16 Dec 2016 07:00
16 December 2016
Torotrak plc
("Torotrak" or the "Company")
Trading Update
The Board of Torotrak plc provides an update to the market on the likely timing of its target to secure an initial licence for Flybrid KERS technology in the off-highway sector.
Further to the interim statement dated 29 November 2016, the Group has been notified by a prospective licensee that a further deterioration in the trading outlook for the global off-highway market could delay the completion of our current licence negotiations with them. Following this notification, the Board now considers that that the time required to secure this first licence will take longer than previously expected, occurring during the financial year ending March 2018 rather than in the current financial year as originally planned.
Adam Robson, Chief Executive Torotrak commented; "The Board believes that this potential licence in the off-highway sector will be delivered but its timing is now looking like unfortunately moving into the next financial year. This likely delay in securing the first KERS licence reflects the unexpected further challenges facing the off-highway industry. However, we remain confident that the sector offers a significant commercial opportunity for the KERS technology. We also continue our discussions with potential OEM and Tier 1 partners for the commercialisation of V-Charge in the passenger car market in line with the outlook included in the interim results statement."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.
For further information:
Torotrak plc Adam Robson, Chief Executive / Rex Vevers, Finance Director Tel: +44 1772 900931
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Cantor Fitzgerald Europe (Financial Adviser & Broker) Marc Milmo / Will Goode Tel: +44 20 7894 7000
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Tavistock (Financial PR) Simon Hudson / Lulu Bridges / James Collins Tel: +44 20 7920 3150 |
About Torotrak
Torotrak is a leading developer and supplier of kinetic energy recovery systems, engine boosting and variable drive transmissions for vehicles. Our portfolio of technology solutions substantially improves fuel economy and reduces CO2 and other emissions in vehicles through capturing and recycling energy that would otherwise be lost, harnessing the power of supercharging to enable engine downsizing and managing the engine at the optimum point.
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