Leyland green fuel firm’s reported revenues exceed expectations

Pleased: John Pettitt
Pleased: John Pettitt
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Clean Air Power, the developer of compression-ignited natural gas engine management software for heavy duty vehicles, has reported revenues ahead of expectations.

The Leyland-based company has issued a trading update for the full financial year ended December 31 2014, based on unaudited figures.

Total revenues for the year were £6.8 million, marginally ahead of market expectations of £6.6 million.

The net cash position at year end is £2.1 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 £1.4 million, ahead of expectations of £1.0 million.

Clean Air Power is seen as global leader in its field of green dual fuel technology.

One of its investors is the Russian billionaire and Chelsea FC owner Roman Abramovich.

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.”

Earler this year the company signed a deal which could lead to a dual fuel engine for heavy duty vehicles being developed for a market in South East Asia.

This was the first programme to be awarded through its co-operation agreement with international engineering group Ricardo signed in September.