Member Article

Lancashire’s Torotrak gross profit down

Lancashire-based Torotrak, an emissions reduction and fuel efficiency technology company has reported gross profit of £1.3 million compared to £1.5 million for the same period last year.

Revenue is also down, reported at £1.6 million for the six months ending 30th september compared to £1.7 million for the same period last year.

The company say this is due to a final licence fee of £1.0 million being received post the period end.

During the period the group also spent £0.6 million (compared to £0.4 million in the same period last year) acquiring property, plant and equipment and £0.3 million filing new patents.

Torotrak’s chief executive Jeremy Deering, said: “Our focus during the last six months has been on delivering the plan we presented to shareholders: to bring our Flybrid commercial vehicle KERS product to market in commercial volumes in the next financial year; to put in place skills and infrastructure for in-house, lower-volume and higher-value manufacturing; and to prepare our other technologies for market introduction in conjunction with Tier 1 and OEM licensees.

“We are very excited about the progress made with our V-Charge technology.

“The independent confirmation of the benefits of our revolutionary variable boost system for downsized engines provides an excellent validation of the technology and we believe that the technology can become a global leader delivering significant fuel savings and CO2 emissions reductions.

“Two years ago I set out a new strategy for Torotrak - to take more control over bringing our technology to market, resulting in today: an installed manufacturing capability; Flybrid KERS being established as a market leading product, and a step change in engagement with OEMs and Tier 1s reflecting our greater product reach and wider capability.

“Torotrak’s three technologies are now at the top of agendas with worldwide automotive manufacturers at a time when technology and regulatory change is sweeping through the global automotive industry. “

This was posted in Bdaily's Members' News section by Sophia Taha .