Business
Final Results & Notice of AGM
Final Results & Notice of AGM.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \nRNS Number : 2678Q Surface Transforms PLC 29 August 2014 \n \n\n29 August 2014\nSurface Transforms plc \n(\"Surface Transforms\" or the \"Company\")\n \nFinal Results and \nNotice of Annual General Meeting\n \nSurface Transforms (AIM: SCE) is pleased to announce its final results for the year ended 31 May 2014.\n \nThe Company's Annual Report and Accounts for the year ended 31 May 2014, together with a notice convening the Company's Annual General Meeting at Cantor Fitzgerald's office at One Churchill Place, Canary Wharf, London, E14 5RB, at 11.00am on 30 September 2014 will be posted to shareholders in due course. Copies of the Annual Report and Accounts will be available on the Company's website: www.surfacetransforms.com as from this posting date.\n \n \nHighlights \n \n· Revenues increased by £214k to £1.3 million (2013: £1.1 million)\n· Gross margin during the year decreased to 56.2% (2013: 74.0%) as a result of the sale of more products with a lower gross margin compared to the previous year\n· EBITDA loss (including tax credit, and exceptionals) of -£583k (2013 loss of -£497k )\n· Loss before taxation and exceptional items of -£842k (2013: -£712k)\n· Loss per share reduced to -1.65p (2013: -1.71p)\n· Completed a placing in November 2013 for £327k from both institutional and private investors to further progress the Company's objectives towards 'game changing' new business\n· Cash used in operating activities increased by 28% to £501k to (2013: £392k)\n· Cash position as at 31 May 2014 of £151k (2013: £457k)\n· Significant progress with Tier One Original Equipment Manufacturers on winning 'game changer' contracts\n· Successfully changed retrofit distribution channels - albeit at a slower pace than planned\n \nCHAIRMAN'S STATEMENT \n \nThe Company continues to pursue two parallel, complementary but in practice very different strategies. In the short term the retrofit segment is crucial to both short term cash break even and securing road mile experience of the Company's products ...