Surface Transforms moving closer to profitability

3rd Feb 2016 11:21

(ShareCast News) - 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.