Last checked at 10 Jun 2009 16:30
Surface Transforms plc ("Surface Transforms" or the "Company") GENERAL TEXT AMENDMENT
The following amendment has been made to the Pre-close trading statement for the year ended 31 May 2009 announcement released on 10 June at 11:40 under RNS No 6686T.
"The Company expects to report turnover of approximately £679,000 which is equivalent to an increase of 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 ended 31 May 2009
Highlights: * Turnover increased by 34 per cent. to £679,284 (2008: 508,111) * Sales to the Defence and Aerospace markets increased by 64% to over £200,000.
* ISO 9001 qualification was achieved - mandatory for doing business in the aerospace and automotive sectors * The completion of the CVIST process for carbon infiltration so reducing the unit cost of an automotive disc by 20 per cent.
* Cash at year end: £404,275
* Order book at year end: £166,370
Update:
The Board of Directors is pleased to report that the Company's financial performance for the year ended 31 May 2009 is broadly in line with market expectations. The Company expects to report turnover of approximately £679,000 which is equivalent to an increase of 34 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. The cash position of the Company at 31 May is £404,275 and this is equivalent to 2.12p per share. Commenting on the historic performance and outlook for the Company, Chairman, Kevin D'Silva,said:"The Board is pleased with the advances in sales to the defence and aerospace sectors within the past year and it expects further progress will be made in these markets within the near future. The Board remains completely focused on achieving it's goals 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."
For further information on the Company please visit www.surface-transforms.com
Enquiries:
Surface Transforms Plc
Kevin Johnson +44 151 356 2141
Kevin D'Silva
Seymour Pierce Ltd
Nandita Sahgal +44 207 107 8000
Christopher Wren