Interim results
(Thomson Reuters ONE) - Transense Technologies plc ("the Company")Interim results for the six months ended 30 June 20093 September 2009Chairman's StatementIn the six months to 30 June 2009, turnover amounted to £350K (6months to 30 June 2008 - £104K) resulting in a trading loss of £564K(2008 - £535K before adjusting for the exceptional credit of £452Karising from the write-back of the value of notional benefitsattributable under IFRS 2 to previous directors' options benefits).The cash held by the Group as at 30 June amounted to £2,091K, whichwas in line with budget.Income generated in the first half of 2009 reached levels neverpreviously achieved by the Company. This is a direct consequence ofthe change in strategy initiated by the new board some eighteenmonths ago. The decision to pursue near term revenues in addition toour longer term objectives has resulted in a number of commercialsuccesses. Our joint development programme with McLaren ElectronicSystems has progressed, with our technology performing well withinthe extremely demanding Motorsport environment. The income derivedfrom this project, in combination with our new minimum royaltyagreements, has provided a base upon which to build as we worktowards our primary objective of becoming a profitable business.We are particularly pleased with the progress in our relationshipwith Vectron/SenGenuity who are introducing our technology toindustrial manufacturers requiring wireless interrogation of SAW(Surface Acoustic Wave) sensors. As highlighted in my previousreport, our reader electronics can be used with a wide variety of SAWsensors, not just our own.We have also formed a new subsidiary, Translogik Limited, which hasbeen granted global distribution rights for a range of tyre treaddepth and pressure probes, RFID (Radio Frequency Identification) tagsand patches, RFID readers and associated software for Truck andOff-the-Road (OTR) applications. Prior to the formation ofTranslogik, we had been working with Pneu-Logic to integrate our SAWsensor technology into their product range. During this developmentprocess it became apparent that the respective complimentarytechnology provided an opportunity for Transense to use the existingPneu-Logic products as a "readymade" delivery platform for our sensortechnology, both in terms of the physical product and the establisheddistribution network. Translogik now provides a further point ofentry for our technology into the market. A vindication of thisdecision has already been received in the form of our exclusivedistribution agreement with FEC International and the minimum USD$600K of revenue this agreement has secured over the next two years.Translogik are currently in discussions with several other potentialdistribution partners, and are hopeful that further agreements willfollow.As part of our continuing effort to develop new markets for ourtechnology, presentations have been made recently to several majortyre OEM's, distributors, retreaders and fleet management anddistribution companies in Malaysia, China and Japan. Thesediscussions were encouraging, and agreements have been signed withFEC International and Mesnac. There appears to be significantappetite for cutting edge technology in this region, as theseexpanding companies seek competitive advantages through innovation.In order to maintain a continuing presence in the region we haveengaged a local agent with expert knowledge of both the global sensormarket and our SAW and RFID technology to promote our interests.Central to the continued success of both Transense and Translogik, isthe ongoing development of our technology and the patents to protectit. I was therefore delighted to welcome David Ford as anon-executive member of the Board. In the short time David has beenworking with us he has demonstrated considerable technicalappreciation of our technology, and his extensive experience ofIntellectual Property law will be of much benefit.In summary, I am encouraged by the solid progress of the last sixmonths, revenues are growing, new partnerships are being forged, andexisting projects continue to develop towards commercialisation. Itis key however, that we continue to drive development for furtherapplications of our patented technology and explore new marketopportunities wherever they arise. A concerted marketing effort andcontinuing investment programme will require a modest increase inoverheads but this should be more than compensated by increasedincome.David KleemanNon-Executive ChairmanChief Executive's ReportThe first half of 2009 has seen further progress in the process oftransforming Transense from being a purely research and developmentfocused Company, to one that is able to additionally provide productdevelopment and production engineering support.We are working closer than ever with our licensees and partners topush our technology into production, and in order to furtherfacilitate this we have established a full clean room and sensorcalibration facility at our offices in Upper Heyford. These newfacilities have allowed us to bridge the gap between