Transense Technologies returns to profit and announces share buybacks
Specialist sensor systems developer Transense Technologies has seen its shares accelerate after returning to profit and announcing plans for share buybacks.
The Bicester-based firm, which specialises in sensor systems for the automotive, aerospace and industrial markets, said half-year revenues rose by 35 per cent to £1.2 million.
And the company has turned around last year's loss of £0.05 million to report profits of £0.08 million.
In November the company announced the appointment of Nick Hopkins MBA (pictured) as chief operating officer, and Ryan Maughan FIMechE MSc as business development director.
Executive chairman Nigel Rogers, said: “These results further demonstrate the robust nature of our business strategy, with commercial income from royalties and probe sales increasing their contribution.
"These steady sources of revenue have enabled us to make further controlled investment into our SAW business, where the development of our capabilities continues in parallel with increasing prospects for future commercial success.
“The Board expects the company to continue on a high growth trajectory, with minimal additional spend and a consequential low downside risk profile.
"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.”