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Key Financials

Results for the year ended 30 June 2011

The six month period to 30 June 2011 has seen revenue decrease to £2.1m. This has been due mainly to a weaker performance in our Components and Emissions Reduction Division.

The Company benefited from a stronger performance from our Dual-Fuel™ vehicle systems which increased by 56% to £1.4m (2010: £0.9m), driven by sales in Dual-Fuel™ vehicle systems and development revenue. 

The gross profit of £1.2m earned to June 2011 is lower than the £1.3m up to June 2010. The 2011 gross margin to date of 57% is higher than the 56% achieved up until June 2010. The main cause has been the increased weighting of development revenue in the sales mix.

The net result after tax for the period was a loss of £1.3m, a £0.1m increase on the £1.2m loss for the same period in 2010.

Cash on hand at 30 June 2011 was £2.2m (2009: £1.3m).

Gross receipts from the recent fundraising during May 2011 were £1.5m. The cash position as at 30 June 2011 is £2.2m compared to £1.3m for the same period in 2010.

 

Financial Highlights

  • Revenue for the period: £2.1m (2010: £2.3m)
  • Revenue in Dual-Fuel™ increased by 56% to £1.4m (2010: £0.9m), driven by sales in Dual-Fuel™ and development revenue
  • Gross profit for the period: £1.2m (2010: £1.3m)
  • Losses after tax for the period: £1.3m (2010: £1.2m)
  • Gross margin for the period: 57% (2010: 56 %)
  • Successful £1.5m equity raise in May 2011