Business
Trading Statement
Trading Statement.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \n 10 July 2008\n\n Surface Transforms plc \n\n (\"Surface Transforms\" or the \"Company\") \n\n Pre-close trading update for the year ended 31 May 2008 \n\nHighlights\n\n * Turnover increased by 90 per cent. to £508,112\n \n * Sales agreement with a leading global automotive brake system supplier\n \n * Order book increased by 138 per cent. to approximately £300,000\n \nUpdate\n\nThe Board of Surface Transforms, a manufacturer of high technology carbon\nceramic materials for braking systems, is pleased to announce a trading update\nfor the year ended 31 May 2008.\n\nAs announced on 30 June 2008, Surface Transforms signed a four year sales\nagreement with a leading global automotive brake system supplier for the supply\nof carbon fibre preform discs. The Directors believe, based on forecasts\nprepared by the brakes system supplier, that this contract could generate\nadditional revenues of approximately £300,000 - £400,000 per annum over the\nlife of the agreement.\n\nThe Company is pleased to announce that its financial performance for the year\nended 31 May 2008 is broadly in line with market expectations. The Company\nexpects to report turnover of approximately £508,000, which is equivalent to an\nincrease of 90 per cent compared to the corresponding period in 2007 of £\n266,789. Losses after taxation for the year are expected to reduce by 8 per\ncent from £646,422 in the comparative period in 2007 to approximately £594,000.\nThe cash position of the Company has increased to £1,112,719 (2007: £878,971),\nwhich is equivalent to approximately 5p per share. In addition, the Company's\norder book has increased by 137.91 per cent from £126,097 as at 31 May 2007 to\napproximately £300,000 as at 31 May 2008.\n\nThe Company expects to announce its final results for the year ended 31 May\n2008 on 16 September 2008.\n\nCommenting on the historic performance and outlook for the Company, Chairman,\nKevin D'Silva, said:\n\n\"The Board is pleased with the progress in the year to 31 May and believes\nfurther significant progress will be made in the forthcoming financial year and\nis particularly encouraged by the automotive brake contract announced on 30\nJune 2008\".\n\nFor further Company details visit www.surface-transforms.com\n\nENQUIRIES:\n\nSurface Transforms plc \n \nKevin Johnson Tel: 0151 356 2141\n \nGeoff Hall \n \...