UK-based automotive transmission technology development firm Torotrak has reported a small after tax profit for the year ended March 31.
The firm said that revenue grew by 66% from GBP4.6m to GBP7.6m, as a result of the ‘substantial licensing revenues during the year’. The company said it achieved a profit after tax of GBP0.4m (2009: GBP1.8m loss).
Dick Elsy, Chief Executive said: “The evolution of our strategy is already leading to a sharper and more focused Torotrak. Our successes in business development over the past few years and our strong funding base have given us choices about which opportunities we should pursue to secure best returns.
“Our lead customer programmes in the commercial vehicle sector are at the front of that set of choices and we are making excellent progress towards the delivery of substantial value in this area.
“Our pursuit of new market opportunities is very clearly focused on energy efficiency solutions, where we have already begun to make our presence felt with our work on developing innovative yet pragmatic solutions for CO2 reduction”.
The firm said it was encouraging to note that ‘we have generated positive cumulative operating cash flow of £0.4m over a three-year time frame, making our “pre-production” development programmes entirely self-funded’.
This, Torotrak said, has resulted in GBP13.1m of cash at year end, ‘putting us well ahead of our plans when raising new equity in July 2007’.