Making good progress

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Torotrak, the traction drive transmission technology group, has announced half-year results in line with expectations for the period ending 30 September 2008.

The Lancashire-based company recorded revenues at £0.9m compared with £0.5m following increased levels of activity with a key European truck and bus manufacturer.

Operating costs of £2.3m were held stable at 2007 levels with the company continuing to use resources on technical and commercial projects.

As a result, the group reported a loss after taxation of £1.9m for the period, reduced from £0.5m a year earlier.

Torotrak has stated that its current customer base is committed to medium- and long-term programmes, placing it in a good position to weather the economic downturn.

Resilient levels of funding and cash resources of £9.7m have led the company to expect strong weighting of revenues in the second half from existing and potential new licensees.

Dick Elsy, chief executive at Torotrak, said: ‘As a result of the success of our diversification strategy, Torotrak is experiencing an increased level of business development activity and despite the difficult economic environment, has made good progress.’