Surface Transforms moving closer to profitability

Surface Transforms was moving closer to profitability with its advanced carbon fibre products on Wednesday, updating the market on its first half results to 30 November 2015.

Turnover at the AIM-traded carbon fibre-reinforced ceramic manufacturer increased to £782,000 during the period - up from £623,000 a year earlier.

Its EBITDA loss, including tax credits but exclusing share-based payments, decreased to £27,000, from £165,000 a year earlier.

"The increased revenue was attributable to a catch-up in sales delayed in the previous year following the furnace break-down in May 2015, including approximately £107,000 from increased aircraft customer revenues", the company said in a statement.

At 30 November 2015, the company had cash of £525,000, up from £132,000 in 2014.
Looking ahead, Surface Transforms said the historic second half trading patters is for higher revenue.

"However, as explained, the first half benefitted from the one-off effect of catch-up sales. Accordingly, the board expects the second half revenue performance of the current financial year to be comparable to that achieved in the first half", the board explained.