Transense Technologies rallies on new contract

Transense Technologies rallies on new contract

Oxford-based technology transfer and sensor system supplier Transense Technologies Plc (LON:TRT) have seen their share price rally in Wednesday trading with the company announcing that they had secured a new contract.

Not a tyred matter

Transense announced on Wednesday that they had secured a further contract via their Ghanaian partner, to supply tyre monitoring systems for trucks at the Norgold Mine in Burkina Faso. These systems are to be supplied on a rental basis through the West African Tyre Services.

‘This method allows mining companies to benefit from the productivity gains and overhead savings provided by using the system without any of the associated capital cost, while providing Translogik with a recurring revenue stream,’ the company said.

Transense as a portfolio candidate

This latest contract after the company announced the delivery of 50 of its iTrack II units to be installed in North Africa.

The firm’s shares are currently trading up 1.5p or 2.16% to 71p per share 20/02/19 14:32 GMT. Analysts from finnCap have reiterated their ‘Corporate’ stance on Transense stock.