Results for the year ended 31 December 2009

The results for year ended 31 December 2009 has seen revenues decrease to £5.79m from £6.47m for the same period in 2008. This was partly affected by the global economic downturn. One specific result of this was a reduction in revenue from our Dual-Fuel™ conversion sales in Australia. A strong performance from our components division helped to partly offset the effect of lower sales from our Dual-Fuel™ division.

Cash increased by £1.31m to £2.94m (2008: £1.63m). This reflects the proceeds of the placing of new ordinary shares in May which raised net £2.24m, plus the impact of cost reduction measures which reduced the Company’s cash burn.

Financial Highlights

• Operating loss before exceptional costs and non-cash items* reduced by 19% to £1.40m (2008:£1.73m)

*Non-cash items including depreciation £0.15m (2008: £0.12), amortisation £0.60m (2008: £0.40m), impairment £0.06m (2008: £0.11m) and share-based payments £0.11m (2008: £0.03m)

• Decrease in Group revenue to £5.79m, (2008: £6.47m)
• Gross profit margin improved to 51%, (2008:46%)
• Gross profit maintained at £2.97m, (2008:  £2.97m)
• £2.94m in cash at 31 December 2009, (£1.63m as at 31 December 2008).
• Net current assets £3.30m at 31 December 2009, (£2.80m at 31 December 2008)
• Shareholders’ funds £4.78m at 31 December 2009, (£4.45m at 31 December 2008)