Corac results 'ahead of expectations'

AIM-listed technology-led engineering group Corac has published a trading update for the year end, indicating that its financial results are likely to exceed board expectations.

AIM-listed technology-led engineering group Corac has published a trading update for the year end, indicating that its financial results are likely to exceed board expectations.

The group, which serves the oil, gas and defence markets, reported that its financial performance would be "ahead of market expectations" adding that cash and cash equivalents were also better than forecasts at £6.6m at the year-end compared to £6.8m on June 30th 2012.

During 2012, the group integrated two acquired businesses which contributed revenues and profits to the overall result, whilst the gas compression development programmes was reported to be continuing to progress well.

Corac reported that its three subsidiaries were performing well adding that management was pleased that the combined current order book placed the group in a good position for 2013 and beyond.

Phil Cartmell, Chairman of Corac, said: "2012 was a year of significant progress for Corac, with successful acquisitions and evidence of increasing confidence in the commercialisation of our unique technologies in multiple sectors of significant scale. We are excited about the prospects of 2013."

Corac's share price was up 11.11% to 15p at 09:53 on Tuesday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021