The loss compares with a profit of £1.4 million in the same period a year ago and the absence of concrete news on the acquisition of the remaining 80% it does not already own of Silverstone-based flywheel technology play Flybrid may also be spooking investors. Though the company says it expects to announce the deal during the course of this month (subject to shareholder approval), its exclusive option to complete the transaction expires on 20 December.
When Shares met the company at its Leyland base as part of the North West edition of our Best of British series back in the summer, chief executive officer Jeremy Deering flagged the mechanical kinetic energy recovery system (M-KERS) technology being developed in partnership with Flybrid as a key plank of his strategy to steer the group towards commercial revenues. Trials of M-KERS are anticipated with bus operator Arriva for early next year.
There is also no detail in today's statement on how the expected £8 million cost of acquiring the remainder of Flybrid will be met – as at 30 September the group had £6.7 million in the bank.