AGM Statement

RNS Number : 1086Y

Transense Technologies PLC

27 November 2014

 



27^th November 2014

 Transense Technologies PLC

("Transense" or the "Company")

AGM Statement

At the Company's Annual General Meeting ("AGM") being held at 2:00p.m. today at The Euston Office, One Euston Square, 40 Melton Street, London NW1 2FD, the Chairman, David Ford, will make the following statement:

"As indicated in the Company's recent results statement, all three divisions are experiencing increasing interest in their products.

The recent Opti-Tread® order, received last week from Snap-on Equipment, has reinforced the Company's confidence in the market potential for its Tyre Probe products, and the move into the passenger car tyre market has increased the potential market for the Probes by an order of magnitude.

In addition, recent feedback from customers, who have been using Translogik's iTrack Tyre Monitoring System in the field for more than a year, has confirmed the operational benefits that can be obtained from the technology. It also demonstrated new commercial benefits that have the potential to increase mine productivity . These are two very encouraging affirmations of the business prospects of Translogik, our tyre management solutions business.

However, the Company is seeing reduced capital expenditure budgets among its potential customers in the mining industry.The Board believes this is a result of the worldwide drop in commodity prices. A consequence of this has been the extension of the already long lead times in the sales process for iTrack, a major component of our turnover and cashflow forecasts. While none of the sales opportunities that we have been pursuing have failed, we have still not finalised orders that have been anticipated for some time. We have sought to counter the effects of the reduced availability of capital expenditure budgets by repositioning the sales as operating expenditure, which we believe should assist us in closing a number of outstanding opportunities. While early cash receipts would be reduced under this model, future revenue would be enhanced and the Company would benefit from better visibility from recurring sources of income.

The Company is seeing increasing customer interest in both the IntelliSAW and SAWsense divisions, and the success of our Tyre Probe products is also very encouraging. However the delay in the receipt of orders has clear cashflow implications. There are still a number of live, high value opportunities both with iTrack and the Probe business which could contribute significantly to the Company's immediate prospects.

Customer interest in the Company's products has never been as high and the Board continue to believe that with sufficient time, all of the Company's current activities will prove successful."

Transense has today also published a Group Overview describing the Company's core technology and its application in each of the three trading divisions, which can be found at http://www.transense.co.uk/company-mainmenu/company-profile

For further information, please contact:

Transense Technologies plc	Tel: [phone]
Graham Storey, Chief Executive
N+1 Singer - Nominated Adviser and Broker Aubrey Powell, Tom Smale	Tel: [phone]
Newgate Threadneedle	Tel: [phone]
Tim Thompson, Robyn McConnachie

About Transense Technologies

Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems for use in diverse high growth markets. Developed in conjunction with partners including McLaren Electronic Systems and General Motors, Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Via three wholly owned divisions, IntelliSAW, Translogik and SAWSense, Transense is targeting the high growth global electrical Smart Grid applications market, the automotive and mining industries, and torque, temperature and pressure sensing markets respectively.

Transense's sensors are also being used in the wind turbine monitoring industry. The Company is part of a consortium of nine companies ("IntelWind") that has begun development on a major EU funded project to improve the efficiency and reliability of wind turbines.

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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