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Transense Technologies losses deepen; trading near break-even in current year
StockMarketWire.com
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Sensor system provider Transense Technologies booked a deeper annual loss, but said it was breaking even in the first quarter of the new financial year following the signing of a recent deal with tire maker Bridgestone.
Net losses for the year through June amounted to £2.5 million, compared to losses of £1.5 million year-on-year, and included a £1.45 million loss on a discontinued operation.
Losses at the continuing earnings before interest, tax, depreciation and amortisation level were £0.68 million, compared to £0.70 million.
Pre-tax results for the first quarter of the 2021 financial year indicated the business was trading 'around break-even' level, compared to a year-on-year loss of £0.6 million.
'It has been an exciting year for Transense,' executive chairman Nigel Rogers said.
'The licensing of existing and future iTrack technology to ATMS Technology, a subsidiary of Bridgestone Corporation Japan, was completed towards the end of the year and will achieve a transformation of the company's future prospects.'
]Early indications are that royalty income on iTrack deployment during the current financial year has significant growth potential, although caution is clearly applicable in view of the global risks associated with the broader economic and practical effects of the Covid-19 pandemic.'
At 9:19am: (LON:TRT) Transense Technologies PLC share price was -2p at 52.5p
Story provided by StockMarketWire.com
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