LONDON (Alliance News) - Technology and engineering group Corac Group PLC Tuesday posted a narrowed pretax loss for 2013, as it saw revenue rise and lowered its research and development costs.
The company posted a pretax loss of GBP4.3 million, narrowed from GBP6.1 million, as revenue rose to GBP19.3 million from GBP15.3 million, and rising sales costs were offset by lower research and development costs.
Revenue benefited by the full-year impact of acquisitions Atmosphere Control International Ltd and Hunt Thermal Technologies Ltd compared to a nine month post acquisition period in 2012 for the businesses.
HTT revenue was roughly flat, as a weak first half was followed by disruption caused by management changes. However, revenue at CET rose to GBP1.0 million from GBP200,000 as development contracts progressed.
In its CET business the company is developing a range of compressors and expanders using its patented technologies, and said it was edging closer to achieving commercial sales for these products.
Corac said that it had made major progress in integrating the two acquisitions, and they had performed well in the second-half, which has set it up for growth in 2014. Operational improvements at both businesses has led to further orders being secured after the year end, Corac said, which provides it greater revenue visibility for 2014.
Following a fund-raising in December, 2013, Corac closed the year with cash of GBP13.7 million, up from GBP6.7 million, which it said will support its development and growth initiatives.
Shares in Corac were trading down 4.3% at 11.25 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