ourselves andour partners during the technology transfer process. Transense arenow manufacturing to a production standard rather than producingprototypes for evaluation. A clean room is essential for theassembly of SAW production intent devices that are susceptible toperformance changes due to contamination by moisture or particles.As part of the change to supplying production parts and quantities itwas also necessary to design and build a calibration bench capable ofcalibrating large numbers of TPMS sensors. This fully automated rigwill be used to supply calibrated TPMS sensor to other licensees.In my last report I outlined a number of projects that we wereworking on. Below is a brief list of operational highlights:Professional MotorsportSensors have been manufactured and calibrated at Transense and thensupplied to McLaren throughout 2009. This activity has contributedsignificantly to our revenues in the first half of the year. We arealso exploring possible new applications of our technology within theMcLaren group.SenGenuity/VectronSenGenuity have identified three major projects within the industrialmarket for our sensors and interrogation electronics. Samples andpre-production systems have been supplied to end-users.Vectron are now supplying Transense with quantities of TPMS sensors,which we then calibrate using our automated calibration rig.TranslogikDevelopment effort has been spent integrating Transense Tyre PressureMonitoring System (TPMS) technology into the new range of Translogikprobes.PowertrainA demonstration unit has been sold to a global agriculturalmanufacturer for evaluation.Marketing / CommunicationsThe new Transense website was launched in June and provides us with amodern platform upon which to develop the Transense and Translogikbrands. Our new Translogik subsidiary, with a more conventionalbusiness model than was previously the case with Transense, supplyingproducts to distributors, requires a more conventional marketingapproach and as such the Translogik site will serve as the focalpoint for this.SummaryThe management team continue to be encouraged by the progress beingmade at the Transense Group as we execute our business strategy. Wenow have a broad spectrum of diverse projects for our sensors andinterrogation electronics across a range of timescales and marketsectors. The shift in emphasis towards nearer term revenue generationhas started to pay dividends and we are increasingly hopeful thatfurther revenue streams will begin to emerge during 2010.Transense Technologies plcCondensed consolidated statement ofcomprehensive income Half year to Half year to Year to 30 Jun 09 30 Jun 08 31 Dec 08 (Unaudited) (Unaudited) (Audited) Note £'000 £'000 £'000Continuing operationsRevenue 350 104 204Cost of sales (36) (9) (38)Gross profit 314 95 166Administrative expenses (944) (875) (2,086)Exceptional share basedpayments items 4 - 452 453Operating Loss (630) (328) (1,467)Financial income 5 18 100 178Loss before taxation (612) (228) (1,289)Taxation 48 145 204Total comprehensiveincome for the period (564) (83) (1,085)Basic and fully dilutedloss per share (0.7p) (0.0p) (1.4p)Transense TechnologiesplcCondensed consolidated statement of financialposition 30 Jun 09 30 Jun 08 31 Dec 08 Notes (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000Non current assetsProperty, plant andequipment 18 14 24Intangible assets 1,407 1,536 1,446Available for saleinvestments 65 65 65Loans receivable 25 25 25 1,515 1,640 1,560Current assetsInventory 17 - 18Trade and otherreceivables 219 246 174Cash and cashequivalents 2,091 3,334 2,695 2,327 3,580 2,887Total assets 3,842 5,220 4,447Current liabilitiesTrade and otherpayables (103) (185) (204)Current tax liabilities (34) (28) (30)Total liabilities (137) (213) (234)Net assets 3,705 5,007 4,213Capital and reservesShare capital 7,581 7,581 7,581Share premium 7,855 7,830 7,830Accumulated deficit (11,731) (10,404) (11,198)Shareholders' funds 3,705 5,007 4,213Transense Technologies plcCondensed consolidated statement of changes in equity (unaudited) Issued share Share premium Accumulated Total equity capital account deficit £'000 £'000 £'000 £'000At 1 January2008 5,791 5,668 (9,921) 1,538Totalcomprehensiveincome for theperiod - - (1,085) (1,085)Transactionswith owners,recordeddirectlyin equitycontributionsby ownersShares issuedand sharepremium 1,790 2,162 - 3,952Share basedtransactions - - (192) (192)At 31 December2008 7,581 7,830 (11,198) 4,213Totalcomprehensiveincome for theperiod - - (564) (564)Transactionswith owners,recordeddirectlyin equitycontributionsby ownersShare Premiumadjustment - 25 - 25Share basedtransactions - - 31 31At 30 June2009 7,581 7,855 (11,731) 3,705Transense TechnologiesplcCondensed consolidatedstatement of cash flows Half year to Half year to Year to 30 Jun 09 30 Jun 08 31 Dec 08 (Unaudited) (Unaudited) (Audited)Cash flow from operatingactivities £'000 £'000 £'000Loss for the period (612) (228) (1,289)Adjustments forDepreciation of property,plant and equipment 6 6 11Amortisation and impairmentof intangible assets 114 65 209Loss on Asset disposal - - 