Ceramics group Flare has downplayed market expectations of a material it has developed which has radar-invisible stealth characteristics.
Flare’s shares soared after a press report claiming that the material, in tests with the Ministry of Defence, could have wide-ranging commercial applications.
A spokeswoman said: `This product was launched a year ago, and although some sales may come through this year I am not aware of any orders yet.’
Operations director Stuart Redford said getting the material into production required substantial capital.
`The military and defence market is very conservative and will not turn overnight. We have to be cautious. The initial phase of development will need about £1m in investment – quite significant for us. We believe it is a product that needs supporting.’
Flare’s share price moved back to 11.5p from 15p after the cautious statement. Group results for the year showed a £3.9m loss after a difficult 12 months.
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