StockMarketWire.com - Sensor systems provider Transense Technologies has reported a slight increase in group revenue, reaching £0.97 million for the six months to December 31, 2019.

For the same period in 2018, the group reported revenues of £0.93 million.

However, according to the company's interim results, it has seen a net loss after tax for the period of £1.19 million, a result of additional overhead spend.

Net cash at the end of the period stood at £1.52 million, down from £2.65 million as at June 30, 2019.

Transense Technologies said iTrack subscription revenue was up 50% to £0.66 million for the period.

The company signed a Joint Collaboration Agreement with Bridgestone Corporation in August 2019 by which the iTrack system is offered exclusively by Bridgestone to their customers for large mine haul trucks

Non-executive chairman of Transense Technologies, Nigel Rogers, said: 'The results for the first half of the financial year reflect the substantial investment in infrastructure, working capital and overhead costs required to take full advantage of our technical excellence, with the financial and commercial support of market leading partners. 'There has been a transformational change in the scope and commercial reach of the iTrack system, and the business has the potential to deliver a significant breakthrough in market penetration. Our relationships with Bridgestone are strong at all levels, and we anticipate that our collaboration will continue to provide a firm basis for mutual success.'


At 8:58am: [LON:TRT] Transense Technologies PLC share price was -9.5p at 60.5p



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