The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTPG.L Regulatory News (TPG)

  • There is currently no data for TPG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update

17 Feb 2014 07:00

RNS Number : 1730A
Corac Group Plc
17 February 2014
 



17 February 2014

CORAC GROUP PLC

Corac Group Trading Update and Notice of Final Results

 

Corac Group plc, the innovative, technology-led engineering group, serving the global oil and gas, defence and industrial markets announces a trading update for its financial year ended 31 December 2013 and notice of results.

 

Trading Update

 

Trading in the year is expected to be ahead of expectations with a reduced loss across the Group's activities. The Group entered 2014 with an enhanced order book and an encouraging pipeline of prospects.

 

Cash and cash equivalents at the year end stood at £13.7m, which includes the proceeds of the Placing and Open Offer in December 2013 which raised £10.8m net. This additional funding is expected to enable the Group to accelerate the commercialisation of CET's technology and certain other projects and thereby build the future value of the Group. 

 

Corac Energy Technologies (CET), the innovative developer of advanced turbo compressors, expanders and related products achieved a number of significant technical milestones during the year. Its compact compressors were proven in customer tests both with industrial process gases in the UK and in methane at CET's proving ground in Cumbria and far underground in a live gas well in Texas. The compressor technologies are expected to progress to follow-on orders in at least one industrial application area during the course of 2014.

 

The expander technology has been successfully tested with our partner to generate economic power from waste process gases in a very compact and efficient package. As a result, it is anticipated that commercial orders will be agreed in the coming year.

 

Atmosphere Control International (ACI) had a strong year, with improved performance through contracts with UK and international submarine builders, in addition to opening new export business for its CO2 scrubbing product. Further orders have subsequently been announced both in the UK and abroad including one new export customer, which strengthens the outlook for ACI and the Group.

 

Hunt Thermal Technologies (formerly Hunt Graham) went through a fundamental business review during the year including a change of management. The business has refocused on its core strengths of large scale heat exchangers with complex thermal and material designs for an international client base in downstream oil and gas and other chemical process industries. The review and refocus led to a strong fourth quarter and a growing order book to carry into 2014.

 

Notice of Results

 

The Group's Final Results for the year ended 31 December 2013 will be published on Tuesday 1 April 2014.

 

Phil Cartmell, Chief Executive Officer said:

 

"The Board is very encouraged by the successful tests and contract wins achieved during 2013. Product development at CET has passed a number of technical hurdles to demonstrate readiness for commercial orders in the coming year. The acquired businesses have consolidated their performance in the second half and are now revealing the growth potential we anticipated when they joined the Group in 2012."

 

Ends

For further information please contact:

Corac Group plc

www.corac.co.uk

Phil Cartmell, Chief Executive Officer

01753 285 800

Jon Carter, Chief Financial Officer

Cenkos

Ivonne Cantú / Elizabeth Bowman - Nomad

020 7397 8980

Jeremy Warner-Allen - Sales

MHP Communications

020 3128 8100

Reg Hoare / Vicky Watkins / Naomi Lane

NOTES TO EDITORS

Corac is a group of innovative UK based engineering companies, active in energy and environmental technologies. Group companies produce valuable solutions in compression systems, atmosphere management and heat exchangers for government, energy and industrial users. It has traded shares on the London Alternative Investment Market (AIM) since July 2001.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAXAKFSELEFF
Date   Source Headline
27th Jan 20237:00 amRNSCancellation - TP Group Plc
26th Jan 202310:16 amRNSForm 8.5 (EPT/NON-RI) - TP Group PLC
26th Jan 202310:05 amRNSScheme Effective
26th Jan 20237:30 amRNSSuspension - TP Group Plc
25th Jan 20239:20 amRNSForm 8.5 (EPT/NON-RI)
24th Jan 20232:21 pmRNSCourt Sanction of Scheme of Arrangement
24th Jan 20238:55 amRNSForm 8.5 (EPT/NON-RI)
23rd Jan 20235:30 pmRNSTP Group
20th Jan 20239:05 amRNSForm 8.5 (EPT/NON-RI)
19th Jan 20238:26 amRNSForm 8.5 (EPT/NON-RI)
18th Jan 202312:11 pmRNSForm 8.3 - TP Group plc
18th Jan 202312:09 pmRNSForm 8.3 - TP Group plc
18th Jan 20238:37 amRNSForm 8.5 (EPT/NON-RI)
17th Jan 20238:45 amRNSForm 8.5 (EPT/NON-RI)
16th Jan 202312:53 pmRNSForm 8.3 - TP Group plc
16th Jan 20238:40 amRNSForm 8.5 (EPT/NON-RI)
13th Jan 20239:03 amRNSForm 8.5 (EPT/NON-RI)
12th Jan 20238:46 amRNSForm 8.5 (EPT/NON-RI)
11th Jan 20239:38 amRNSForm 8.5 (EPT/NON-RI)
10th Jan 20239:11 amRNSForm 8.5 (EPT/NON-RI)
9th Jan 20238:36 amRNSForm 8.5 (EPT/NON-RI)
9th Jan 20237:00 amRNSRegulatory Clearance & Scheme Timetable Update
6th Jan 20238:25 amRNSForm 8.5 (EPT/NON-RI)
5th Jan 20238:17 amRNSForm 8.5 (EPT/NON-RI)
4th Jan 20239:14 amRNSForm 8.5 (EPT/NON-RI) - TP Group PLC
29th Dec 20223:04 pmRNSSale of Westek Technology Ltd.
29th Dec 20228:44 amRNSForm 8.5 (EPT/NON-RI)
22nd Dec 20228:56 amRNSForm 8.5 (EPT/NON-RI)
21st Dec 202212:22 pmRNSHolding(s) in Company
21st Dec 20229:22 amRNSForm 8.5 (EPT/NON-RI)
20th Dec 202211:10 amRNSForm 8.5 (EPT/NON-RI)
19th Dec 202210:23 amRNSForm 8.5 (EPT/NON-RI)
19th Dec 20229:29 amRNSForm 8.3 - TP Group PLC
15th Dec 20228:58 amRNSForm 8.5 (EPT/NON-RI)
14th Dec 20223:33 pmRNSResult of Court Meeting & General Meeting
14th Dec 202210:26 amRNSForm 8.5 (EPT/NON-RI)
8th Dec 20228:34 amRNSForm 8.5 (EPT/NON-RI)
7th Dec 202210:46 amRNSForm 8.5 (EPT/NON-RI)
6th Dec 20228:54 amRNSForm 8.5 (EPT/NON-RI)
2nd Dec 202210:02 amRNSForm 8.5 (EPT/NON-RI)
1st Dec 20229:55 amRNSForm 8.5 (EPT/NON-RI)
1st Dec 20228:15 amRNSForm 8.3 -TP Group PLC
30th Nov 20228:54 amRNSForm 8.5 (EPT/NON-RI)
29th Nov 20228:14 amRNSForm 8.3 - TP GROUP PLC
28th Nov 20228:22 amRNSForm 8.3 - TP Group PLC
24th Nov 202210:39 amRNSForm 8.5 (EPT/NON-RI)
24th Nov 20228:28 amRNSForm 8.3 - TP GROUP PLC
23rd Nov 20228:48 amRNSForm 8.3 - TP GROUP PLC
22nd Nov 20229:45 amRNSForm 8.5 (EPT/NON-RI)
22nd Nov 20228:26 amRNSForm 8.3 - TP GROUP PLC

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.