Preliminary results announcement for the year ended 31 March 2008
Financial Highlights:
37% increase in revenues to £3.7m
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 (2007: £4.3m)
Operational Highlights
Substantial new licensee in the truck and bus market secured as part of licence and engineering development agreements valued at £7m over three to four years
Tata Motors confirmed as an active new licensee following Indian Government approval
Production and sales of first transmissions commenced at Infinitrak in April 2008, as envisaged in our February Interim Management Statement
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