StockMarketWire.com - Surface Transforms on Tuesday announced preliminary results for the fiscal year ending 31 May 2017, with revenue down by £660k to £702k from £1,362k in 2016. But the company's gross margin percentage increased to 61.0%, upr from 51.6% for the same period in the previous year. The revenue drop was due to a deferral to the 2017-18 financial year as a result of a conscious decision to switch capacity from revenue generating product to test parts during the factory move, now completed.

Successful equity placing and open offer raised gross proceeds of £3.677m to further the Company's expansion plans post the financial year-end. Except for the ceramic furnaces, all new capital equipment has been ordered and is being progressively commissioned for increased production capacity.

The company's annual general meeting will take place at finnCap, 60 New Broad Street, London, EC2M 1JJ on 28 Nov 2017 at 11.00 am.

At 9:34am: [LON:SCE] Surface Transforms PLC share price was -0.25p at 15.88p



Story provided by StockMarketWire.com