Torotrak PLC Share News (TRK)

- Posts half-year loss- Revenue for the period slumps- Well positioned for future opportunitiesGearbox designer Torotrak posted an operating loss for the six months to end of September after it received fewer licensing revenues. The Lancashire-based group, which develops fuel-efficient gearboxes, reported revenue of £1.7m for the half-year to end-September compared to £4.7m the same time a year earlier. It reported an operating loss of £1.5m during the half-year period from a profit of £1.4m before."As in previous years, the group's revenue continues to be dominated by the timing and quantum of up-front licence payments from major customers," it said. As well as lower licensing revenues, Torotrak booked a £0.4m increase in development expenses, which was partly offset by a £0.3m drop in administrative expenses. During the period, the group received court approval to cancel £53.7m being held in the share premium account. Looking ahead the group said: "It is well positioned to take advantage of the opportunity to offer Tier 1s and/or OEMs efficient, cost-effective hybrid products to meet their emissions reductions targets whilst maintaining performance and driveability."Its shares fell 8.6% to 21.25p at 09:40 in London.CJ