TIDMTRT
RNS Number : 6987N
Transense Technologies PLC
26 September 2019
26 September 2019
Transense Technologies Plc
("Transense", the "Company" or the "Group")
Final results for the year ended 30 June 2019
Transense Technologies Plc (AIM: TRT), the provider of sensor
systems for industrial, mining and transportation markets, is
pleased to report audited results for the year ended 30 June 2019
which are ahead of the Board's expectations. The Translogik
division revenues continue to expand, SAWSense activity remains
high and the Board is confident of increased revenues and activity
in the new financial year.
Highlights
-- Revenue up 9% to GBP2.23m (2018: GBP2.05m)
-- iTrack II subscription revenue up 58% to GBP0.98m (2018: GBP0.62m)
-- Major commercial breakthroughs achieved in each business unit:
o Licensee GE Aviation's T901-GE-900 engine incorporating a
Transense Surface Acoustic Wave (SAW) sensor selected by the U.S.
Army
o Initial iTrack II order from Bridgestone Corporation,
Japan
o Global collaboration and financial support agreements signed
with Bridgestone post year end
-- Net loss after taxation, ahead of expectations at GBP1.47m (2018: GBP1.89m)
-- Net cash used in operations reduced by 62% to GBP0.43m (2018: GBP1.11m)
-- Equity fund raise of GBP2.56m completed in April 2019
-- Net cash at end of period of GBP2.65m (2018: GBP1.59m)
Executive Chairman of Transense Technologies, David Ford,
said:
"I am pleased to report that 2019 has been a transformational
year for the Group having made a number of breakthrough successes.
These have included the selection of GE's engine by the U.S. Army,
which includes our SAW sensor, the joint collaboration agreement
with Bridgestone to develop the iTrack II system following
Bridgestone Japan's initial iTrack II order. These milestones have
been the culmination of several years of technical and commercial
development activity.
"Looking forwards, the Company is well capitalised having
completed a fundraising in April 2019 and has in place an interest
free Loan with Bridgestone. This will provide a secure platform to
support exciting future growth prospects."
For further information please visit www.transense.co.uk or
contact:
Transense Technologies plc Tel: +44 (0) 1869
Graham Storey, Chief Executive 238380
finnCap Tel: +44 (0) 20 7220
Ed Frisby, Giles Rolls, Matthew Radley 0500
(Corporate Finance)
Tim Redfern, Tim Harper (ECM)
About iTrack II
The iTrack II Mining system provides real-time data on the
condition of the tyres, combined with live tracking of vehicle
location and status. Our 24/7 Control Room monitors the pressures
and temperatures live, and this information can, for example, be
used to ensure tyres do not exceed critical heat thresholds, to
detect incorrect load distributions, predict suspension failures
and eliminate manual tyre pressure checks. The Directors believe
that these benefits maximise the hours a truck is working (Truck
Uptime) and improve productivity by minimising maintenance
requirements and using data to identify underperforming trucks.
www.trans-logik.com/itrack-2/
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed
patent-protected sensor systems and supporting technology for use
in a variety of diverse high growth markets. The Directors believe
that Transense's Surface Acoustic Wave (SAW), wireless,
battery-less, sensor systems offer advantages over legacy wireless
sensor systems. Transense is targeting the transport and mining
industries, and the global torque, temperature and pressure sensing
markets, via its trading divisions, Translogik and SAWSense.
www.transense.co.uk
Transense's shares are admitted to trading on AIM (AIM:
TRT).
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Chairman's statement
In a transformational year for the Group, financial results are
improved and major breakthrough announcements have been made
relating to commercialisation of each of our core technologies. The
balance sheet has been strengthened by an equity fundraise which,
together with the interest free Bridgestone loan received in August
2019, will provide a secure platform to support exciting future
growth prospects.
The Chairman wishes to thank the whole Transense team for its
contribution towards achieving the breakthroughs in both iTrack and
SAWSense during the year.
Strategy
The business strategy of the Group continues to be the
development of innovative sensing solutions across a range of
applications, which are commercialised either through the launch of
products and services to customers or by forming strategic
alliances with partner organisations. Value is realised through a
combination of commercial income, royalties, licensing income and
capital gains on disposals.
Commercial developments
SawSense
SAWSense is a leader in the development of Surface Acoustic Wave
("SAW") wireless, batteryless, sensor systems that offer
significant advantages over legacy systems in common use. The
business continues to be involved in several projects in
conjunction with major global industrial companies.
