Interim Results 2009

Corac Group plc announced its interim results for the six months ended 30 June 2009 on 28 September 2009.

Operational Highlights

• Appointment of Phil Cartmell as Chief Executive Officer with immediate effect.

Downhole Gas Compressor ('DGC')

• Increased industry recognition through marketing and relationship with Baker Hughes
• Successful testing in Cumbria ahead of field trial
• Technical milestones achieved
• Increased interest from large Oil & Gas operators to join JIP

Industrial Air

• Shipped several machines to Austria

Financial Highlights

• Revenue increased to £0.9 million (2008: £0.5 million)
• Loss after tax of £1.3 million (2008: £1.3 million loss)
• Cash and short term deposits of £2.7 million (2008: £3.6 million)
• Successful placing to raise £1 million (net) in February 2009
• Placing to raise £4.7 million (net) announced today to accelerate commercialisation of
  technology

Commenting on the future, Chairman, Gerry Musgrave, said:

“We have made solid progress on the DGC, with good technical results from testing in Cumbria. We
are confident that the field trial in Italy will be successful and are encouraged by the new enquiries for
the DGC as well as by the increased financial resource provided by investors to roll out the technology
more rapidly in the market.”

Click here to read the full report (pdf).