News blog
Transense Technologies
- BY: Andrew Hore |
- POSTED: 22/10/2007 |
Australia-based Bishop Technology is reversing into tyre pressure monitor developer Transense Technologies.
Bishop has developed products and components for automotive steering. Transense is paying £8.63m in shares at 23p a share. It is raising £4.4m via a share placing at the same price.
Transense has found it difficult to generate revenues from its surface acoustic wave tyre pressure monitors. In the year to December 2006 Transense generated revenues of £600,000. Bishop’s automotive contacts in Europe, Asia Pacific and America could help. It generated revenues of A$25.1m in the year to June 2007. The weak US dollar has hit revenues. Bishop has been profitable in the past but stock write-offs, foreign exchange losses and start-up losses by its new US subsidiary pushed it into loss last year. Although revenues are dominated by licence income Bishop does undertake some manufacturing.
The UK will be the base for the enlarged group. It will have a much improved technological capability.
Transense shares returned from suspension and fell 8.75p to 26.5p - the second worst performer on the day.
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