A licensing deal with Bridgestone in the final weeks of the financial promise to transform the business and makes future profitability visible, the company highlighted
Specifically, Rogers is commenting on the licensing deal struck with Bridgestone, in June 2020, which he says will transform the company and its future prospects.
“This transaction should put Transense in the unprecedented position of being financially self-sufficient and in turn enable management to increase their focus on the commercialisation of our Surface Acoustic Wave technology, and development of our tyre probe business, Translogik,” Rogers said in the results statement.
Transense reported revenue from continuing operations at £600,000, in line with the prior year, while underlying earnings (EBITDA) losses from continuing operations narrowed to £680,000 from £700,000 in 2019.
It made a £1.09mln loss from continuing operations and a £2.54mln net loss after tax. The company had £1.19mln of cash and equivalents at year-end.
The company, meanwhile, noted that it achieved breakeven in the first quarter of the new financial year (unaudited profit before tax), and said its future profitability is now visible.
“Early indications are that royalty income on iTrack deployment during the current financial year has significant growth potential, although caution is clearly applicable in view of the global risks associated with the broader economic and practical effects of the Covid-19 pandemic,” Rogers added.
“Meanwhile, with a fresh management grip on the commercial development of SAW, and a range of new products for Translogik we look forward with enhanced confidence.”
Read More: Transense Technologies PLC boasts exciting end to financial year