Member Article

Ellesmere Port’s Surface Transforms Plc pre-tax loss increases to £471k

Ellesmere Port’s manufacturers of carbon fibre reinforced ceramic materials, Surface Tranforms Plc report its pre-tax loss has increased to £471k compared to £372k for the same period last year.

The company say this is due to increases in research costs associated with engineering costs, cost of sales increasing and a number of key contracts that mature in the second half of the financial year.

This is despite revenue increasing to £623k for the first half of the year compared to £558k for the same period last year.

Chairman, David Bundred, issued a statement:“In respect of the three strategic objectives of cost reduction, quality conformance and supply security, the Company announced in November its plan to build a new plant and the raising of up to £1.5 million to finance this and other projects.

“On behalf of the Company, your Board would like to thank both our new and existing shareholders for their support.

“Whilst the total funds raised were a little shy of what we had hoped, they are sufficient to commence the various programmes and we remain in discussions with certain potential investors to fund the shortfall.”

This was posted in Bdaily's Members' News section by Sophia Taha .