Torotrak optimistic despite losses
LOWER revenues at Torotrak, the Lancashire vehicle transmission specialist, left the business with a full-year loss but it is positive about growth opportunities.
The firm, which is listed on the FTSE techMark All Share index, supplies two main customers – US-based Allison Transmission and an unnamed major European truck and bus manufacturer.
It is also working with Tata Motors on a prototype transmission for its Pixel concept car.
In the 12 months to March 31 the Leyland-based company saw losses widen to £3.1m from £400,000. Revenue dipped 33% to £5.1m which Torotrak said was due to the timing of lump sum license payments from its customers.
Chief executive Dick Elsy said: “We set out a year ago with a change in Torotrak’s strategic focus and a determination to transform the business.
“We have done exactly what we said we would do in terms of advancing our major licensee programmes; maintaining our financial strength; re-organising and reducing our costs; and putting in place effective structures to work more effectively with suppliers and customers.
“Torotrak’s opportunities have never been greater and we are well positioned to deliver real change in our industry, and growth for our shareholders.”
