Torotrak not on track

Torotrak, the transmissions systems developer for the automobile industry, has announced a sharp drop in revenue but reduced its losses.Revenue in the 12 months to the end of March was £4.3m, compared to £5.1m in the previous year.The loss after tax reduced from £3.1m in 2010/2011 to £1.6m while year end cash increased to £10.5m - a gain of £2.2m.The company says its move out of its transmission prototype build phase was responsible for the reduction in revenue, while pointing out licence payments grew to £6.8m during the year.The Chairman John Weston said of the results: "In the current climate where legislation worldwide is setting tough environmental targets, Torotrak's technology, with its demonstrable durability, fuel economy and manufacturability, offers a forceful set of options for vehicle manufacturers. We have advanced our position considerably, and are working more closely than ever with substantial vehicle and component manufacturers which have global reach, to bring our technology to market."The shares were down 2.2% at 11:30 and have now fallen 26% in the last 12 months.BS