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Transense Technologies – another contract win announcement sees shares further higher, BUT…

By Steve Moore | Monday 7 August 2017

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Having previously noted shares in Transense Technologies (TRT) retaining their something of a recovery, they are currently further higher today, at 80p, on the back of an announcement of a “New iTrack Contract Win with BHP in Australia”

This is a rental-and-service “contract through its Australian distributor, Brownfield Engineering and Maintenance PTY LTD to supply 26 iTrack II mining tyre monitoring systems for large haul trucks at the BHP Billiton Mitsui Coal South Walker Creek Mine”, with it also noted “we are very pleased to be working with BHP along with other global miners such as Glencore”.

This sounds impressive, but again there are no financial specifics at all provided - and a previous update on these was “marginally ahead of… expectations as revised”. This saw me demonstrate “as revised” meant slashed.

End 2016 cash was £3.3 million, and the company has updated year ended 30th June 2017 “closing cash balances of GBP2.5M”. That update also included that “the company announces the appointment of Beaufort Securities Limited as joint broker” - with I concluding on it that currently it looks like outflows continuing to run down a far from commanding cash position; not the greatest investment proposition, but one which another broker could prove useful for!

The impact on the shares of contract win announcements could also prove useful in the latter regard and thus, certainly ahead of the further detail and potentially further update of the results announcement, I remain cautious here and continue to avoid.

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