Corac results 'ahead of expectations'

AIM-listed technology-led engineering group Corac has published a trading update for the year end, indicating that its financial results are likely to exceed board expectations.The group, which serves the oil, gas and defence markets, reported that its financial performance would be "ahead of market expectations" adding that cash and cash equivalents were also better than forecasts at £6.6m at the year-end compared to £6.8m on June 30th 2012. During 2012, the group integrated two acquired businesses which contributed revenues and profits to the overall result, whilst the gas compression development programmes was reported to be continuing to progress well. Corac reported that its three subsidiaries were performing well adding that management was pleased that the combined current order book placed the group in a good position for 2013 and beyond. Phil Cartmell, Chairman of Corac, said: "2012 was a year of significant progress for Corac, with successful acquisitions and evidence of increasing confidence in the commercialisation of our unique technologies in multiple sectors of significant scale. We are excited about the prospects of 2013."Corac's share price was up 11.11% to 15p at 09:53 on Tuesday.MF