CAP.L Share News (CAP)

Clean Air Power's annual revenue rose 25 per cent to 9.93m pounds on demand for the company's Dual-Fuel systems. Revenue from Dual-Fuel, technology that helps cut the costs of fuel for vehicles, increased by 24% to £8.23m in the year through December 2013. The group sold 387 Duel Fuel systems, compared to 300 in 2012.The division helped boost gross profit by 24% to £4.37m. The group's gross profit margin held at 44%.Operating losses for the year were reduced to £1.99m from £2.22m the prior year. The company said a total of more than 2,500 vehicles have been converted using its Dual-Fuel technology around the world. In September, a co-operation agreement was signed with Ricardo for the development of Dual-Fuel engines for potential original equipment manufacturer (OEM) partners, increasing capacity.In August, the company made a deal with UPS to support fleet trials for the US Genesis-EDGE product on 10 UPS vehicles ahead of launch this year.This year further orders were for 50 Genesis-EDGE systems from Sainsbury, bringing their Dual Fuel fleet to more than 100 trucks."In 2013 Clean Air Power has delivered a strong performance, in line with market expectations, driven largely by the sales growth of our European products," said Chief Executive John Pettitt."In 2014 we intend to launch our Dual Fuel products into the US and Russian markets where domestic natural gas reserves provide a strong driver for adoption and where we believe there is latent demand."Shares rose 1.39% to 9.12p at 13:46 on Friday.RD