Surface Technology Systems
NO RECOMMENDATIONShares in the supplier of silicon etch equipment crashed by more than 60%, some 21.5p, on dire interims to June, as sales and margins slumped. Pre-tax losses were £8.4m, after £5.4m of 'non-recurring non-cash' provisions mainly relating to component inventories, against last year's £3m pre-tax profit. Trading losses hit £3m, and borrowings rose from a year-end £13.9m to £17.5m. Meanwhile sales surrendered 42% at £17.1m on a rapid fall in demand for equipment from the photonics sector, particularly in North America. The board warned that it expects no revenue growth in the 'foreseeable future'. To save cash, it will cut its workforce by 20% during the rest of the year. 'Avoid for now' is understating the investment case.
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Market cap: £4.2m
PE Forecast: n/a
Share price: 13.5p
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