Transense Technologies PLC on Wednesday reported a jump in half-year profit as revenue trebled, outpacing an increase in operating and sales costs.

The Bicester, Oxfordshire-based developer of specialist sensor systems for vehicles said in the six months to December 31, pretax profit trebled to £257,000 from £82,000 a year prior.

Revenue climbed to £1.6 million from £1.2 million. It increased in all regions, with revenue in its largest region UK & Europe growing 22% to £275,000 from £226,000.

Cost of sales increased slightly to £227,000 from £217,000. Operating expenses widened by 31% to £1.2 million from £898,000.

Looking ahead, the company said its outlook for calendar year 2023 is positive, adding that it expects to meet its expectations for its financial year 2023 ending June 30.

Executive Chair Nigel Rogers said: ‘Looking further forward, the board is greatly encouraged by the depth and quantity of engagement with leading companies across the four key high growth market sectors for Surface Acoustic Wave. These interactions give us continued optimism that we can forge lasting partnerships and fulfil the undoubted potential that our technology demonstrates.’

Regarding starting to pay dividends, the company said it will provide guidance around the end of its financial year.

Transense shares were 4.9% lower at 87.00 pence each in London on Wednesday afternoon.

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