30th Sep 2015 12:34
LONDON (Alliance News) - Surface Transforms PLC on Wednesday posted a wider pretax loss for its recently-ended financial year due to lower revenue, though it said slowness in its talks on securing local authority grants was dragging on its progress.
The company, which manufactures carbon-fibre-reinforced ceramic materials, said its pretax loss for the year to the end of May was GBP982,000, widened from a GBP842,000 loss a year earlier. Revenue in the half was down to GBP1.1 million from GBP1.3 million, despite higher sales to retrofit and original equipment manufacturers rising, due to a temporary breakdown at its furnace in May which hit production.
The company said it has made significant progress on winning deals with tier one manufacturers, including a GBP1.3 million deal with an aerospace client, and said that post the end of the year, it secured the TS16949 quality certification, the quality management standard for the automotive industry and a pre-requisite for supplying the mainstream automotive market.
Surface Transforms said it has made progress on its supply chain in the year, reducing lead times and costs, though this was slowed by delays in talks to secure local authority grants.
Shares in Surface Transforms were down 3.9% to 15.50 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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