Half Year Results 2012

Torotrak PLC (LSE: TRK)

(“Torotrak”, “the Group” or “the Company”) 

Half-Year results for the six months ended 30 September 2012

Financial and Operational Highlights

2012

£m

2011

£m

Revenue

4.7

0.8

Profit/(Loss) after taxation

1.6

(2.0)

Operating cash inflow

0.4

0.7

Period end cash balance

10.7

8.8

Financial highlights

  • £3.1 million cash payments received from Allison and Tata
  • Positive operating cash flow of £0.4 million (2011: £0.7 million)
  • Cash balances increase to £10.7 million (2011: £8.8 million)

Operational highlights

  • Next major commercial vehicle transmission milestone in Q1 of the new calendar year
  • V-Charge next stage prototype hardware on test, following substantial customer interest
  • New M-KERS design progressing, targeting system fuel economy of about 20 per cent, with installation in vehicle targeted for 2013
  • Strategy for accelerated growth and more direct control over introducing our technology to market announced today

Jeremy Deering, Torotrak’s recently-appointed Chief Executive said:

“Torotrak’s strategy to develop and then licence its core technology has built a business that benefits from material early-stage cash payments and a strong base of partners and licensees.

“The time is now right to adjust that approach to one of more aggressive, accelerated growth in order to capitalise on the substantial opportunity ahead that will allow us to introduce our clean technology into mainstream commercial and passenger vehicles worldwide.

“Our strategy now is to build growing, underlying earnings through our own capability to supply products containing our technology, supported by an advanced engineering services business of increasing scale. Licensing income will continue to represent a material additional layer of value, but not one upon which our business growth depends.”

For more information, please visit www.torotrak.com or contact:

Jeremy Deering, Chief Executive Simon Hudson Marc Milmo
Lulu Bridges Karri VuoriCarl Holmes
Torotrak Plc Tavistock Communications Charles Stanley Securities
Tel: +44 1772 900938 Tel: +44 20 7920 3150 Tel: +44 20 7149 6000

 

Notes to Editors

Torotrak is a leading developer of innovative technologies that reduce emissions and improve engine efficiency. Spanning the commercial vehicle and passenger car markets, our clean, mechanical products boost downsized engines, recover wasted braking energy, and optimally manage engine performance.

 

For the full announcement, please click here: 2012 Half Year Results Press Release.