Torotrak on right track

LEYLAND-based Torotrak’s chairman John Weston said the company has “advanced our position considerably over the past 12 months, despite revenues shrinking by 6% to £4.3m in the year to March 31.

The company, which is developing innovative gearless traction drive technology, said it had received licence payments worth £6.8m during the period for use of its technology, while the move towards licensing rather than sole development had lowered its overheads, meaning that pre-tax losses before exceptionals dropped to £1.9m, compared with £2.9m in 2011.

“We are working more closely than ever with substantial vehicle and component manufacturers which have global reach, to bring our technology to market,” said Mr Weston.

“Meanwhile, our positive operating cash flow and increased cash position from substantial licence fee payments provides us with options to take more control of the routes to market and to help drive down lead times to manufacture.”