Last checked at 8 Dec 2008 07:00
8 December 2008 Surface Transforms Plc ("Surface Transforms" or "the Company") Trading Update and Board Change
The Company announces that trading for the six months ended 30 November 2008 was in line with management's expectations.
Turnover for the period was ‚£398,409 (2007: ‚£205,997) an increase of 93.4 per cent. Cash balances at the period end were ‚£0.72 million (31 May 2008: ‚£1.11 million) equating to 3.8 pence per share. Sales of automotive brake discs to the high performance and race car markets represent the majority of the turnover generated in the period.
Despite overall market conditions our three business segments, high performance automotive brakes; aircraft brakes and rocket component systems, have performed satisfactorily in their respective markets and the forward order book, currently ‚£161,000, remains strong. The board continues to expect that full year revenues will be higher than the previous year. Interim results for the six months ended 30 November 2008 will be published in early February 2009.
Mr Julio Faria, a non executive director, has advised that he wishes to resign from the board this month to allow him to pursue his other business interests. Julio founded the Surface Transforms business together with Professor David Clark in 1992 when they both purchased the intellectual property and related assets from the former ICI plc. We wish him well and he has offered to stay in touch and will continue to remain as a shareholder of the Company.
ENQUIRIES:Surface Transforms plc Kevin Johnson Tel: 0151 356 2141 Geoff Hall John East & Partners Limited Simon Clements Tel: 020 7628 2200 Hansard Group (PR) John Bick/Chris Roberts Tel: 020 7245 1100 Redmayne Bentley (Private Client Broker) Lucy Clapham/Simon Flather Tel: 01943 886600Notes to Editors
Surface Transforms plc is the UK's leading manufacturer of `next-generation' carbon fiber reinforced ceramic composite materials (CRFCs).
vendor