Torotrak, the transmissions systems developer for the automobile industry, has announced a sharp drop in revenue but reduced its losses.
Revenue in the 12 months to the end of March was £4.3m, compared to £5.1m in the previous year.
The loss after tax reduced from £3.1m in 2010/2011 to £1.6m while year end cash increased to £10.5m - a gain of £2.2m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company says its move out of its transmission prototype build phase was responsible for the reduction in revenue, while pointing out licence payments grew to £6.8m during the year.
The Chairman John Weston said of the results: "In the current climate where legislation worldwide is setting tough environmental targets, Torotrak's technology, with its demonstrable durability, fuel economy and manufacturability, offers a forceful set of options for vehicle manufacturers.
We have advanced our position considerably, and are working more closely than ever with substantial vehicle and component manufacturers which have global reach, to bring our technology to market."
The shares were down 2.2% at 11:30 and have now fallen 26% in the last 12 months.
BS
-
Paying the grandkids’ school fees could generate a shock IHT billPrivate school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year lowSavers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?
