19/09/2003
Surface Transforms, the ceramic braking and allied materials specialist, has won a contract to supply sample batches of advanced carbon fibre ceramic materials to the US Air Force's research unit. Managing director Julio Faria says it took four to five months of negotiations to win the deal, which is worth an initial £50,00. Surface, which lost £1.1m in the year to May on turnover more than doubled to £240,000, still awaits precise instructions from the USAF's strategic research centre. But the contract is significant, claims Faria, because 'it gives us recognition that people think we are special. We can do what few others can do and in commercial sizes'. He adds that Surface, which has a contract with defence giant BAE Systems to test its components for rocket propulsion systems, is also speeding its activities in the automotive sector, where analysts believe a new partner could be in the offing. Surface Transforms now derives revenues from contracts as well as product licencing. Meanwhile, railway work is 'slow but steady'. A big potential earner, says Faria, is aircraft applications of its technology. Surface disappointed early hopes of a big Formula 1 deal with the Jordan team, which Faria says was aborted because 'it turned out to be too risky'. Abandoning the project meant Surface had to write off £400,000 it had been obliged to build up and that hammered its 2002-03 interim results. Hold.
| Market cap: | £5.2m |
| PE Forecast: | n/a |
| Share price: | 55.5p |
| AIM | £2.09m |
11.00p
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-1.50p
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| Other company articles: |
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