Torotrak plc announced audited consolidated earnings results for the year ended March 31, 2014. For the period, the company reported revenue of £3,520,000 compared to £7,479,000 a year ago. Operating loss was £4,769,000 compared to £464,000 a year ago.

Loss before tax was £4,733,000 compared to £391,000 a year ago. Loss for the year attributable to the owners of the parent company was £4,224,000 or 2.14 pence per basic and diluted share compared to profit for the year attributable to the owners of the parent company of £33,000 or 0.02 pence per basic and diluted share a year ago. Net cash used in operating activities was £4,039,000 compared to £474,000 a year ago.

Acquisition of property, plant and equipment was £774,000 compared to £230,000 a year ago. Acquisition of patents was £386,000 compared to £377,000 a year ago. The adjusted operating loss (before knowhow intangible asset amortization and exceptional items) for the current financial year was £4.0 million (2013: £0.1 million).

The increase is attributable to the reduction in revenue and the increase in operating costs. Normalized loss for the year after tax (before amortization of intangible knowhow and associated tax credit and exceptional items) attributable to the shareholders increased to £3.4 million (2013: £0.4 million profit) largely driven by the lower level of revenue and higher operating costs recorded in the year.