LONDON (ShareCast) - (Sharecast News) - AIM-listed sensor maker Transense Technologies reported a small rise in revenue in its last trading year, helping the group narrow pre-tax losses.
Transense, which provides sensor systems for industrial, mining and transportation markets, cut losses 11.5% to £1.91m in the twelve months ended 30 June thanks, in part, to a 2.5% increase in revenues to £2.05m.

Transense told investors that much of its growth was a result of a stronger level of demand for its iTrack II tyre pressure monitoring system.

Despite the solid results, analysts at FinnCap warned that the increased demand for Transense's iTrack II services would put pressure on the firm's working capital given the lag time between its outlay and recoupment.

Net cash used in operations rose 26.44% to £1.11m. Transense finished out the trading year with £1.59m in cash on hand - a 36.9% year-on-year drop.

Executive chairman David Ford said the board: "We are confident that further opportunities will arise in the current financial year to build on [the iTrack demand] traction through new routes to market and partnerships."

"The board continues to believe that the technology and products developed by the group along with the services provided in the mining sector ensure that the group is extremely well positioned in all key areas of the businesses and as a result, the current level of optimism for future prospects is at a high level."

As of 1110 BST, Transense share had tumbled 14.49% to 38.05p.

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