In July 2016, SAWSense entered into a significant licensing
agreement with General Electric Company ("GE") for the
non-exclusive use of our patented, wireless, passive SAW
technology. Initial license fees of US$0.75m were received
following the agreement, and we are entitled to receive further
significant royalty payments from GE in respect of unit sales
anticipated in the future.
The likelihood of receiving future royalty payments took a step
forward with the announcement in February 2019 that GE's engine,
incorporating our SAW sensor, had been selected by the US Army for
the Engineering and Manufacturing Development ("EMD") phase of the
Improved Turbine Engine Program ("ITEP"), the U.S. Army's endeavour
to re-engine its Boeing AH-64 Apaches and Sikorsky UH-60 Black
Hawks.
The U.S. Army intends to replace more than 6,000 engines
installed in their current fleet of these two aircraft. The wider
market for the T901 engine includes replacement engines for these
aircraft in military forces outside of the U.S., as well as other
military and commercial medium sized vertical take-off aircraft
globally. This provides the prospect of an expected growing revenue
stream as volumes of engines installed builds over time, this
selection both demonstrates the ability of our SAW sensors to
operate in extreme testing environments and that they can be
manufactured in volume. Our relationship with GE continues to
deepen, with further applications being evaluated.
Progress continues with several other applications. Our Torque
sensor is part of an innovative steering system which is due to
start vehicle trials on off road sports vehicles in 2020. Our Joint
Development Agreement with McLaren is exploring opportunities in
other race formats and our participation in a Strain &
Temperature related project with University of Southampton &
Lloyds Register, which began earlier this year is progressing on
schedule.
Translogik
Important advancements were made with the market traction of our
iTrack II mining tyre monitoring systems. The number of mine haul
trucks fitted with the system increased during the year by more
than 50% to 396, with annualised revenues at the end of the year
exceeding GBP1.2m covering installations in 4 countries across 3
continents.
In February 2019, an initial order for 50 iTrack II units was
received from Bridgestone Corporation, Japan ("Bridgestone") for
installation in mines in North America. Bridgestone are a leading
supplier of tyres to the mining off-the-road (OTR) marketplace and
their decision to offer the iTrack system is a testament to the
capabilities of Translogik and the iTrack system.
More recently in August 2019, the Company entered into a joint
collaboration agreement with Bridgestone in respect of the iTrack
II system and its future generations ("iTrack system") for an
initial 18-month period with ability to extend.
Based on this joint collaboration agreement, Bridgestone has
agreed to offer the iTrack system exclusively as a mining tyre
monitoring system for tyres 57 inches and above for its OTR
customers. In addition, the Company has agreed that it will not
contract with any other tyre manufacturer for the provision of the
iTrack system for tyres 57 inches and above for the term of the
agreement, nor will it for a period of six months have discussions
with any other party in relation to any transaction of a merger,
acquisition or joint venture nature in respect of its iTrack
business.
Since the year end, the total number of mine haul trucks fitted
or agreed to be fitted with iTrack now exceeds 500. This includes
25 units being added at South Walker Creek in Australia.
Pleasingly, Kal Tire, a corporation based in Canada and a
substantial retailer and service provider in mining and OTR, has
become a reseller for iTrack in Africa, and in August 2019 won a
contract to supply 85 iTrack II mining tyre monitoring systems for
haul trucks into a large multi-national mining company operating in
Mozambique.
The selection of the iTrack system was the outcome of a
competitive trial between iTrack and a number of other TPMS systems
with the end user concluding that iTrack was the best overall
solution, satisfying both Kal Tire, and the end user's very
specific operational and information reporting requirements. Kal
Tire has a large installed customer base throughout Africa and will
be seeking to introduce additional iTrack systems into a number of
their current and future on-site service operations.
Sales of tyre tread depth probes reduced by 46% to GBP0.45m
(2018: GBP0.84m). This followed a year of particularly strong
growth in 2017/18, when the probe was selected by Goodyear USA for
their new tyre management system called 'Tire Optix' which
incorporates the Translogik tyre probe. The take up rate has been
somewhat slower than we had anticipated.
Our probes are also specified for use in Bridgestone's
corresponding 'Toolbox' and 'Total Tyre Care' systems as well as
Continental's 'Fleetfox' system, underpinning our belief that they
represent an industry standard.
It is likely that the revenue reduction during the year was
partly a result of reduced marketing effort, especially on-line. We
have recently recommenced advertising in this way, and are
beginning to see a corresponding increase in sales orders, which is
encouraging.
