(“Torotrak”, “the Group” or “the Company”)
Final Results for the Year to 31 March 2014
Torotrak (LSE: TRK) announces final results for the year ended 31 March 2014.
- Durability milestone for Allison successfully passed, achieving more than 300 per cent. of target life;
- Torotrak to support Allison’s next stage IVT engineering programme;
- KERS system successfully installed in a Wrightbus Streetlite bus, meeting system integration and driveability targets;
- Bus KERS testing at Millbrook by end Q2 2014; trials on a public route now scheduled with Arriva in Q3 2014;
- Collaboration with OEM and Tier 1 to optimise V-Charge in latest engine platform design;
- Discussions on-going with multiple new prospective Tier 1 / OEM customers; and
- Secured multiple part government funded development programmes including new contracts to install KERS systems in Lotus passenger cars and JCB excavators.
- Acquired remaining 80 per cent. of Flybrid Automotive Limited for £8 million plus an additional performance-based earn out of up to £15 million;
- Increased investment in core component manufacturability and prototypes, leading to increased adjusted operating losses of £4.0 million (2013: £0.1 million), in line with strategy and prospectus;
- Completed equity placing and open offer raising £16 million (gross) from new investors and existing shareholders including Allison Transmission Inc. (“Allison”);
- £3 million in licensing fees received from Allison; and
- £14.9 million in cash at 31 March 2014.
Jeremy Deering, Torotrak’s CEO commented: “We have this year made substantial progress in line with our strategic aims published last year to re-position the Company to capitalise on the global opportunities for our fuel saving technology. With Flybrid now integrated into the Group, we have three fuel-efficiency technologies each capable of bringing significant change to the future of automotive engineering.
“With this year’s investment in manufacturing capability, and our partnership with two UK commercial vehicle manufacturers, we are positioned for the first time to take our technology to market ourselves, with start of production scheduled for 2015.”
To read or download the full announcement, click the following link: 14 05 28 TRK Finals Announcement FINAL.
For more information, please visit www.torotrak.com or contact:
|Torotrak plcJeremy Deering, Chief Executive / Rex Vevers, Finance Director|
|Tel: +44 1772 900931|
|Charles Stanley Securities (financial adviser and joint broker to Torotrak)Marc Milmo / Karri Vuori / Carl Holmes|
|Tel: +44 20 7149 6000|
|N+1 Singer (joint broker to Torotrak)Andrew Craig / Ben Wright|
|Tel: +44 20 7496 3000|
|Tavistock Communications (financial PR)Simon Hudson / Lulu Bridges / James Collins|
|Tel: +44 20 7920 3150 or +44 (0)7966 477256|