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(Sharecast News) - Transense Technologies reported a 36% rise in revenue to £2.46m for the six months ended 31 December on Tuesday, as strong growth enabled strategic investments in operational capabilities.
The AIM-traded company said it remained on track to meet market expectations for the full year ending 30 June.
Despite the revenue increase, EBITDA remained steady at £0.73m, while profit before tax declined 13% to £0.55m due to investment in expansion.
Earnings per share fell to 3.61p, from 4.32p a year earlier.
Net cash stood at £1.19m at the end of December, rising to £1.87m by the end of January.
The company said its SAWsense division saw revenue increase fourfold year-on-year, driven by new projects, including a collaboration with a major aerospace engine manufacturer and a global robotics original equipment manufacturer (OEM).]
It said the division entered the second half with a record order book for motorsport sensor systems through its partnership with McLaren Applied.
Translogik, the company's tyre management technology business, meanwhile signed a new agreement for integrated hardware and software solutions under the Tiretask brand, and expanded its distribution network in southeast Asia and South America.
A major North American distributor was appointed after the reporting period, and an initial UK fleet contract under a subscription model was expected soon.
"Transense continues on its upward trajectory, with significant revenue growth across all three income streams," said executive chairman Nigel Rogers.
"Trading since the period end has been strong, and the pipeline development across the business, especially in SAWsense, gives us every reason to be confident in the future.
"The planned increase in the cost base in the first half of the year reflects building the foundations for a period of high revenue growth, and with the team largely complete we can anticipate improving profitability due to the effect of operational gearing in the second half of the year and beyond."
At 1402 GMT, shares in Transense Technologies were down 10.89% at 135p.
Reporting by Josh White for Sharecast.com.
