16th Feb 2009 07:00
16 February 2009
INTERIM MANAGEMENT STATEMENT
Torotrak is today providing its Interim Management Statement for the period 1 October 2008 to 13 February 2009 focusing on key areas of development since the half-yearly report released on 25 November 2008.
We are pleased to confirm that despite the challenging economic environment we are continuing to make good progress. Our current trading supports our previously reported expectations for the full year to 31 March 2009, which envisaged strong revenues in the second half.
The significant engineering programme with our truck and bus licensee continues to run to plan. It is becoming clear from the work we are doing that our technology is particularly well-suited to this market.
At our joint venture company Infinitrak, TTT transmissions are being manufactured at the expected volumes reported in November 2008 to fulfil the initial order for up to 2,000 transmission units from a prominent US retailer for new rider vehicles.
Elsewhere, our work with customers in the Off Highway and Automotive markets (including the KERS project), has generated the expected levels of engineering income and continues to provide further business development opportunities.
Encouraging progress with our existing licensees and sustained interest from new prospects give us confidence that further licensing and engineering programmes will be secured.
Our financial position remains robust, with substantial cash resources and no debt, providing a strong position to pursue our path to full commercialisation.
We will provide a further, more detailed report covering all of our markets in May 2009 when we announce our Preliminary Results for the year ending 31 March 2009.
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For further information: |
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Dick Elsy, Chief Executive |
Simon Hudson |
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Jeremy Deering, Finance Director |
Lulu Bridges |
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Torotrak Plc |
Tavistock Communications |
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Tel: +44 1772 900938 |
Tel: +44 20 7920 3150 |
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