British technology firm lifts the gloom

Torotrak plc, a leading British transmission technology company, is bucking the general economic trend after announcing increased revenues for the fifth consecutive year.

Figures published today show that the Leyland-based firm, which specialises in the design and development of infinitely variable and continuously variable transmissions, increased its sales by a healthy 25 per cent, to £4.62m over the past year. Cash from operations was also considerably ahead of target for the second year running rising by £3.5m to £15m at year end.

Recently Torotrak announced a landmark licensing deal with Allison Transmission Inc – the largest in its corporate history – allowing the giant American transmission firm to utilise its patented IVT and CVT technology in commercial vehicle applications. As part of the agreement, Allison also took a nine per cent stake in the British company to become its largest single shareholder.

In the past few years, Torotrak has signed up a number of prestigious new licensing clients covering the passenger car, agricultural tractor and commercial vehicle markets. These world-class customers include Carraro SpA of Italy, Tata Motors Ltd in India and a major European truck and bus manufacturer (who cannot be named for confidentiality reasons), all of whom are licensed to use the company’s advanced full-toroidal variable drive transmission technology in their own transmissions and vehicles. The firm is also involved in the ongoing development of Kinetic Energy Recovery Systems for potential use in Formula 1, in road cars and in commercial vehicles.

Torotrak Chairman John Grant said: “We are pleased and proud to report another year of significant progress towards full commercialisation of our technology and business – a success for British technology and engineering at a time when good news has been in short supply in our related industries.

“We have ended the year in a robust condition, financially strong and well positioned with a growing range of applications. These are encouraging signals on progress in what is an extraordinary tough climate for our current and potential customers.”

Dick Elsy, Torotrak’s Chief Executive, said the company’s transmission technology was attracting increasing interest from potential customers around the world, adding; “The relentless pressure towards greater efficiency and lower environmental impact in all of our target markets is forcing companies to consider the adoption of more radical technologies and solutions.”

Torotrak employs just 61 people but is recognised as a world-leading specialist in the design and development of IVT and CVT advanced transmission systems. Its torodial traction-drive technology offers significant solutions for reducing emissions, improving fuel efficiency and delivering improved transmission refinement. As well as cars, trucks, buses and off-highway vehicles, the company’s transmission technology also offers benefits in the agriculture and materials handling sectors. In addition, through Infinitrak, a joint venture company in the United States, the company is manufacturing transmissions for a leading manufacturer of ride-on lawn mowers.