10th Jan 2020 10:00
(Alliance News) - Surface Transforms PLC said Friday revenue in the last seven months of 2019 was behind expectations due to phasing of sales, delayed payments from customers and slower-than-planned inventory reduction.
The automotive brake discs manufacturer said its revenue in the seven months to December 31 totalled GBP1.5 million, double the GBP768,000 seen in the same period a year before. Surface Transforms noted it received GBP425,000 in customer receipts in the first trading week of January.
Chair David Bundred said: "This significant acceleration in sales growth in the period is very encouraging and, we believe, sustainable. We look forward to 2020 and beyond with confidence."
Surface Transforms also noted its discussions with potential original equipment manufacturing customers are "progressing well". The company said it expects to make "significant" OEM contract announcements in 2020.
In August last year, Surface Transforms changed its financial year end reporting date from the end of May to December 31.
The company expects to report its results for the truncated financial period on March 30. It results for the six months to November 30, its first half under its previous accounting period, will be released on February 28.
Shares in Surface Transforms were up 6.7% in London on Friday morning at 24.00 pence each.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Surface Transforms