25/02/2004
Surface Transforms, the carbon fibre reinforced ceramic (CFRC) materials manufacturer, has made great progress in the past six months although it is yet to make a profit. Turnover for the interim period to November increased 66% to £175,481 compared to the same period last year. Pre-tax losses fell an impressive 80% to £159,109 thanks to a new business model that focuses on maximising commercial exploitation of its proprietary CFRC technology as well as operating cost cuts. Capital expenditure during the six months fell from £917,597 to £69,050. Surface Transforms has no debt and its cash position was £319,464 at November. During the period, Surface transforms also won two new contracts. In September, it signed a development contract with the United States Air Force research laboratory for the supply of development prototype CFRC materials. The deal is initially worth $50,000 (£26,500). This was followed by a development and licensing agreement with Dunlop Aerospace in November to develop aircraft braking systems. When development is completed Dunlop will supply CRFC brakes manufactured under a ten-year licence agreement with Surface Transforms. On the automotive front, the company is providing development and testing of CFRC brakes to an unnamed European supplier of complete braking systems; if the activity is successful there are high hopes for commercial co-operation with automobile manufacturers in Europe. Hold.
| Market cap: | £6m |
| PE Forecast: | n/a |
| Share price: | 70.5p |
| AIM | £2.09m |
11.00p
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-1.50p
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| Other company articles: |
| 30/06/2008 |
| 15/08/2006 |
| 01/03/2005 |
| 04/08/2004 |
| 05/05/2004 |
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