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Transense Technologies – argues “look forward to 2019 with optimism”. Er…

By Steve Moore | Saturday 22 December 2018

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.

Sensor systems company Transense Technologies (TRT) commences an AGM update with that “iTrack II recurring monthly subscription revenues continue to increase” and adds “good progress has been made in developing partnering opportunities to accelerate growth in this market” and that “the board look forward to 2019 with optimism”. The shares have responded more than 10% lower, below 50p. Hmmm…

“reduced overall group revenues, reflecting lower tyre probe and iTrack II hardware sales” Ah! It is added “the net loss for the current year to date is in line with the corresponding period in the prior year… trading results measured at EBITDA level and operating and net cash outflows each show an improvement over the corresponding period last year”. That’s a bit more positive – but there’s only so much it can do without increasing sales.

Additionally, the company’s year to 30th June 2018 results showed a loss of £1.9 million on revenue only very slightly ahead of the prior year at little more than £2 million and a £1.8 million net cash outflow before new financing, with year-end cash (net) £1.6 million. That announcement also included “trading in the first two months of the current year has seen an increase in revenues and a reduction in pre-tax losses… the current level of optimism for future prospects is at a high level”.

It’s been deterioration since, then – and that cash level doesn’t inspire optimism! As previously noted, this is also all with the company having listed on AIM in 1999 and noting in the results for that year; “your company signed its first application licence agreement, for the use of its sensor technology in tyre monitoring”! It’s certainly taking a while to realise the “optimism” then! Natch, the stance remains sell / bargepole.

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