Transense tops previous year on the back of strong rental growth

Transense Technologies told investors on Wednesday that it had topped its performance from a year earlier thanks to solid rental income growth throughout the last reporting period.

The AIM-listed firm revealed that results in the second half of its financial year were in line with the first half and that full-year revenues were slightly ahead of the prior year and over 40% ahead of the prior year when excluding the revenue collected from the licensing of its Surface Acoustic Wave technology to General Electric in 2017.

Transense will enter the new financial year with a monthly recurring operating lease rental revenue more than 200% higher than at 1 July 2017 as a result of a pick-up in large mining haul trucks using its iTrack tyre monitoring system.

The firm closed the year with cash of £1.6m and no debt.

Graham Storey, Transense's chief executive, said, "We have continued to make good progress with both the rental stream from iTrack II and sales of Translogik's tyre probes."

"SAWSense revenue has fallen during the period, however, the level of activity remains positive," Storey added.

As of 1120 BST, Transense shares had dipped 1.41% to 35p.