with an expanding, global distributor and customer base and the recent successful fundraise, Transense is well positioned for the future." 

For further information, please contact:

Transense Technologies plc	Tel: [phone]
Graham Storey, Chief Executive
N+1 Singer - Nominated Adviser Shaun Dobson, Aubrey Powell	Tel: [phone]
Newgate Threadneedle	Tel: [phone]
Caroline Evans-Jones, Robyn McConnachie

About Transense Technologies

Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems and supporting technology for use in a variety of diverse high growth markets. Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Transense is targeting the global electrical Smart Grid applications market, the transport and mining industries, and the global torque, temperature and pressure sensing markets, via its three trading divisions, IntelliSAW, Translogik and the newly established SAWSense, respectively.

Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").

www.transense.co.uk

 

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