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10 Jun 2009 16:30
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Surface Transforms plc ("Surface Transforms" or the "Company") GENERAL TEXT AMENDMENT
The following amendmentΒ has been made to theΒ Pre-close trading statement for the year ended 31 May 2009Β announcement released on 10 June at 11:40 under RNS No 6686T.
"The Company expects to report turnover of approximately Β£679,000 which is equivalent to an increase ofΒ 34 per cent. (c.f. 25 per cent) compared to the previous financial year and losses although higher than the previous financial year, are expected to be ahead of current market expectations."
All other details remain unchanged.
The full amended text is shown below.
Pre-close trading statement for the year endedΒ 31 May 2009
Β
Highlights: * Turnover increased byΒ 34Β per cent.Β toΒ Β£679,284Β (2008:Β 508,111) *Β Sales to the Defence and AerospaceΒ marketsΒ increased by 64%Β to over Β£200,000.
*Β ISO 9001Β qualification was achievedΒ -Β mandatoryΒ for doing business in the aerospace andΒ Β automotive sectors *Β The completionΒ ofΒ the CVIST process for carbon infiltration so reducing the unit cost of an automotive disc by 20 per cent.Β
*Β CashΒ at year end:Β Β Β£404,275
*Β Order bookΒ at year end:Β Β Β£166,370
Update:
Β
TheΒ Board of Directors is pleased to report that theΒ Company'sΒ financial performance for the yearΒ ended 31 May 2009Β is broadly in line with market expectations. The CompanyΒ expects to report turnover of approximately Β£679,000Β which is equivalent to anΒ increase ofΒ 34Β per cent.Β compared to theΒ previousΒ financialΒ year and losses although higher than the previousΒ financialΒ year,Β are expected to beΒ ahead ofΒ current market expectations.Β The cash position of the CompanyΒ at 31 May isΒ Β£404,275Β and this isΒ equivalent toΒ 2.12p per share.Β Commenting on the historic performance and outlook for the Company, Chairman,Β Kevin D'Silva,said:"The Board is pleased with theΒ advances in sales toΒ theΒ defence andΒ aerospace sectorsΒ within the past year and it expects further progress will be made in these marketsΒ within the near future.Β The BoardΒ remains completely focused on achieving it's goalsΒ of reducing current losses and achieving a break even position as soon as possible. The severe downturn in the automotive markets since October 2008 have restricted the Company's growth in what would other wise be a year of satisfactory progress."Β
For furtherΒ information on the Company pleaseΒ visitΒ www.surface-transforms.com
Enquiries:
Surface Transforms Plc
Β
Kevin Johnson +44 151Β 356 2141
Kevin D'Silva
Β
Seymour Pierce Ltd
Nandita Sahgal +44 207 107 8000
Christopher Wren
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