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Trading Update

16 Jul 2012 07:00

RNS Number : 6876H
Clean Air Power Limited
16 July 2012
 



For immediate release

16 July 2012

 

 

Clean Air Power Ltd

 

("Clean Air Power" or "the Company")

 

Trading Update and Notice of Results

 

Revenues Significantly Ahead

 

 

 

Clean Air Power (AIM: CAP), the developer of Dual-Fuel™ combustion technology that enables heavy-duty diesel engines to operate on a combination of diesel and natural gas, is pleased to announce that trading during the first half of the financial year has been encouraging with revenues significantly ahead of the prior year. During the first 6 months of the current financial year, revenues were £3.9 million (2011:£2.1 million) with over 100 systems(2011: 37 systems) being delivered during the period.

 

Furthermore a continuation of the promising interest in the European products has resulted in a significant increase in orders. The Company has now had a total of 250 orders during 2012 for both the Genesis EDGE system and European OEM product. This includesorders for the new version of the Genesis EDGE product, using a Renault Magnum 13 litre engine to meet demand from a new customer from Spain.

 

The Genesis EDGE system is being very well received by customers in Europe. As a result Clean Air Power has initiated an evaluation of the Genesis EDGE product for the North American market, to complement the current OEM discussions and meet customer demand in the short to medium term. The Directors believe the low relative cost of natural gas is compelling additional benefit in driving the large and still growing market demand throughout North America for natural gas vehicles. The Board looks forward to updating shareholders on the results of the evaluation in due course.

 

Results for the 6 months to 30 June 2012 are due to be announced during the week beginning 3 September 2012.

 

John Pettitt, CEO of Clean Air Power, said:

 

"We are gaining very encouraging traction in the European Market with increasing customer demand, a growing order book and a new product offering. Thanks to the increasing customer interest we are confident of the outlook going into the second half of the financial year. We have a clear strategy for the North American market both in the short and medium term and will provide further updates following the evaluation study "

 

 

 

For further information please contact:

 

Clean Air Power

John Pettitt, Chief Executive

Peter Rowse, Group Finance Director

 

Tel: +44 (0)1772 624 499

Buchanan

Charles Ryland

Clare Akhurst

 

Seymour Pierce Limited (Nominated Adviser)

Freddy Crossley

Mark Percy

David Banks (Corporate Broking)

 

 

 

Tel: +44 (0)20 7466 5000

 

 

 

Tel: +44 (0)20 7107 8000

 

 

Notes to Editors

 

About Clean Air Power

 

Clean Air Power is the developer and provider of Dual-Fuel™ combustion technology for heavy duty diesel engines. Dual-Fuel™ engines substantially cut fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators overheads.

 

 

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCSFESUIFESESW
Date   Source Headline
10th Sep 20157:00 amRNSCancellation of AIM securities
3rd Sep 20154:42 pmRNSSale to Vayon Holdings Limited
12th Aug 20157:30 amRNSSuspension - Clean Air Power Limited
12th Aug 20157:30 amRNSSuspension of Trading on AIM
3rd Aug 20153:26 pmRNSDirectorate Change
28th Jul 20153:07 pmRNSUpdate on the Review of Strategic Options
15th Jul 20158:57 amRNSIssue of Equity
15th Jul 20157:00 amRNSUpdate on the Review of Strategic Options
26th Jun 20152:41 pmRNSAppointment of Financial Advisers
23rd Jun 20153:33 pmRNSTrading Update
13th May 20157:00 amRNSResult of AGM
22nd Apr 20157:00 amRNSDirector Share Options
21st Apr 20157:00 amRNSNew Order for Components Division
16th Apr 20157:00 amRNSNotice of AGM
9th Apr 20157:00 amRNSCalifornia Air Resources Board Certification
23rd Mar 20157:00 amRNSAnnual Financial Report
23rd Mar 20157:00 amRNSResearch Grant Extension with Brunel University
12th Mar 20157:00 amRNSUS Genesis EDGE Dual-Fuel Distribution Agreement
2nd Mar 20157:00 amRNSMicroPilot Technology Update
9th Feb 20154:15 pmRNSHolding(s) in Company
6th Feb 20157:00 amRNSUS Dual-Fuel Product Achieves EPA Certification
3rd Feb 20157:00 amRNSContract for MicroPilot demonstration vehicle
15th Jan 20157:00 amRNSMicroPilot Technology Update
15th Jan 20157:00 amRNSTrading Update
19th Dec 20147:00 amRNSDirectors' Fee Salary Sacrifice
17th Dec 20147:00 amRNSUS Genesis-EDGE meets emissions requirements
11th Nov 20147:00 amRNSTrading Update
30th Sep 20147:00 amRNSInterim Results
25th Sep 20147:00 amRNSUS Genesis-EDGE Product Update
19th Sep 20147:00 amRNSTrading Update
10th Sep 20147:00 amRNSLetter of Intent with global truck manufacturer
6th Aug 20141:05 pmRNSIssue of Equity
27th Jun 20149:56 amRNSIssue of Equity and Directors' Interests
27th Jun 20147:00 amRNSPlacing to raise up to £1 million
19th Jun 20147:00 amRNSResults of internal testing of US Genesis-EDGE
18th Jun 20144:41 pmRNSResult of AGM
12th Jun 20147:00 amRNSBoard Appointment
28th May 20147:00 amRNSNotice of AGM
6th May 20147:01 amRNSStart of research collaboration
27th Mar 20147:00 amRNSChange of adviser
20th Mar 20147:00 amRNSExercise of Options, Issuance of Shares, TVR
17th Mar 20147:00 amRNSDirectorate Change
14th Mar 20147:00 amRNSFinal Results
24th Feb 20147:00 amRNSOrder from Sainsbury's for Genesis-EDGE product
20th Feb 20147:00 amRNSNew Order for Natural Gas Injectors
18th Feb 20147:00 amRNSMajor Order for Dual-Fuel Product
10th Feb 20147:00 amRNSConcept Development Agreement
8th Jan 20147:00 amRNSDirector Resignation
2nd Dec 20137:00 amRNSTrading Update
20th Sep 20139:00 amRNSGrant of Options

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