54Equity settled share basedpayment 31 (400) (191)Financial income (18) (100) (178)Operating cash flows beforemovements in working capital (479) (657) (1,384)Change in inventories 1 - (18)Change in receivables 3 134 160Change in payables (97) (1,008) (987)Cash generated by operations (572) (1,531) (2,229)Taxation recovered - - 105Net cash used in operations (572) (1,531) (2,124)Cash flows from InvestingactivitiesInterest received 18 100 178Acquisition of property,plant & equipment - (5) (21)Acquisition of intangibleassets (75) (83) (190)Net cash used in investingactivities (57) 12 (33)Cash flows from financingactivitiesProceeds from issue ofequity share capital - 1,790 1,789Share premium refund ofissuance fees 25 2,162 2,162Net cash used for financingactivities 25 3,952 3,951Net (decease)/increase incash and cash equivalents (604) 2,433 1,794Cash and cash equivalents atbeginning of period 2,695 901 901Cash and cash equivalents atend of period 2,091 3,334 2,695Notes to the Interim results for the six months to 30 June 20091 Accounting Policies The following standards or interpretations, issued by the IASB or the IFRIC came into effect during the year and have been adopted: IAS 1 (Revised) Presentation of Financial Statements IFRS 2 (Revised) Share-based Payments The following standards have been adopted for the first time in the year: IFRS 3 Business Combinations The standards listed above did not have a significant effect on the results or financial position of the group or company. In addition, the following IFRIC amendments and IAS's have been adopted, although they have no impact on the Group's reporting; IFRIC 9 'Reassessment of embedded derivatives', IFRIC 13 'Customer loyalty programmes', IFRIC 14 'IAS 19 - The limit on a defined benefit asset, minimum funding requirements and their interaction', IFRIC 16 'Hedges of a net investment in a foreign operation' and the amendments to IAS 23 'Borrowing Costs', IAS 32 'Presentation' and IAS 39 'Financial instruments: recognition and measurement'. IFRIC 15 'Agreements for the construction of real estate' and various amendments to IAS 39 are still to be endorsed but these are not expected to have any impact on the Group.2 Basis of preparation The financial statements have been prepared on a consolidated basis and in accordance with the Company's accounting policies under International Financial Reporting Standards as adopted by the EU ('IFRS') and the historical cost convention. The financial information is unaudited and does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. The comparatives for the full financial year ended 31 December 2008 are not the Company's full statutory accounts for the year. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was unqualified and did not contain a statement under Section 237 (2) - (3) of the Companies Act 1985.3 Going concern The interim financial information has been prepared on a going concern basis, which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future.4 Share options and Exceptional Items Administrative expenses include a charge of £31,000 (2008: £52,000) representing the valuation of the notional benefits arising from the Company's employee share option schemes and calculated in accordance with International Financial Reporting Standard (IFRS) 2. Exceptional items in 2008 included a credit of £452,000 also in respect of IFRS 2. This credit arose due to the departure of various Board members during the Six months to 30th June 2008 and the crediting of the cumulative charges under IFRS 2 up to 31st December 2007 in respect of the departing Directors. This credit has been treated as exceptional as they are of a one off nature. These items have been added back in the Consolidated statement of changes in equity in the financial statements. There are no other recognised gains or losses for the current and prior period.5 Corporation tax and Deferred tax The Company is entitled to a Corporation Tax credit in respect of expenditure on Research and Development. No deferred tax asset is recognised in these financial statements in respect of trading losses to date.6 Consolidated Accounts During the period a new subsidiary, Translogik Limited, was formed and commenced trading in May 2009. These accounts reflect the trading of Translogik for the two months to 30th June 2009. Translogik Limited is a wholly owned subsidiary and was incorporated on 30th April 2009 at a cost to Transense Technologies of £1,000. Translogik has been established to operate as a sales and marketing arm of Transense focused on the tyre industry. During July 2009 Translogik signed a distribution deal with Pneu-Logic Limited whereby Transense Technologies would act as exclusive distributors, outside of America, for Pneu-Logic products the income from which will arise in the second half of 2009. Copies of the interim statement have been sent to shareholders and are available on the Company's website: www.transense.co.uk .---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.09.2009 - 08:01 Uhr
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