Business
Half-year results for 6 months ended 30 June 2020
Half-year results for 6 months ended 30 June 2020.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2198A\n Surface Transforms PLC\n 28 September 2020\n \n \n \n \n \n 28 September 2020\n \n \n \n \n \n \n \n \n \n Surface Transforms plc.\n \n \n \n \n (\"Surface Transforms\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Half-year financial results for the six months ended 30 June 2020\n \n \n \n \n \n \n \n \n \n Surface Transforms (AIM:SCE) manufacturers of carbon fibre reinforced ceramic materials, is pleased to announce its half-year financial results for the six months ended 30 June 2020.\n \n \n \n \n \n \n \n \n \n Financial highlights:\n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Revenue increased by 55% to £902k (H1-2019: £583k)\n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Gross profit increased by 72% to £590k (H1-2019: £343k)\n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Loss before tax decreased to £1,451k (H1-2019: £1,525k)\n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Loss after tax increased to £1,175k \n \n \n (H1-2019: £837k) \n \n \n partially reflecting inclusion of two R&D tax credits in the comparable prior period ended June 2019\n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Cash at 30 June 2020 was £2,019k (31 December 2019: £770k), to which can be added £334k of R&D tax credit received in September 2020.\n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Capital expenditure on property, plant and equipment of £277k (H1-2019: £32k) mainly relating to the installation of OEM Production Cell One\n \n \n \n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n \n \n Successful equity placing and oversubscribed open offer raising £2,206k (net of expenses) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Sales and Operational Highlights:\n \n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n Post balance sheet date, awarded a contract with a global automotive vehicle manufacturer (described as OEM 8) with estimated lifetime value of approximately £27.5 million\n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n £5m lifetime value contract awarded from Koenigsegg on the recently launched Gemera car\n \n \n \n \n \n \n \n \n \n -\n \n \n \n \n Continuing delays on start of...