Drive upwards

, a developer of full traction drive technology, has posted a 25 per cent increase in revenues despite the automotive industry’s global difficulties.

The Lancashire-based firm reported revenues up from £3.7m to £4.6m with a growth in operating cash flow reaching £1m compared with £0.5m in 2008. Operating loss was reduced to £2.4m from £2.8m and cash resources increased by 30 per cent to £15m.

The results were boosted by a number of major contracts, notably with Allison Transmission, a supplier of automatic gearboxes, which made a strategic investment to become Torotrak’s largest single shareholder. With Tata Motors as an additional licensee, the group now claims to be in a strong position in its commercial vehicles market.

The group believes there will continue to be a strong interest in the development of solutions to improve efficiency and reduce fuel consumption. The introduction of a Kinetic Energy Recovery System (KERS) for F1 has contributed interest in Torotrak’s technology portfolio and the company said that it plans to continue strengthening this side of the business.