28/11/06 - Torotrak plc Interim results

Highlights:

• Infinitrak joint venture business scheduled to start production of OPE (outdoor power equipment) IVTs in Quarter 4 this financial year with a planned output of 100,000 IVT units in the first 12 months
• First stage of low cost transmission development complete for Asian car manufacturer with a potential new licence under negotiation
• Development Licence and Option Agreement with Uzel signed in October, bringing an additional licensee from the agriculture sector

Financial Highlights:

• Increase in revenues to £1.8m (2005: £1.1m)
• £1.2m improvement in operating performance: operating losses of £1.4m (2005: £2.6m)
• £2.7m funding for Infinitrak now fully committed in preparation for start of production
• Improvement in operating cash outflow of £0.6m to £2.1m outflow (2005: £2.7m outflow)
• £5.4m cash reserves (2005: £5.1m)

Dick Elsy, Chief Executive of Torotrak plc said:

“Volume production of our technology is about to begin. This is a major milestone for Torotrak that has a profound impact on our overall business prospects. “

To read the full text of the Interim results please click here