ToroTrak fka LSE:TRK

[Lhasa]

Torotrak's Annual Report now available on the website

Go to http://www.torotrak.com to read the company's 2008 Annual report.

Page three of the Report alone sums up the company's progress and current position, and I quote :-

"Torotrak is the world leader in full-toroidal traction-drive transmission technology focussed on the development of IVT (Infinitely Variable Transmission) and TCVT (Toroidal Continuously Variable Transmission) systems which deliver outstanding levels of performance, functionality and commercial advantage in automotive, truck, bus, outdoor power equipment, agricultural and off0highway applications.

Financial Highlights
Revenue 2008, £3.7m, 2007 £2.7m
Operating cash inflow/(outflow) 2008 £0.5m, 2007 (£3.5m)
Year end net cash 2008 £11.5m, 2007 £4.3m
Operating loss 2008 (£2.8m), 2007 (£3.7m)

37% increase in revenues to £3.5m
26% reduction in operating loss to £(2.8)m
£5.4m cash received from licence agreements
£0.5m positive operating cash generated during the year
£6.7m net proceeds raised from Placing and Open Offer
Robust balance sheet - £11.5m cash at year end"

A graph on P.3 also shows how revenue has increased every year since 2003/4.

Overall the report makes good reading and personally gives me renewed confidence in the future of the company.