Transense reports strong start to new financial year
Transense Technologies
185.00p
16:55 27/11/24
Sensing and measurement systems specialist Transense Technologies announced a 48% increase in revenue for the first four months of its financial year in an update on Wednesday.
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The AIM-traded firm, which was holding its annual general meeting, said net profit grew 10%, despite increased costs to support the scale-up of its Translogik and SAWsense businesses.
It recorded a 23% rise in revenues from its Bridgestone iTrack partnership, while combined revenues from Translogik and SAWsense more than doubled.
Gross margins remained robust at over 85%.
The company said its key operational achievements included the successful in-house integration of Translogik production, which improved efficiency, quality, and cost control.
Transense also introduced a subscription-based solution in partnership with Tiretask, bundling software with its TLGX product range.
It said the offering was currently undergoing customer trials, and had generated a strong pipeline of interest.
SAWsense had meanwhile made significant progress in collaborative research and development projects, including Airbus's LandOne and Protean PULSE, alongside other customer-funded initiatives.
To meet rising demand, Transense expanded its workforce from 18 to more than 30 employees in the past year, with new hires in engineering, quality control, and manufacturing.
It said recruitment is underway for an operations director to further support SAWsense’s growth.
The company said it remained cash-generative, with a net cash balance of £1.72m as of 31 October, up from £1.28m at the start of the financial year.
At 1401 GMT, shares in Transense Technologies were up 4.44% at 188p.
Reporting by Josh White for Sharecast.com.