Torotrak Annual Revenue Down
According to the company, fall in revenue was mainly because of the timing of lump sum licence fees.
Direct costs were Â£1.27m for the year of 2011, compared to Â£0.54m for the same period of 2010. Development expenses were Â£4.86m for the year of 2011, compared to Â£4.6m for the same period of 2010.
Administrative expenses were Â£1.86m for the year of 2011, compared to Â£1.81m for the same period of 2010. Finance income was Â£0.08m for the year of 2011, compared to Â£0.14m for the same period of 2010.
For the fiscal year 2011, loss before income tax was Â£3.5m, compared to profit before income tax of Â£0.81m for the same period of 2010. Income tax credit was Â£0.18m, compared to Â£0.19m for the same period of 2010.
Loss for the year attributable to continuing operations was Â£3.31m for the year of 2011, compared to profit of Â£1m for the same period of 2010.
The companyâ€™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: â€œWe set out a year ago with a change in Torotrak's strategic focus and a determination to transform the business.
â€œWe 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.â€
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?
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