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Surface Transforms, the carbon fibre reinforced ceramic materials manufacturer, issued its latest financial report and appears to have lost many of its recent gains after full year losses soared and turnover tumbled.
The UK based company posted Pre-tax losses for the 12 months to 31 May widened to more than £675,000 from £249,000 in 2004 on turnover down to £258,000 from £428.6m.
The group blamed the downturn in performance on the loss of the aircraft brake contract associated with Dunlop Aerospace announced in January and the strategic decision to increase development costs and strengthen management. Chairman Kevin D’Silva, however, remained optimistic about the progress the company will make over the coming years.
“The new and larger team at Surface Transforms is capable of driving success in its chosen markets,” he said.
“During this 2005/6 financial year, the board expects to demonstrate the success of its business development activities in the automotive brake market and build upon its existing development and supply programmes in aircraft braking and rocket engine components,” added D’Silva.
The company are optimistic about its future with a number of high-profile contracts, anticipating anticipate that the market for ceramic brakes is predicted to be 315m a year by 2015. The company suggest that they are targeting a market worth £142 million – 45% of market, with estimations that the automotive market for carbon/ceramic composites predicted to grow by 150% to a value of £157m a year by 2010.
In the past year, the company has agreed a two-year programme to supply rocket motor components to Roxel, Europe’s largest manufacturer of rockets and missile propulsion systems. It has also been awarded a US-based aircraft brake development programme, and has started developments testing with two British high-performance car makers.
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