Business
Half-yearly Report
Half-yearly Report.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \n 11 February 2009\n\n Surface Transforms plc \n\n (the \"Company\") \n\n Half-yearly results for the six months ended 30 November 2008 \n\nSurface Transforms plc, manufacturers of carbon fibre reinforced ceramic (CFRC)\nmaterials, announces its half-yearly financial report for the six months ended\n30 November 2008.\n\nFinancial and business highlights:\n\n * Turnover £398,409 (30 November 2007: £205,997);\n \n * Outstanding Order Bank currently stands at £[324,428];\n \n * Losses after tax £396,718 (30 November 2007: £213,956)\n \n * Cash at 30 November 2008 was £724,903 equivalent to approximately 3.8 pence\n per share (31 May 2008: £1,112,719 equivalent to 5.8 pence per share)\n \nCommenting, Kevin D'Silva, Chairman, said:\n\n\"Revenues in the second half of the financial year ending May 2009 are expected\nto be lower than our internal budgets and, therefore, full year revenues,\nalthough higher than the previous year, will be below market expectations. In\naddition, despite the recent cost reduction measures, the loss for the current\nyear is now expected to be higher than 2007/08 and market expectations.\n\n\"The board recognises that trading conditions for the Company's non-aerospace\ncustomers will continue to be challenging over the next 18 months. However, our\nfocus will be on achieving new business wins in the aerospace markets, some of\nwhich have already occurred in December 2008 with more expected. In addition,\nsome significant operating milestones have been achieved especially in the area\nof unit cost reduction. Lower unit cost of manufacture, a reduced annual\noverhead base of £200,000 and improved business in Aerospace are expected,\ncollectively, to deliver a marked reduction in operating losses and improved\ncash flows in the 2009/10 financial year.\n\n\"Whilst forecasting with any degree of accuracy is difficult in the current\neconomic conditions the board remains completely focused on achieving its goals\nand is cautiously optimistic that the business is capable of breaking even, in\ncash terms, at an operational level, in the financial year ended 31 May 2010. \"\n\nENQUIRIES:\n\nSurface Transforms plc \n \nGeoff Hall Tel: 0151 356 2141\n \nKevin Johnson \n \nJohn East & Partners Limited \n \nSimon Clements Tel: 020 7628 2200\n \nRedmayne Bentley (Private Client Broker) \n \nLucy Clapham ...