Torotrak in line, reduces half-year losses
MoneyAM
Torotrak said today trading in the half-year ended 30th September 2008 was in line with market expectations and consistent with its July outlook.
The company said it had £9.7m in cash resources, with no debt, at 30th September 2008 (2007: £8.7m).
Revenue grew to £0.9m from £0.5m from increased levels of engineering activity with key customers, with strong weighting of revenues expected in the second half from existing and potential new licensees.
Torotrak losses were reduced to £1.9m from £2.4m, in line with expectations.
Dick Elsy, CEO, said: 'As a result of the success of our diversification strategy, Torotrak is experiencing an increased level of business development activity and despite the difficult economic environment, has made good progress. Production and sales of our first transmission in the outdoor power equipment market has proven the cost-effectiveness of full-toroidal traction drives and has enhanced the appeal of our technology across our markets. The long term nature of the commitment from our lead customers, together with Torotrak's sound financial position, means that we are well placed on our path to widespread commercialisation.'
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