Financial results and condition
Revenues for the year increased by 9% to GBP2.23m (2018:
GBP2.05m). Recurring subscription revenues generated by Translogik
from users of the iTrack II system increased by 58% to GBP0.98m
(2018: GBP0.62m). We anticipate these revenues will continue to
grow significantly over the coming year as the iTrack installed
base significantly increases.
Gross margin increased to 80.5% of revenues (2018: 62.9%)
reflecting the higher proportion of income from subscriptions, and
also ad hoc fees to support new trials. The associated costs of the
subscription income is included in depreciation charges, included
within administrative expenses, which totalled GBP0.31m in the year
(2018: GBP0.16m).
Net operating expenses were GBP3.60m (2018: GBP3.21m) and the
net loss before taxation from continuing operations reduced to
GBP1.73m (2018: GBP1.91m).
The total comprehensive loss for the period reduced to GBP1.47m
(2018: GBP1.89m), reflecting a tax credit of GBP0.27m (2018:
GBP0.03m).
Net cash used in operations reduced by 62% to GBP0.43m (2018:
GBP1.11m). Offering iTrack II to customers on a subscription basis
results in a short-term cash outlay and requires investment in the
initial months of each contract. The net investment in fixed assets
for such contracts in the period amounted to GBP0.38m (2018:
GBP0.42m) and as Translogik's iTrack II installed base increases
there will continue to be a need to invest in fixed assets.
In March and April 2019, the Company issued additional equity to
new and existing shareholders raising GBP2.56m to provide
additional working capital and fund further product development
costs for the iTrack II system.
The Group closed the year with net cash and cash equivalents of
GBP2.65m (2018: GBP1.59m). ). In August 2019 the Company received
an interest free loan of $0.75m (GBP0.62m) from Bridgestone as part
of the Joint Collaboration Agreement with them to be used to
support the accelerated rate of growth that is anticipated from
this relationship.
Prospects
The breakthrough successes achieved in recent months have been
the culmination of several years of technical and commercial
development activity. Each of the Group's business units are now
closely aligned with global companies that are acknowledged to be
leaders in their respective fields.
There remains much to be done to ensure that we, together with
our commercial partners, are able to fully exploit the
opportunities made possible by our technologies. We are firmly
committed, and well positioned, to provide the resources required
to unlock potential for very exciting future growth.
David M Ford
Chairman
25 September 2019
Strategic Report
Financial Review
Results for the year
Revenues totalled GBP2.23m (2018: GBP2.05m). The pre-tax loss
totalled GBP1.73m (2018: GBP1.91m).
Translogik revenues grew by 11% to GBP2.11m, and SAWSense
generated GBP0.12m of revenues (2018: GBP0.15m). Gross margin
improved to 80.5% (2018: 62.9%) reflecting the continual increase
in the subscription base. The depreciation on capitalised iTrack
kit, included in administrative expenses, increased to GBP0.31m
(2018: GBP0.16m).
Administrative expenses for the year, before depreciation,
amortisation and interest, amounted to GBP2.84m compared with
GBP2.65m in the prior year.
The increase in Translogik revenues reflects the good growth in
new iTrack subscription services following the launch of iTrack II
in September 2016 and despite a 46% reduction in Probe sales during
the period following a record year of sales in 2018.
The Earnings per share (EPS) are set out below (in Pence):
2019 2018
EPS (Loss) (11.11) (19.68)
Taxation
The Company has UK tax losses available to carry forward at 30
June 2019 of approximately GBP21m, subject to HMRC agreement.
Certain elements of development expenditure undertaken by the
Company are eligible for enhanced research and development tax
relief which generally relates to salary costs of technical staff.
The accounting treatment adopted is to recognise the R & D tax
credits on a cash basis due to the uncertain nature of the claim.
During the year the Company received R & D tax credits
totalling GBP283,000 in respect of the two years ended 30 June
2018.
Cash flow and financial position
There was a net cash inflow of GBP1.06m (2018: outflow of
GBP0.93m) during the year, arising from trading and GBP2.34m of net
proceeds arising from the issue of equity share capital during 2019
(2018: GBP0.92m).
Net cash used in operations amounted to GBP0.43m (2018:
GBP1.11m).
At 30 June 2019 the Group had net cash balances of GBP2.65m
(2018: GBP1.59m).
