Clean Air Power Limited Trading Update (2050C)
January 15 2015 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 2050C
Clean Air Power Limited
15 January 2015
15 January 2015
Clean Air Power Limited
("Clean Air Power")
Trading Update
Clean Air Power (AIM:CAP), the developer and global leader in
compression-ignited natural gas engine management software for
heavy duty vehicles today issues a trading update for the full
financial year ended 31 December 2014, based on unaudited
figures.
Total revenues for the year were GBP6.8 million, marginally
ahead of market expectations of GBP6.6 million.
The net cash position at year end is GBP2.1 million. Excluding
timing differences, which were mainly payments budgeted for January
2015 but received in December 2014, the underlying cash position at
year end was GBP1.4 million, ahead of expectations of GBP1.0
million.
John Pettitt, Chief Executive of Clean Air Power, said: "We are
pleased to be able to report that our revenues for the year will
marginally exceed expectations. Actions taken to control costs and
tight management of cash resources has resulted in our cash
position being stronger than anticipated thus providing additional
headroom for the Company to continue to deliver on its strategy to
transition the business to a design, development and delivery
partner to OEMs and Tier 1 suppliers."
Enquiries:
Clean Air Power Tel: +44 (0)1772 624
499
John Pettitt, Chief Executive Officer
Neill Skinner, Chief Financial Officer
Citigate Dewe Rogerson Tel: +44 (0)20 7282
2867
Malcolm Robertson
Chris Gardner
Panmure Gordon Tel: +44 (0)20 7886
2500
Corporate Finance
Freddy Crossley / Atholl Tweedie
Corporate Broking
Tom Salvesen
Peat & Co Tel: +44 (0)20 3540
1721
Charlie Peat
About Clean Air Power
Clean Air Power designs, develops and delivers
compression-ignited natural gas engines for heavy duty transport
applications. Clean Air Power's patented MicroPilot and
Dual-Fuel(TM) technology enables engines to run on natural gas
mixed with diesel (or any suitable combustion fuel) providing the
"spark" that ignites the gas. Substituting natural gas for diesel
cuts fuel costs, emissions of carbon, nitrous oxide and
particulates whilst retaining the original engine's power,
efficiency and reliability characteristics. Clean Air Power
operates in the US, Europe, Russia and Australia and has two
commercial divisions:
Dual-Fuel(TM) Vehicle Systems
Delivery of patented Dual-Fuel(TM) systems which include
fully-interfaced systems developed in partnership with truck
manufacturers and the Group's Genesis-EDGE system, developed
in-house as an after-market solution. Dual-Fuel(TM) is a type of
system that adapt diesel engines to run on a combination of diesel
and natural gas whilst retaining engine's basic infrastructure. The
Division sells systems to truck manufacturers for on-line assembly,
approved partners for after-market installation or direct to
customers through its own installation facilities. The Division
also undertakes design and development work for governments and
truck manufacturers on Dual-Fuel(TM) and next-generation MicroPilot
systems.
Components
Design and manufacture of innovative hydraulic valves, injectors
and filters for natural gas engines sold to truck manufacturers
around the world.
Initially founded in the USA in 1991, around GBP50m has been
invested in developing the technology with the result that 69
patents are currently held or pending. The holding company of the
Group is based in Bermuda with operational subsidiaries in the UK,
the USA and Australia. The Group was admitted to the AIM market of
the London Stock Exchange in February 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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