8th Dec 2016 09:41
LONDON (Alliance News) - Surface Transforms PLC said Thursday that its revenue for the first half of the year dropped by more than half, although the company said it still expects full year sales "broadly similar" to the prior year.
Surface Transforms, which makes carbon ceramic brake products, reported that for the six months to November 30, its revenue was GBP327,000, down by over 50% from GBP782,000 the prior year.
Shares in Surface Transforms were down 9.4% at 21.51 pence Thursday morning.
Surface Transforms said the biggest change was that it made no sales to race car customers in the six months, having made GBP337,000 sales to such customers in the comparable period, and no aerospace development revenue, worth GBP111,000 in the same period in 2015.
The company said that sales to original equipment manufacturers increased to GBP163,000 from GBP96,000, however sales to retrofit customers fell to GBP164,000 from GBP210,000.
Surface Transforms said it expects its full year sales and gross margin to be broadly similar to the prior year, but increased overheads mean its losses will be higher.
By Adam Clark; [email protected]
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