LONDON (ShareCast) - (Sharecast News) - Surface Transforms updated the market on its trading for the seven months ended 31 December, being the end of its new truncated financial year as it announced on 15 August.
The AIM-traded firm said revenue for the period was £1.45m, up from £0.51m for the equivalent period a year earlier, which was in line with expectations.

Cash as at 31 December stood at £0.77m, rising from £0.32m, to which the board said could be added customer receipts of £0.42m received in the first trading week of January.

While that was lower than expectations, it said it was due to temporary factors including the phasing of sales in the seven months, delayed payment by customers and slower-than-planned inventory reduction.

On the operational front, Surface Transforms said discussions with potential original equipment manufacturer (OEM) customers were progressing well, and it still expected to be able to make "significant" contract announcements during the new 2020 financial year.

It also said it had now received full regulatory approval from the UK Environmental Agency for all the new furnaces in OEM Cell One.

Additionally, all the furnaces had now demonstrated functional capability, and the firm said it was on target to demonstrate full system integration in the first quarter of 2020.

"This significant acceleration in sales growth in the period is very encouraging and, we believe, sustainable," said chairman David Bundred.

"We look forward to 2020 and beyond with confidence."

The company said it expected to report its audited results for the truncated financial period on 30 March, and its unaudited report on the six months ended 30 November would be published on 28 February.

At 1435 GMT, shares in Surface Transforms were up 3.33% at 23.25p.

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