Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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Leyland-based Torotrak, which makes energy conserving vehicle transission systems has acquired the business and assets of Motorsport Components, giving the group high-precision manufacturing capability for components that do not require advanced surface enginereeing. In an interim management statement issued on Friday, the group disclosed that it acquired the assets of the company, which counts Chevron Cars among its customers, for a consideration of 175,000. It stated that the Motorsport Components business was profitable with a modest annualised turnover of 214,000. "We expect this figure to grow as Motorsport Components Limited becomes an important element in our integrated future engineering services business." In addition to this acquisition, the company further stated that it had entered into discussions with Allison Transmission regarding Tototrak's engineering support for their programme and licensing option for Allison to maintain exclusivity after March 15th.
Very positive RNS, bought in at 24.83 but my buy shows as a sell? Very little downside here and all the broker recommendations are positive.
the cruelest imv - slow ebbing away..... interesting tech (as far as an amateur like me can tell), but that dreary commercialising...so hard opinion only
Rightly dubbed, Brave I love the technology but I remain unconvinced about commercial traction (your one big contract) and execution by management GL, have a great w/e & atb Jolly
Hi mulledwine, very quiet board. Watched this share for years and been in and out often. Back in when it went under 25 the other day. Agree that the figures are very promising and the technology is really developing well. Still just missing the one big contract to take this mainstream.
This a is a nice turnaround in figures
1.1 Results summary Results in the first half include £3.1 million of cash payments received from Allison Transmission Inc ("Allison") and Tata Motors ("Tata") for licensing and specialist engineering support. Together with our other engineering services income, this has resulted in a positive cash flow despite increased core technology development costs in response to the opportunities we see. Positive operating cash flow of £0.4 million (2011: £0.7 million) was generated, with closing cash balances of £10.7 million (March 2012: £10.5 million; September 2011: £8.8 million), representing a very sound funding platform to pursue our plan through to commercialisation. Revenue recognised in the first half of £4.7 million (2011: £0.8 million) also reflects a net £2.7 million of licence income deferred from the year ended 31 March 2012, as well as £0.8 million of engineering services fees (2011: £0.8 million). Operating costs increased slightly by £0.3 million to £2.9 million (2011: £2.6 million), reflecting mainly our programme of process improvement in all areas of our business. We have continued to invest substantially in research and development ("R&D") to improve our core technology, with £1.7 million total development costs (2012: £1.7 million). This is a significant commitment, in line with the value we see in growing our list of new patents. We have the capacity in future to release more resources to support income-generating activities when R&D reduces to anticipated future levels. Profit after tax of £1.6 million (2011: loss of £2.0 million) benefits from the strong licensing position in the first half of the year. Results for accounting periods have always been influenced by the timing of licence payments. Our objective has therefore been to achieve a broad matching of development costs with cash inflows when measured over a longer, averaged period of time, ahead of recurring earnings as a result of commercialisation.
Jeremy Deering, Torotrak's recently-appointed Chief Executive said: "Torotrak's strategy to develop and then licence its core technology has built a business that benefits from material early-stage cash payments and a strong base of partners and licensees. "The time is now right to adjust that approach to one of more aggressive, accelerated growth in order to capitalise on the substantial opportunity ahead that will allow us to introduce our clean technology into mainstream commercial and passenger vehicles worldwide. "Our strategy now is to build growing, underlying earnings through our own capability to supply products containing our technology, supported by an advanced engineering services business of increasing scale. Licensing income will continue to represent a material additional layer of value, but not one upon which our business growth depends."
Operational highlights · Next major commercial vehicle transmission milestone in Q1 of the new calendar year · V-Charge next stage prototype hardware on test, following substantial customer interest · New M-KERS design progressing, targeting system fuel economy of about 20 per cent, with installation in vehicle targeted for 2013 · Strategy for accelerated growth and more direct control over introducing our technology to market announced today
Financial highlights · £3.1 million cash payments received from Allison and Tata · Positive operating cash flow of £0.4 million (2011: £0.7 million) · Cash balances increase to £10.7 million (2011: £8.8 million)
no ref ii board
Nomura Code target price 63p, as reported by Geoff Foster, Market Report, Daily Mail Saturday. Nomura say 'the change of chief executive does not signal problems or represent discontinuity.' Perhaps it may well mean a positive step.
