Technology-led engineering company Corac Group, which services the oil and gas sector, narrowed its annual losses as revenue grew.Loss before tax came to £4.3m in the year ended December 31st 2013, down from a loss of £6.1m a year earlier.Revenue increased to £19.3m from £15.3m in 2012, driven by a strong second half of growth following the integration of ACI and HTT businesses. Technology developments by the CET arm also boosted results.Adjusted group earnings before interest, tax, depreciation and amortisation (EBITDA) loss was £2.9m following a loss of £4.1m the prior year."We are pleased with the progress made by the group in 2013 and how we are building for the future," said Chief Executive Phil Cartmell. "The acquired companies have become strong contributors to group performance and CET continues to build upon its technical progress."Group net assets increased to £25.7m from £18.4, mainly due to the placing and open offer which raised £10.8m net of expenses. The firm ended the year with cash reserves of £13.7m, compared to £6.7m at the end of 2012.The order book was at £14.2m, down slightly from £14.4m a year ago, with majority of the work to be delivered in the year.Shares fell 2.13% to 11.50p at 10:40 on Tuesday. RD