Surface Transforms PLC Trading and operational update (3643Z)
10 Gennaio 2020 - 8:00AM
UK Regulatory
TIDMSCE
RNS Number : 3643Z
Surface Transforms PLC
10 January 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
10 January 2020
Surface Transforms plc
("Surface Transforms" or the "Company")
Trading & Operational Update
Surface Transforms (AIM: SCE) provides the following trading
update for the seven months to 31 December 2019, being the end of
the new truncated financial year as announced on 15 August
2019.
Revenue for the seven month period was GBP1,451k (seven months
to December 2018: GBP512k). This outturn is in line with
expectations. Cash as at 31 December was GBP768k (December 2018:
GBP319k) to which can be added customer receipts of GBP425k
received in the first trading week of January 2020. Whilst lower
than expectations, this is due to temporary factors including the
phasing of sales in the seven months, delayed payment by customers
and slower than planned inventory reduction.
The Company expects to report its audited results for this
truncated financial period on 30 March 2020. The unaudited report
on the six months to 30 November 2019 will be published on 28
February 2020.
Progress with Potential OEM Customers
Discussions with potential OEM customers are progressing well
and the Company still expects to be able to make significant
contract announcements during the new 2020 financial year.
Progress with New Capital Equipment
The Company has now received full regulatory approval from the
UK Environmental Agency for all the new furnaces in OEM Cell One.
Additionally all the furnaces have now demonstrated functional
capability and the Company is on target to demonstrate full system
integration in Q1 2020.
David Bundred (Chairman) commented: "This significant
acceleration in sales growth in the period is very encouraging and,
we believe, sustainable. We look forward to 2020 and beyond with
confidence."
For enquiries, please contact:
Surface Transforms plc. +44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Cantor Fitzgerald Europe (Nomad & Joint-Broker) +44 20 7894 7000
David Foreman, Michael Boot (Corporate Finance)
Caspar Shand-Kydd, Maisie Atkinson (Sales)
finnCap Ltd (Joint-Broker) +44 20 7220 0500
Ed Frisby / Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
For further Company details, visit www.surfacetransforms.com
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END
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