LONDON (Alliance News) - Emissions reduction and fuel-efficiency technology developer Torotrak PLC on Thursday said its pretax loss widened significantly in the first half due to the group booking exceptional costs related to the end of its partnership with Danish induction systems maker Rotrex AS and from the restructuring of its Flybrid acquisition.
The company's pretax loss ballooned to GBP9.8 million in the six months ended September 30 from GBP3.8 million a year earlier, primarily due to it booking a GBP6.0 million exceptional cost on the end of its deal with Rotrex and on the restructuring of Flybrid, the automotive hybrid technology company it acquired in December 2013.
Revenue declined to GBP1.2 million from GBP1.6 million, due to a one-off licence fee payment received a year ago not repeating, which was offset in part by a rise in engineering services revenue, as sales due to have fallen earlier were delayed into the first half.
The company said it has made progress on its Flybrid KERS engine system and has started on-engine rig testing for its V-Charge supercharger for gas and diesel engines.
Shares in Torotrak were down 8.6% to 4.80 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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