- Surface Transforms said revenue for the six months to Nov. 30 was GBP782,000, up about 26% from GBP623,000 in the year-ago same period.

"The Company expects that this higher revenue, will result in an EBITDA loss (inclusive of the R&D tax credit booked in the first half of the year) being significantly lower than the same period last year.

"The increased revenue was assisted by a catch up in sales following the furnace break down in May 2015 and approximately £107k from increased aircraft revenues, but within the core automotive sales, it is encouraging to note that there was a 60% increase in retrofit car sales and a 20% increase in near OEM car sales, equivalent to approximately £100k in aggregate between the comparable half year periods; the former reflecting new additional customers, the latter being increased sales to existing customers.

"Cash was £523k at the half year end (2014: £132k) and £829k at the year ended 31 May 2015. However net current assets increased by £266k in the period and will convert to cash over the next few months demonstrating the business being close to operating cash break-even in the first half."

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