Business
Final Results and Notice of Annual General Meeting
Final Results and Notice of Annual General Meeting.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \nRNS Number : 7592L Surface Transforms PLC 05 August 2011 \n\n5 August 2011\n \nSurface Transforms plc\n \n(\"Surface Transforms\" or the \"Company\")\n \nFinal Results and Notice of Annual General Meeting\n \n \nSurface Transforms (AIM: SCE) is pleased to announce its final results for the year ended 31 May 2011. The Company's Annual Report and Accounts for the year ended 31 May 2011, together with a notice convening the Company's Annual General Meeting at the Company's offices at Ellesmere Port at 12:00 noon on 14 October 2011 have been posted to shareholders. Copies of the Annual Report and Accounts are available on the Company's website: www.surface-transforms.com. \n \nHighlights \n \n· Revenue increased by 7.3% to £863,439 (2010: £804,800)\n· Losses after taxation £870,961 (2010: £536,019)\n· Cash position as at 31 May 2011 of £615,145 (2010: £414,513)\n· Order book plus contracted sales for delivery by 31 May 2012 of £568,000 (2010: £521,996)\n· Fundraising of £1.2 million net of expenses, in November 2010 at 17 pence per share.\n· In March 2011 the Company entered into a forward contractual supply agreement with \none of its main clients, Mov'IT International. The contract expires on 31 December 2014 and provides for the sale of ceramic brake discs with a minimum value of approximately £2.7m (€3.1 million) over the contract term.\n· During October 2010, the Company signed a Development Agreement with a major US \nmanufacturer of wheels and brake systems for the aircraft industry. \n \n \nEnquiries:\n \n\n\n\n\nSurface Transforms Plc\n\n\n+44 151 356 2141\n\n\n\n\nKevin Johnson\n\n\n \n\n\n\n\nGeoff Hall\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nSeymour Pierce Ltd\n\n\n+44 207 107 8000\n\n\n\n\nGuy Peters / David Foreman - Corporate Finance\n\n\n \n\n\n\n\nPaul Jewell / David Banks - Corporate Broking\n\n\n \n\n\n\n\n \n \n \nChairman's Statement\n \nIn the year ended 31 May 2011 the Company achieved a 7.3% increase in revenues to £863,439 (2010: £804,800). These revenue levels although higher than last year were lower than ...