Clean Air Power's profit increases

Clean Air Power, which develops Dual-Fuel combustion technology for heavy-duty diesel engines, has reported a 29 per cent increase in gross profit for the six months ending in June.

The Buckinghamshire-based group said that losses after tax were reduced to £1m from £1.2m compared to the same period a year earlier. The group also reported a 14 per cent increase in revenue to £3.3m, up from £2.9m in 2008, while gross profit rose to £1.8m.

However, sales in its vehicle conversion division were down by 53 per cent because of the end of the lifecycle of two products (the Euro 3 Genesis in Europe and the C-15 ADR80/01 in Australia) as well as difficult market conditions, which the group expects to continue into the second half of the year.

John Pettitt, chief executive of the group, said: ‘Clean Air Power continues to deliver improved sales and bottom-line results in spite of the global economic climate. We have taken action to improve and manage our cash position through the recent fundraisings and implementation of cost-control measures.’