The forward looking cash flow forecasts based on the anticipated
level of activity indicates that the Group should have sufficient
funds available for the short to medium term. The Board note that
part of the effect of increased demand for iTrack services has been
funded by Bridgestone after the year end.
Going Concern
The financial statements have been prepared on the going concern
basis. The Group has made a loss for the year of GBP1.47m (2018:
loss of GBP1.89m). The Group has accumulated losses of GBP3.36m
(2018: GBP1.89m). The balance of cash and cash equivalents at 30
June 2019 is GBP2.65m (2018: GBP1.59m).
The Group's cash used in operations during the year was GBP0.43m
(2018: GBP1.11m).
The Group meets its day to day working capital requirements
through existing cash reserves and does not currently have an
overdraft facility. The directors have prepared cash flow forecasts
for the period to 31 December 2020. These forecasts indicate that
the Group should continue to be able to operate within its current
cash resources for the foreseeable future.
Melvyn Segal
Finance Director
25 September 2019
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2019
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
Continuing
operations
Revenue 2,226 2,050
Cost of sales (435) (761)
---------------------------------------------- ----------------------------------------------
Gross profit 1,791 1,289
Administrative
expenses (3,603) (3,208)
---------------------------------------------- ----------------------------------------------
Operating loss (1,812) (1,919)
Financial income 2 5
Other income 79 -
---------------------------------------------- ----------------------------------------------
Loss before
taxation (1,731) (1,914)
Taxation 266 26
---------------------------------------------- ----------------------------------------------
Loss for the year (1,465) (1,888)
============================================== ==============================================
Basic and fully
diluted loss per
share (pence) (11.11) (19.68)
============================================== ==============================================
Loss for the year (1,465) (1,888)
---------------------------------------------- ----------------------------------------------
Other
comprehensive
income:
Exchange
difference on
translating
foreign
operations 2 -
---------------------------------------------- ----------------------------------------------
Other
comprehensive
income for the
year 2 -
Total
comprehensive
income for the
year
attributable to
the equity
holders of the
parent (1,463) (1,888)
============================================== ==============================================
Consolidated Balance Sheet
at 30 June 2019
at 30 June at 30 June
2019 2019 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000
Non current
assets
Property,
plant and
equipment 529 474
Intangible
assets 946 909
---------------------------------------------- ----------------------------------------------
1,475 1,383
Current
assets
Inventories 566 685
Trade and
other
receivables 789 698
Cash and
cash
equivalents 2,647 1,592
---------------------------------------------- ----------------------------------------------
4,002 2,975
---------------------------------------------- ----------------------------------------------
Total assets 5,477 4,368
Current
liabilities
Trade and
other
payables (604) (316)
Current tax
liabilities (55) (66)
Provisions (70) (100)
---------------------------------------------- ----------------------------------------------
Total
liabilities (729) (482)
---------------------------------------------- ----------------------------------------------
Net assets 4,748 3,876
============================================== ==============================================
Equity
Issued share
capital 5,451 5,025
Share
premium 2,591 682
Translation
reserve 23 21
Share based
payments 41 41
Accumulated
loss (3,358) (1,893)
---------------------------------------------- ----------------------------------------------
4,748 3,876
============================================== ==============================================
Consolidated Statement of Changes in Equity
For the year ended 30 June 2019
Group Share Share Translation reserve Share based payments Cumulative Total
capital premium losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1
July 2017 4,766 22 21 - (5) 4,804
Comprehensive
income for the
year:
Loss for the
year - - - - (1,888) (1,888)
Total
comprehensive
income for the
year - - - - (1,888) (1,888)
Share based
payments - - - 41 - 41
Shares issued
and share
premium 259 660 - - - 919
------------------------------------------ ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Balance at 30
June 2018 5,025 682 21 41 (1,893) 3,876
------------------------------------------ ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Comprehensive
income for the
year:
Loss for the
year - - - - (1,465) (1,465)
Other
comprehensive
income for the
year:
Currency
movement on
subsidiary
reserves - - 2 - - 2
Total
comprehensive
income for the
year - - 2 - (1,465) (1,463)
Shares issued
and share
premium 426 1,909 - - 2,335
------------------------------------------ ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ---------------------------------------------- ----------------------------------------------
Balance at 30
June 2019 5,451 2,591 23 41 (3,358) 4,748
