Preliminary results for the year ended 31 december 2012

by: Phil Curtis 26/03/2013

Corac Group plc, a leading engineering company in energy and environmental technologies, serving the global oil and gas, defence and industrial markets, today announces its preliminary results for the year ended 31 December 2012.

Operational Highlights

Group

· Acquired two companies from Wellman Group and managed transition of three operating companies into the Group

· Opened new Technology Centre in Slough

· Continuing investment in business processes to meet quality standards and business growth needs

ACI

· Delivered submarine systems to Navantia for the Spanish navy

· Secured a multi-million pound project with DCNS for the French Navy's Barracuda class programme

· Extended a worldwide in-service maintenance and support contract for the UK submarine programme

CET

· Continued to grow the value of intellectual property with recognition from major customers in significant unit sale enquiries

· Completed factory and flowloop testing of the first deployable DGC and delivered to customer for field trials

· Significant new contracts signed for new applications to develop industrial waste energy recovery systems

HG

· Delivered a technically challenging multiple heat exchanger project for a major oil and gas customer

· Completed a high volume refurbishment programme at one of the largest refineries in the UK

Finance Highlights

· Group revenue of £15.3m (2011: £0.3m)

· Group revenue on a pro forma2 basis, including the full year revenue for the acquired business was £19.3m

· Total R&D4 spend of £3.2m (2011: £3.4m)

· Loss before tax of £6.1m (2011: loss before tax of £5.7m)

· Adjusted Group EBITDA3 loss of £4.1m (2011: loss £5.2m)

· Adjusted Group EBITDA3 loss on a pro forma2 basis was £3.9m

· £6.7m cash at year end (2011: £15.3m)

· Group year end order book stood at £14.4m (2011: £0.7m) with a significant pipeline of qualified potential sales opportunities.

Phil Cartmell, Chairman of Corac commented on today's announcement:

 

"This has been a year of great achievement and transformation for Corac. We have expanded the Group through successful acquisition and opened a new purpose-designed facility to support our engineering and delivery activities. We have enhanced the value of the Group by adding cash earnings, investing in our intellectual property and commercialising our technologies.

 

"A stronger Group with a collection of mature and maturing technologies and enhanced routes to market is yielding increasing interest from ever wider markets.  We will continue to deliver high value propositions to our customers with increasingly positive results from these in 2013. On this basis I have great confidence in the prospects for the Group going forwards."