3rd Feb 2016 09:12
LONDON (Alliance News) - Ceramic materials manufacturer Surface Transforms PLC on Wednesday said its pretax loss narrowed and its revenue rose in the first half and said it expects a broadly similar performance in the second half.
The company's pretax loss for the half to the end of November was GBP430,000, compared to GBP471,000 a year earlier, driven by revenue rising to GBP782,000 from GBP623,000.
The revenue growth was driven by a catch-up in sales delayed from the previous year following the furnace break down the company suffered in May 2015, mainly focused on its aircraft customers, though it automotive sales also performed well.
Surface Transforms said its second half is traditionally a stronger trading period but, due to the inclusion of the catch-up orders in the first half, the second half performance is likely to be broadly similar to the first. It added that testing with prospective customers in the automotive industry was progressing well, and it expects to win contracts in this sector in the second half.
Surface Transforms shares were up 6.2% to 20.70 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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