========================================= ============================================== ============================================== ============================================== ============================================== ==============================================
Consolidated Cash Flow Statement
For the year ended 30 June 2019
Group
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
Loss from operations (1,465) (1,888)
Adjustments for:
Taxation (266) -
Financial income (2) (5)
Depreciation 369 227
Amortisation of
intangible assets 396 332
Share based payments - 41
---------------------------------------------- ----------------------------------------------
Operating cash flows
before movements
in working capital (968) (1,293)
Increase in
receivables (91) (203)
Decrease/(increase) in
payables 247 (169)
Decrease in
inventories 119 300
Decrease in trade
lease receivables - 266
---------------------------------------------- ----------------------------------------------
Cash (used)/generated
in operations (693) (1,099)
Taxation
(paid)/recovered 266 (7)
---------------------------------------------- ----------------------------------------------
Net cash used in
operations (427) (1,106)
---------------------------------------------- ----------------------------------------------
Investing activities
Interest received 2 5
Acquisitions of
property, plant and
equipment (424) (443)
Acquisitions of
intangible assets (433) (303)
---------------------------------------------- ----------------------------------------------
Net cash used in
investing activities (855) (741)
---------------------------------------------- ----------------------------------------------
Financing activities
Proceeds from issue of
equity share capital 2,335 919
---------------------------------------------- ----------------------------------------------
Net cash from
financing activities 2,335 919
---------------------------------------------- ----------------------------------------------
Net decrease in cash
and cash equivalents 1,053 (928)
Unrealised Currency
translation gain 2 -
Cash and equivalents
at the beginning
of year 1,592 2,520
---------------------------------------------- ----------------------------------------------
Cash and equivalents
at the end of year 2,647 1,592
============================================== ==============================================
NOTES RELATING TO THE GROUP FINANCIAL STATEMENTS
BASIS OF PREPARATION
The group financial statements have been prepared and approved
by the Directors in accordance with the International Financial
Reporting Standards (IFRS) as adopted by the EU and with those
parts of the Companies Act 2006 applicable to companies reporting
under adopted IFRS.
IFRS and IFRIC are issued by the International Accounting
Standards Board (the IASB) and must be adopted into European Union
law, referred to as endorsement, before they become mandatory under
the IAS Regulation.
1 SEGMENT INFORMATION
The Group has two reportable segments being the unique trading
divisions, SAWSense and Translogik, which make use of technology
developed by the Group to measure and record temperature, pressure
and torque.
The business revenues include royalties, engineering support and
sale of product in relation to this technology.
Information regarding the Group's segments is included in the
primary statements and notes to the financial statements. Revenue
and EBITDA are the Group's key focus and in turn is the main
performance measure adopted by management.
The tables below sets out the Group's revenue split and
operating segments.
Revenue
Year ended Year ended
30 June 2019 30 June 2018
GBP'000 GBP'000
North America 743 322
Chile 670 660
Australia 398 400
UK & Europe 192 362
Japan 31 160
Rest of the World 192 146
---------------------------------------------- ----------------------------------------------
2,226 2,050
============================================= =============================================
Translogik SAWSense Admin Total
GBP'000 GBP'000 GBP'000 GBP'000
Year ended 30
June 2019
Sales 2,106 120 - 2,226
===================== ===================== ===================== ====================
Gross profit 1,678 113 - 1,791
Other Income - 79 - 79
Overheads (1,227) (472) (1,902) (3,601)
----------------------------- ------------------------------ ------------------------------ -----------------------------
Profit/(loss)
before
taxation 451 (280) (1,902) (1,731)
Taxation 108 158 266
------------------------------- ------------------------------- ------------------------------- -------------------------------
Profit/(loss)
for the year 559 (122) (1,902) (1,465)
====================== ====================== ====================== ======================
Translogik SAWSense Admin Total
GBP'000 GBP'000 GBP'000 GBP'000
Year ended 30
June 2018
Sales 1,903 147 - 2,050
===================== ===================== ===================== ====================
Gross profit 1,173 116 - 1,289
Overheads (978) (482) (1,743) (3,203)
----------------------------- ------------------------------ ------------------------------ -----------------------------
Profit/(loss)
before
taxation 195 (366) (1,743) (1,914)
Taxation 26 - - 26
------------------------------- ------------------------------- ------------------------------- -------------------------------
Profit/(loss)
for the year 221 (366) (1,743) (1,888)
====================== ====================== ====================== ======================
