Torotrak narrows losses

Gearbox designer Torotrak narrowed pre-tax losses for the year as turnover jumped 25% as it continues to make progress towards full commercialisation of its technology and business."Torotrak is well positioned and resourced, both financially and operationally. This, together with the strength of our licensing and engineering order book, gives us confidence that we can continue to deliver both revenue growth and bottom-line improvement in the financial year ending 31 March 2010," said.Pre-tax losses narrowed to £1.9m from £2.3m last year on turnover that rose to £4.6m from £3.6m before.The group said despite the tough economic environment, it has succeeded in gaining more customers, strengthening its financial resources and delivering a strong forward order book."Whilst it is difficult to predict precisely when future agreements with new customers may be reached, I am confident that our discussions with other prospective customers will, in time, result in further opportunities to build value for Torotrak shareholders," said the group.