17th Sep 2018 10:25
LONDON (Alliance News) - Surface Transforms PLC said Monday it is confident in achieving further sales growth as it reported a reduction in its annual loss, helped by first revenue from a contract with car maker Aston Martin.
For the year ended May 31, the brake disks manufacturer posted pretax loss of GBP2.3 million compared to GBP2.5 million a year prior. This was on the back of almost doubled revenue to GBP1.4 million from GBP702,000 mainly due to a boost by the start of revenue from Aston Martin's new Valkyrie electric sports car.
However, unspecified non-recurring items costs of GBP133,000 and slightly higher research & development costs partially offset the revenue increase.
"The last year has seen further tangible progress on our journey from an early stage developer to a mainstream profitable volume automotive components supplier," Chairman David Bundred said.
The company reported growth in all its customers across the US and Europe. It now expects sales within 10 customers, including Aston Martin, to approach GBP1 million, "a potential higher than previously envisaged".
Looking ahead, Surface Transforms expects sales to "grow further" as the board remains confident of winning "game changer" contracts.
Shares were trading down 3.0% at 17.95 pence each.
Related Shares:
Surface Transforms