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Trading statements

Torotrak reports delay in license negotiations

16 December 2016 10:49

Torotrak was notified by a prospective licensee that a further deterioration in the trading outlook for the global off-highway market could delay the completion of current license negotiations.

Management said it will take longer to secure the first licence than expected, which is expected to occur during the financial year to March 2018.

Torotrak CEO Adam Robson said: "The board believes that this potential licence in the off-highway sector will be delivered but its timing is now looking like unfortunately moving into the next financial year.

"This likely delay in securing the first KERS licence reflects the unexpected further challenges facing the off-highway industry.

"However, we remain confident that the sector offers a significant commercial opportunity for the KERS technology.

"We also continue our discussions with potential OEM and Tier 1 partners for the commercialisation of V-Charge in the passenger car market in line with the outlook included in the interim results statement."

At 10:49am: (LON:TRK) Torotrak PLC share price was -0.85p at 2.88p

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