Corac, the maker of compressors used for natural gas extraction and plastic bottle blowing, saw losses narrow in the half year to 30 June as it received more technology development fees from partners.

Pre-tax losses totalled £2.35m, against a deficit of £2.76m the previous year, on revenues that rose to £185,000 from £46,000.

The company said it expects revenues to grow in the second half. Revenues come from partner finance to support technology development programmes, Corac said.

"We have made good progress across our portfolio of development projects, established a network of industrial operators to explore new applications and invested in the infrastructure to manage multiple complex projects effectively," chairman Phil Cartmell said.

"I believe that we are well positioned to deliver our technology and realise value within the significant markets of global energy and industrial compressors."

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RG

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