Transense Technologies plc (LON: TRT) will today provided the following AGM statement at 12.00 p.m. today at finnCap’s offices, 60 New Broad Street, London, EC2M 1JJ, the Chairman, David Ford, will announce:
“iTrack II recurring monthly subscription revenues continue to increase, including the recent success in Latin America as announced in November 2018. The net loss for the current year to date is in line with the corresponding period in the prior year notwithstanding reduced overall Group revenues, reflecting lower tyre probe and iTrack II hardware sales, mitigated by the growth in iTrack II recurring subscription revenues. Group trading results measured at EBITDA level and operating and net cash outflows each show an improvement over the corresponding period last year.
We continue to believe that the iTrack II system provides the most technologically advanced solution for mine haul truck TPMS globally and we are steadily increasing our market share. Good progress has been made in developing partnering opportunities to accelerate growth in this market, although there can be no certainty that such opportunities will come to fruition.
Our relationship with General Electric Co. to commercialise SawSense technology continues to strengthen in breadth and depth, and opportunities to expand our reach into new applications look promising.
Accordingly, the Board look forward to 2019 with optimism.”