Trading Update

RNS Number : 7205Y

Surface Transforms PLC

04 December 2014

 

Surface Transforms Plc ("Surface Transforms" or the "Company")

Trading Update

Surface Transforms (AIM: SCE) is pleased to announce that trading in the six months ended 30 November 2014 was in line with management's expectations.

Turnover for the period was £624k (2013: £558k) being 11% higher than the corresponding period last year; however last year's sales figures included non-recurring technology transfer agreement payments of £154k. The underlying increase came both from a 52% increase in discs in the retrofit road car and a 59% increase in automotive race markets. Cash was £131k compared with £151k at the year ended 31 May 2014 and £375k at the same half year point last year of 30 November 2013.

The cash numbers exclude any proceeds from the Placing and Open Offer and reflect tight cash management in the Company

David Bundred, Chairman, said "The significant increase in continuing sales is most encouraging reflecting both the positive results from the new distribution channels established for the company's retrofit road car markets and an end to the supply chain problem our automotive race customer had last year. Additionally, as has been stated in the various announcements surrounding the Placing and Open Offer, good progress is also being made on the longer term "game changer" strategic contracts".

The Company expects to report the interim results for the six months ended 30 November 2014 in February 2015.

Enquiries:

Surface Transforms plc

Dr. Kevin Johnson, CEO	[phone]
David Bundred, Chairman	[phone]

Cantor Fitzgerald Europe

David Foreman, Rick Thompson (Corporate Finance)	[phone]
Paul Jewell, David Banks (Corporate Broking)

 

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