Transense Interim Results to 31st December 2012
Published on Thursday, 28 March 2013
Click to download results
Transense Technologies plc (AIM:TRT) ("Transense" or the "Company") is pleased to announce its interim results for the 6 months ended 31 December 2012.
- Sales reached a record level: £967,000 (2011: £414,000)
- Receipt of the first major order from Anglo American for the iTrack system
- First full factory fit out with IntelliSAW sensors, at soon to be completed, state-of-the-art, Fuxin Special Steel Company (FSSC) Steel Plant in China
- Continued progress towards commercialisation of the torque flexplate in partnership with General Motors
Post Period Highlights and Outlook
- iTrack field trials currently underway in South America, Australia and Indonesia
- Record quarterly IntelliSAW orders since the start of 2013, including:
- ETT (IntelliSAW Taiwan distributor)
- Al Mashariq (IntelliSAW Saudi distributor), marking the first major contract win in that region
- 33 system installation in South Korea for POSCO, the country's largest steel manufacturer, with the potential for further larger deployments
- Growing pipeline, pilots and number of distributors for both divisions across multiple geographies provide encouraging signs for future performance
- Announcement today of conditional placing to raise approximately £290,000 (net of expenses)
Graham Storey, CEO, commented: "The Board is encouraged that, against the backdrop of continuing progress on Transense's long-term development projects with the likes of GM, Translogik and IntelliSAW are now beginning to provide the near- and medium-term revenue to support the Company until such time as royalty revenues arrive.
"The first six months of our financial year have seen record sales for the Transense Group and we are more optimistic than ever that we have the right products, for the right markets at the right time to give the Company the best possible opportunity for its future commercial success."
Read more: Transense Interim Results to 31st December 2012