Torotrak plc has noted today that a further deterioration in the trading
outlook for the global off-highway market could affect the timing of its target
to secure an initial licence for Flybrid KERS technology.
Further to the interim statement dated 29 November 2016, the Group
has been notified by a prospective licensee that a further deterioration in the
trading outlook for the global off-highway market could delay the completion of
our current licence negotiations with them.
Following
this notification, Torotrak now considers the time required to secure this
first licence will take longer than previously expected, occurring during the
financial year ending March 2018 rather than in the current financial year as
originally planned.
Torotrak shares are at a five-year low this morning.
Torotrak shares are at a five-year low this morning.
Adam Robson,
chief executive of Torotrak said; "The Board believes that this potential
licence in the off-highway sector will be delivered but its timing is now
looking like unfortunately moving into the next financial year. This likely
delay in securing the first KERS licence reflects the unexpected further
challenges facing the off-highway industry.”
“However, we
remain confident that the sector offers a significant commercial opportunity
for the KERS technology. We also continue our discussions with potential OEM
and Tier 1 partners for the commercialisation of V-Charge in the passenger car
market in line with the outlook included in the interim results statement,"
added Robson.
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