Interim Results for the six months ended 30 September 2013

Torotrak plc

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

Interim Results for the six months ended 30 September 2013

Torotrak (LSE: TRK), a leading developer and supplier of emissions reduction and fuel efficiency technology for vehicles, today publishes its interim financial results for the six months ended 30 September 2013.

Operational Highlights

  • Since acquiring 20% of Flybrid in March 2013, considerable increase in engagement with Tier 1 and OEM manufacturers, confirming significant commercialisation opportunities for M-KERS;

    • Five lead OEM customers engaged and discussions on-going with four Tier 1 manufacturers regarding take up of M-KERS across commercial vehicle and car markets;

  • Active engagement for four potential applications of V-Charge, including new prospect for commercial vehicle market;

    • Engaged with Tier 1 manufacturer for V-Charge and investigating wider benefits in relation to new breed of downsized engines; and

  • In advanced negotiations to complete acquisition of 80% of Flybrid.

Financial Highlights

  • £1.4 million licence fee received from Allison in July 2013 (with the final £2.6 million licence fee due from Allison in March 2014); and

  • £6.7 million period end cash balance.

Jeremy Deering, Torotrak’s Chief Executive said: “I am delighted by the material step up in engagement with OEM and Tier 1 manufacturers.  The market response to our new strategy, offering more technology choices and more options for customers to engage with us across multiple emissions reduction and fuel efficiency solutions has been encouraging. Completion of the full acquisition of Flybrid would give the Group a first to market, cost-effective, power dense mechanical hybrid product at a time when electric hybrid solutions are known to be too costly for mass adoption and over which there are real concerns about expensive mid-life battery replacement.

“I have no doubt that the new enterprise formed by the combination of Torotrak and Flybrid can be a catalyst for the adoption of our technologies in new car platforms post 2015 when mandatory CO2 reduction targets tighten worldwide.  This, and our investment in low volume manufacturing to launch Flybrid’s M-KERS in the UK bus market next year, gives us excellent opportunities for substantial value creation in the short, medium and long term.”

For more information, please visit or contact:

Jeremy Deering, Chief Executive / Rex Vevers, Finance Director

Torotrak Plc

Tel: +44 1772 900931

Marc Milmo / Carl Holmes

Charles Stanley Securities

Tel: +44 20 7149 6000

Andrew Craig / Ben Wright

N+1 Singer

Tel: +44 20 7496 3000

Simon Hudson / Lulu Bridges / James Collins

Tavistock Communications

Tel: +44 20 7920 3150 or +44 (0)7966 477256

Click here to read the full announcement: Half Year Results.