Transense Technologies has increased iTrack tyre monitoring subscriptions by 50%, but full year forecasts have been cut.
Interim revenues were 3% ahead at £970,000, including £660,000 from iTrack. Overheads were much higher due to customer trials, and the pre-tax loss rose from £910,000 to £1.19m.
Annualised run rate for iTrack revenues is £1.4m and this could rise to £1.7m once further units are fully deployed. An agreement with Bridgestone, covering large mining trucks, has been extended to February 2022.
finnCap has reduced its forecast revenues from £4m to £2.4m, which would mean that net cash would be £1.1m at the end of June.
David Ford will move from chairman of the group to chief executive of iTrack.
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