17th Feb 2014 10:13
LONDON (Alliance News) - Corac Group PLC said Monday that trading for the full-year is set to be ahead of expectations with the firm recording a reduced loss across its activities.
In a trading update for the year to December 31 2013, the technology-led engineering group said trading has picked up and that it entered 2014 with an enhanced order book and an encouraging pipeline of prospects.
Cash and cash equivalents at the year end stood at GBP13.7 million, said the firm, including the proceeds of the Placing and Open Offer in December 2013 which raised GBP10.8 million net. Corac said it expects the funding to enable it to accelerate the commercialisation of its Corac Energy Technologies brand, as well as other projects, in order to build the value of the business,
CET develops advanced turbo compressors, expanders and related products.
The firm released the trading update ahead of its full-year results, to be published April 1 2014.
Phil Cartmell, Chief Executive Officer said, "The Board is very encouraged by the successful tests and contract wins achieved during 2013. Product development at CET has passed a number of technical hurdles to demonstrate readiness for commercial orders in the coming year. The acquired businesses have consolidated their performance in the second half and are now revealing the growth potential we anticipated when they joined the Group in 2012."
Shares in the firm were trading up 6.97% at 11.9 pence per share Monday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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