Deering to leave Torotrak

JEREMY Deering has said he will step down as chief executive from Lancashire automotive engineering firm Torotrak next year after delivering a “platform for future growth”.

In a half-year update he said the company had succeeded in taking more control over how its technology is brought to market and its Flybrid KERS flywheel product is now “market leading”.

Torotrak has been developing gearless traction drive technology and flywheel systems for hybrid engines where the flywheel is used to store energy, rather than batteries.

In the six months to the end of September pre-tax losses more than doubled from £1.5m to £3.8m on flat sales of £1.6m. The rise in losses was mainly due to higher development costs.

Mr Deering plans to step down in the second quarter.