Torotrak (LSE: TRK) today provides an Interim Management Statement for the period from 1 October 2012 to 15 February 2013.
Since we announced our evolution in strategy with the half year results in November 2012, progress has continued apace; both with our key partners in main drive transmissions, M-KERS, and V-Charge; and with delivering on our stated objective of providing a faster, more effective route to market for our technologies.
Summary – since last reporting we have:
- Entered discussions with Allison Transmission Inc (“Allison”) regarding Torotrak’s engineering support for their programme and the licensing option for Allison to maintain exclusivity post 15 March 2013.
- Confirmed with our European Truck and Bus Manufacturer the predicted fuel economy improvement of our IVT, following their formal review of our technology
- Commissioned independent research into the market opportunity for M-KERS that, alongside extensive feedback from commercial vehicle operators and manufacturers, shows that there is strong potential to build a valuable business, commencing with a mechanical hybrid for buses, focusing initially on the UK market’s predominant medium sized “Midi” bus
- Developed a second-generation V-Charge unit, “VC2”, with important improvements to size, weight, cost and fuel economy. This is now being evaluated on our test rigs
- Acquired the business and assets of Motorsport Components Limited, giving us an in-house, high-precision manufacturing capability for components that do not require advanced surface engineering