Torotrak, which makes energy conserving vehicle transmission systems, is saying goodbye to its long serving Chief Executive, Dick Elsy. Elsy, who has run the firm for 10 years has been appointed as the Chief Executive of a government initiative known as the "High Value Manufacturing Catapult". He will be replaced on September 28th by the current Finance and Commercial Director, Jeremy Deering. Elsy commented: "It's not an easy decision to leave Torotrak at such an exciting time when our plans are really starting to deliver, but I've been asked to take a leading role in the Government's aims to rebalance the UK economy towards high value manufacturing and it's something I want to do on a personal level."
Dick Elsy, Torotrak's CEO, said: "We are making good progress in our key programmes, with strong interest being shown in our new products, which are capable of providing additional routes to market outside main drive transmissions." Jeremy Deering, Torotrak's Director responsible for commercial development said: "Our prospects in the Commercial Vehicle market continue to grow, bolstered by this latest sign of confidence from our major licensee, Allison Transmission Inc, which has today committed a further £2.5 million in licence and engineering fees. This is an advance against a final £10.62 million option to secure exclusivity in its licensed field of commercial vehicle main drive transmissions, co-existing with our other two licensees in this area. "Fuel economy testing on both of our commercial vehicle main drive transmission programmes shows strong benefits, even in some of the longer haul cycles, which opens up wider market opportunities than previously thought."
V-Charge - variable single solution to provide boost for smaller engines We have undertaken further vehicle demonstrations with some notable international vehicle manufacturers, as well as potential Tier 1 and Tier 2 manufacturing and supply chain partners. The response from these drive events has been encouraging. The V-Charge unit clearly delivers the prized rapid vehicle response time that vehicle manufacturers require for downsized engines, which are crucial to meeting industry CO2 targets. Through these drives and presentations, we have confirmed that the unit is attractive in terms of its cost, benefits and low noise relative to other solutions. We see significant strengthening of interest in this application. M-KERS - affordable mechanical hybrids Results from recent testing on the "Flybus" M-KERS equipped city bus are currently being evaluated. Although we are not yet presenting a headline fuel economy result, it is clear from the development work on this early version hardware that M-KERS can deliver material fuel savings with a fully configured system. Our priority now is on next stage hardware with representative flywheel and variator components, and progressing to fleet trials with bus operators. We will report further on this on or before our half year results in November. Other We continue to strengthen the supply base for components, fluids and sub systems for Torotrak licensees. At the Annual General Meeting, Dick Elsy and Jeremy Deering will give presentations on the Company and copies will be available on the Company's web site (www.torotrak.com) later today. No new material information is contained in the presentations.
http://www.investegate.co.uk/Article.aspx?id=201207260700135339I
I hope to see a re-scaling of the 3 month graph in the coming week! ;0)
Not much trading considering recent news and only a week or so until results. I've bought more!
Thanks for posting that, it looks good for a short term punt and a chance for us players of the longest of long games to see our investments recover.
yeah i have done pretty well by Mike as well (COV) I subscribe to his site, he still posts articles on TRK, the last one was only 1st of March, he still seems positive and says we could see a steady rise in the coming months
I bought this share (and still hold) after reading Mike Walters' enthusiastic article in the Daily Mail in the early days. I did very well with some of his recommends, Tie Rack and Pan Andean Resources the two that stand out, and was hoping for this one to do as well and have held ever since. It's good to know that he still enthuses about Torotrak, lets hope that we see positive news soon, there seems to be enough buys lately anyway.
Just bought into this share, its a recommended share if Mike Walters......very quiet board though