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Transense Technologies PLC - Bicester, England-based developer of specialist sensor systems for vehicles - Swings to a pretax profit of GBP82,000 in the six months ended December 31, from loss of GBP53,000 a year before. This was on revenue of GBP1.2 million, up 34% from GBP895,000. Credits the growth to increased royalty income and Translogik probe revenue.
Royalty income increases 76% to GBP660,000 from GBP370,000. Translogik probe revenue rises 15% to GBP470,000 from GBP410,000 and generated a net profit contribution of GBP190,00 to the company's results. Translogik is a trading division of Transense. It provides a range of tire pressure monitoring systems and probing equipment.
Transense says it is confident it can continue on a high growth trajectory and proposes a share buyback programme. It did give any specifics on the buyback programme.
"With the availability of uncommitted cash and a growing distributable reserves balance, the directors plan to initiate a programme of share buybacks to address the short term effects of current market conditions and protect prospects for the delivery of longer-term shareholder value," says Chair Nigel Rogers.
Current stock price: 88.00 pence, up 11% on Tuesday
12-month change: up 16%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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