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Transense Technologies swings to profit in fiscal H1

Transense Technologies PLC said its normalized net income for the fiscal first half ended Dec. 31, 2015, was 15 Great British pence per share, compared with a loss of 12 pence per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £1.3 million, compared with a loss of £723,750 in the prior-year period.

Total revenue grew on an annual basis to £3.8 million from £777,000, and total operating expenses fell 14.7% on an annual basis to £1.7 million from £2.0 million.

Reported net income came to £2.1 million, or 24 pence per share, compared to a loss of £1.2 million, or a loss of 20 pence per share, in the prior-year period.