Year End Trading Update & Notice of Results
Corac Group plc the innovative technology-led engineering group, serving the global oil and gas, defence and industrial markets, today announces a trading update for its financial year ended 31 December 2012 and notice of results.
The Board expects that the Group's financial performance will be ahead of market expectations. Cash and cash equivalents are also ahead of market expectations, at £6.6 million at year end (30 June 2012: £6.8 million).During 2012, the Group successfully integrated the two acquired businesses that have contributed revenues and profits to the overall result, whilst the gas compression development programmes continued to progress well. Following delivery to the American partner, pre-deployment system checks on the first DGC have been completed successfully. The system is now ready to begin deployment and preparatory work is advanced on the well.An update on the progress of the wider Group programmes will be provided at the time of the final results.The three subsidiaries are performing well and management is pleased that the combined current order book places the Group in a good position for 2013 and beyond.
Notice of Results
The Group's final results for the year ended 31 December 2012 will be published on Tuesday, 26 March 2013.
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."