Transense Technologies jumps 26% after winning BHP Billiton contract

Shares in Transense Technologies jumped by 26.4% after announcing a new contract between its Translogik division and BHP Billiton's Spence copper mine in Chile.

Transense will supply its iTrack system using Translogik's rental price scheme for the entire fleet of 46 large trucks at the Spence copper mine.

The company did not disclosure any financial details of the deal, but said it will receive monthly payments per vehicle fitted with iTrack.

Chief executive Graham Storey said: "We are delighted to be adding BHP Billiton to our growing list of major mining clients for iTrack. The new rental model is now beginning to generate a meaningful and growing ongoing revenue stream."

N+1 Singer analysts said: "The contract should provide a steady stream of revenue for Transense, as well as predictable cash flows.

"With a newly-formed Chilean subsidiary in Antofagasta, and a rental model gaining traction, Transense is well-placed to address this opportunity."

Shares were up 26.4% to 1.42p on Thursday.