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Annual Results

Torotrak profit down

29 June 2016 09:14

Torotrak (TRK) reported full-year profit fell from £2 million in 2015 to £0.1 million in the year to 31 March 2016, as a result of reduced revenues.

V-CHARGE

- Successfully achieved or exceeded key OEM target market parameters for the twin-stage boosting project conducted by the University of Bath

- Independent validation of Bath project results confirms V-Charge twin-stage boosting configuration meets or exceeds target torque requirements to enable significant engine downsizing and outperforms other advanced boosting solutions

- On track to complete Ford Focus demonstrator with V-Charge enabled 1.0L Ecoboost engine

- Significant interest being shown by a range of OEMs and Tier 1s in V-Charge solution

FLYBRID KERS

- Independent certification of real-world fuel economy/emissions benefits from KERS-equipped Euro6 StreetLite bus at Millbrook

- Successfully achieved key OEM targets for fuel economy, vehicle driveability and KERS unit costs

- Demonstrated fuel savings from hydraulically-connected flywheel energy recovery system operated in an excavator in conjunction with an Advanced Propulsion Centre-funded project in collaboration with JCB

- Awarded a funded programme with one of the largest global manufacturers of off-highway equipment to demonstrate a high-power KERS for integration in the drivetrain of a large mining truck and for potential use in on-highway articulated trucks

- Successful demonstration and testing with a global off-highway OEM of a high-power KERS in a 'load-levelling' application

- Strong engagement with global off-highway OEMs and Tier 1s about commercialising KERS technology across multiple applications

FINANCIAL HIGHLIGHTS

- Successfully delivered 22% reduction in net cash operating expenses

- Cash balance of £11.3 million as at 31 March 2016 (which excludes R&D tax credit of £0.4 million received on 1 April 2016).

Chairman Nick Barter said: "It has been an important year for the group and I am pleased with the overall progress made in commercialising both our V-Charge and KERS technologies.

"We have strong engagement with potential licensing partners in both technologies to crystallise the value for shareholders in line with our strategic objectives." At 9:14am: (LON:TRK) Torotrak PLC share price was +0.11p at 3.93p

Story provided by StockMarketWire.com

Related Company: TRK

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