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19 April 2007


STS plans cost-cutting strategy to counter anticipated profit shortfall

Plasma etch system maker Surface Technology Systems plc (STS) of Newport, UK says that, while enquiry levels remain high, order levels in the year to date have been below expectations. Therefore, at present, trading for full-year 2007 is difficult to predict, although it is probable that the results will be significantly below original expectations.

As a result STS is considering the implementation of a cost-reduction programme to reflect the level of trading currently being achieved and anticipated.

STS is also in discussions with its parent company Sumitomo Precision Products Co Ltd about the future financing of the business.

STS has also announced the resignation of Dr Mike Love, a non-executive director, from the board with immediate effect, following six years with the firm.