During the year ended 30 June 2019 there were 3 (year ended 30
June 2018: 3) customers whose turnover accounted for more than 10%
of the Group's total revenue as follows:
Year ended 30 June 2019 Revenue Percentage
GBP'000 of total
Customer A 466 21%
Customer B 429 19%
Customer C 397 18%
Year ended 30 June 2018 Revenue Percentage
GBP'000 of total
Customer A 400 20%
Customer B 365 18%
Customer C 262 13%
2 FINANCIAL INCOME AND EXPENSE
Recognised in profit or loss
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
Finance income 2 5
Total finance income 2 5
========== ==========
3 TAXATION
Recognised in the statement of comprehensive income
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
Current tax expense
Current year - -
Adjustment for
previous year (266) (26)
---------------------------------------------- ----------------------------------------------
Tax credit in
statement of
comprehensive income (266) (26)
============================================= =============================================
Reconciliation of effective tax rate
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
Loss before tax (1,731) (1,914)
============================================= =============================================
Tax calculated at
the average
standard UK
corporation tax
rate of 19.00%
(2018: 19.00%) (329) (364)
Expenses not
deductible for tax
purposes 12 3
Additional
deduction for R&D
expenditure (120) -
Current year losses
for which no
deferred
tax asset was
recognised 391 357
Adjustment to
deferred tax
average rate
of 19% 46 -
Adjustment for
overseas profits - 4
Prior year
adjustment (266) (26)
---------------------------------------------- ----------------------------------------------
Total tax
(credit)/charge (266) (26)
============================================= =============================================
A deferred tax
asset has not been
recognised
in respect of the
following item:
Tax Losses 3,760 3,345
============================================= =============================================
The applicable UK corporation tax rate is 19% throughout the
reporting period.
The Group has tax losses, subject to agreement by HM Revenue and
Customs, in the sum of GBP20.7m (2018: GBP19.7m), which are
available for offset against future profits of the same trade.
There is no expiry date for tax losses. An appropriate asset will
be recognised when the Group can demonstrate a reasonable
expectation of sufficient taxable profits to utilise the temporary
differences.
The rate of Corporation Tax will reduce to 17% with effect from
1 April 2020.
The effective tax rate used to calculate the current tax for the
period ended 30 June 2019 was 19.00% (2018: 19.00%).
4 EARNINGS PER SHARE
Basic loss per share is calculated by dividing the loss after
taxation of GBP1.47m (2018: loss of GBP1.89m) by the weighted
average number of ordinary shares in issue during the year of
13,184,581 (2018: 9,595,825). Unexercised options over the ordinary
shares are not included in the calculation of diluted loss per
share as they are anti-dilutive.
Year ended Year ended
30 June 30 June
2019 2018
Number Number
Weighted average
number of shares -
basic 13,184,581 9,595,825
Share option
adjustment - -
---------------------------------------------- ----------------------------------------------
Weighted average
number of shares -
diluted 13,184,581 9,595,825
============================================= =============================================
Basic and fully diluted loss per share (continued)
Year ended Year ended
30 June 30 June
2019 2018
GBP'000 GBP'000
Loss from
operations (1,465) (1,888)
---------------------------------------------- ----------------------------------------------
Basic
(loss)/earnings
per share (11.11) (19.68)
============================================= =============================================
Earnings
attributable to
shareholders
Basic
(loss)/earnings
per share (11.11) (19.68)
============================================= =============================================
There are 665,000 share options at 30 June 2019 (2018: 665,000)
that are not included within diluted earnings per share because
they are anti-dilutive.
5 CASH AND CASH EQUIVALENTS
Group
30 June 2019 30 June 2018
GBP000 GBP000
Cash and cash equivalents per balance
sheet 2,647 1,592
Cash and cash equivalents per cash
flow
statements 2,647 1,592
------------ ------------
6 STATUTORY ACCOUNTS
The Financial information set out in this preliminary
announcement does not constitute the Company's Consolidated
Financial Statements for the financial years ended 30 June 2019 or
30 June 2018 but are derived from those Financial Statements.
Statutory Financial Statements for 2018 have been delivered to the
Registrar of Companies and those for 2019 will be delivered
following the Company's AGM. The auditors Grant Thornton UK LLP
have reported on those financial statements. Their reports were
unqualified, did not draw attention to any matters by way of
emphasis without qualifying their report and did not contain
statements under Section 498(2) or (3) of the Companies Act 2006 in
respect of the Financial Statements for 2019 or 2018.
The Statutory accounts are available on the Company's website
and will be posted to shareholders who have requested a copy and
thereafter by request to the Company's registered office.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR SEUFMIFUSEIU
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