Torotrak achieves increase in annual revenue

29th May 2013 10:44

Torotrack, which manufactures transmission systems for vehicles, reported a 74 per cent rise in annual revenue to 7.5m pounds.Profit after tax for the year ended March 31st 2013 came to £0.03m, compared to a loss of £1.6m a year earlier.New Chief Executive Officer (CEO), Jeremy Deering, said the company's acquisition of Flybrid, which makes hybrid energy storage devices for F1 and mainstream vehicles, was a catalyst for growth. The company spent £3.0m on a 20% stake in Flybrid with an option to purchase a remaining 80%. Flybrid was already a technical partner, providing technologies to the Torotrack's mechanical kinetic energy recovery system (M-KERS) product line.The firm expects to start manufacturing M-KERS units for the bus market from 2014. Torotrack is in discussions with manufacturers about bringing M-KERS and variable engine product V-Charge to market for legislature in 2015 to 2020 for CO2 reduction.Cash balances at the end of the period came to £8.9m, down from £10.5m in 2012, after making £3.2m of strategic investments, which also included the acquisition of the Motorsport Components business. "With a pragmatic and diverse range of technologies, customers and partners; with our different routes to market and strategy to ensure we don't rely exclusively upon any one of them; and with a strengthening and confident Torotrak team, we are now in a better position than ever to deliver sustainable growth in value for shareholders," said Deering, who took over as CEO from Dick Elsy last September. Shares rose 2.52% to 30.50p at 11:52 Wednesday. RD