Surface Transforms plc Reports Revenue Results for the Year Ended May 31, 2015; Provides Earnings Guidance for the Year Ended May 31, 2015
June 10, 2015 at 02:00 am EDT
Surface Transforms plc reported revenue results for the year ended May 31, 2015. For the year revenue was below expectations at £1.1 million against £1.3 million a year ago, primarily due to a temporary breakdown of the CVI furnace in May. Importantly however, road car sales increased 52% to £418,000 and total annual revenues when normalised to take account of non-recurring 2014 items were actually 10% higher than prior year, despite the aforementioned operational issue.
For the year ended May 31, 2015, Group's expected loss before tax will be adversely affect due to reduction in revenue.