Transense Technologies (LSE:TRT) reported unaudited interim results showing strong momentum across its core SAWsense and Translogik businesses, where combined revenue rose 39% to £1.25 million. However, total group revenue declined 8% to £2.26 million, reflecting lower royalty income from Bridgestone’s iTrack system and adverse currency movements.
Despite the dip in headline revenue, the company remained cash generative. Gross margin held firm at 90%, profit before tax was close to breakeven and net cash stood at £0.92 million. Management also highlighted a strengthening order book and expanding project pipeline, signalling improving forward visibility.
SAWsense delivered standout performance, with revenue surging 74% to £0.66 million. Growth was driven by programmes in aerospace, automotive, industrial and robotics markets. The division’s order book more than doubled, and it now has 23 funded projects under way with 17 customers, including major names such as GE and Airbus.
Translogik reported 13% revenue growth to £0.59 million, supported by expanding SaaS-based tyre management deployments and new reseller agreements. The launch of its TLGi smart inflation product and upcoming EU digital life-cycle passport regulations are expected to support further demand. However, management acknowledged that customer adoption has been slower than initially anticipated and stressed the importance of disciplined execution.
Executive Chairman Nigel Rogers said the group remains frustrated by the pace of order conversion but confident in its long-term strategy and growing pipeline. He added that Transense is well funded and anticipates stronger cash generation as recently secured contracts begin to scale. The interim results reflect an ongoing shift toward building scalable, high-margin sensor and tyre data platforms to counterbalance declining legacy royalty streams and enhance longer-term growth prospects.
From an investment standpoint, the company benefits from solid operational metrics, high margins and low leverage. However, technical indicators remain weak, with the share price trading below key moving averages and momentum oscillators at subdued levels. On valuation, a price-to-earnings ratio of around 12.16 offers moderate support.
More about Transense Technologies PLC
Transense Technologies, headquartered in Oxfordshire and listed on AIM, specialises in advanced sensor and measurement technologies for mission-critical environments. Its SAWsense division develops patented Surface Acoustic Wave-based sensors for aerospace, automotive and industrial clients, including GE Aerospace, McLaren Applied and Airbus. The Translogik arm provides connected tyre inspection and data systems to global tyre manufacturers and fleet operators such as Bridgestone, Goodyear, Continental and Prometeon, while also receiving residual royalties from Bridgestone’s iTrack off-highway monitoring system under a licence extending to 2030.
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