According to the company, fall in revenue was mainly because of the timing of lump sum licence fees.

Direct costs were £1.27m for the year of 2011, compared to £0.54m for the same period of 2010. Development expenses were £4.86m for the year of 2011, compared to £4.6m for the same period of 2010.

Administrative expenses were £1.86m for the year of 2011, compared to £1.81m for the same period of 2010. Finance income was £0.08m for the year of 2011, compared to £0.14m for the same period of 2010.

For the fiscal year 2011, loss before income tax was £3.5m, compared to profit before income tax of   £0.81m for the same period of 2010. Income tax credit was £0.18m, compared to £0.19m for the same period of 2010.

Loss for the year attributable to continuing operations was £3.31m for the year of 2011, compared to profit of £1m for the same period of 2010.

The company’s board is confident that the business focus is delivering tangible successes and that the strategy for commercialization, based on a sound and sufficient level of funding, will deliver to their shareholders.

Dick Elsy, CEO of the company, said: “We set out a year ago with a change in Torotrak's strategic focus and a determination to transform the business.

“We have done exactly what we said we would do in terms of advancing our major licensee programmes; maintaining our financial strength; re-organising and reducing our costs; and putting in place effective structures to work more effectively with suppliers and customers.”

Torotrak is a developer of full-toroidal traction drive technology used in vehicle main drive transmissions, flywheel-based mechanical hybrids and in a wide range of auxiliary drive applications.

Will the firm post positive revenue in 2012?

Have your say and discuss with your peers on the InfoGrok community.

Participate by posting your comments now.