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Interim Results

Torotrak substantially widens H1 pretax loss

26 November 2015 07:45

Torotrak has substantially widened its H1 pretax loss to GBP9.8m, from GBP3.8m. Revenue was down to GBP1.2m, from GBP1.6m. The results included a GBP6.0m charge for exceptional items, from GBP93,000.

Chairman Nick Barter said:

"The main bus and off-highway KERS programmes remain on track to meet the technical and commercial targets required to achieve commercial launch in collaboration with our Tier 1 partner.

"On V-Charge, the initial results from on-engine testing conducted by the University of Bath confirm the simulated improvements in fuel efficiency and performance. Discussions with potential Tier 1 licensees across our technology portfolio continue to move forward.

"Overall we are on track to deliver our plans as laid out in the Prospectus issued in June 2015."

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