This information communicated within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014 as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. Upon the
publication of this announcement, this inside information is now
considered to be in the public domain.
17 April
2024
Surface Transforms plc
("Surface Transforms" or "the
Company")
2024 Sales Outlook
Surface Transforms (AIM:SCE) manufacturer of
carbon fibre reinforced ceramic disc brake materials provides the
following more detailed sales guidance for
2024. Sales are anticipated to grow by a
minimum of 111% in 2024 and up to 165% compared to FY 2023 sales of
£8.3m, resulting in a projected FY 2024 range of £17.5m to £22m
sales.
With the majority of the year still to come,
2024 sales outlook is dependent on the amount of progress made on
reducing scrap, building capacity and delivering to
customers.
Sales were constrained in Q1 due primarily to
scrap and constrained manufacturing capacity. Significant
progress has been made on reducing scrap and this is expected to
continue through 2024. Similarly progress on expanding our
capacity during 2024 is advancing. As capacity increases from
these operational activities it also creates the opportunity to
deliver a more favourable product mix with customers. These
three activities are all boosting sales and are driving our rapid
growth during the year.
We have detailed plans in place to continue to
drive all three areas with the pace of progress determining a
current spread in 2024 sales of approximately 20%.
As we advance operational activities and
deliver to customers we expect the sales range to narrow, and we
therefore will provide updates on progress throughout the
year.
Kevin Johnson, CEO said: "We are providing this
range of outcomes for the year, in response to shareholder request
for "worst case scenarios". We remain committed to achieving
the higher end of this range."
For
enquiries, please contact:
Surface Transforms plc
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+44
151 356 2141
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David Bundred, Chairman
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Kevin Johnson CEO
Isabelle Maddock CFO
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Zeus (Nominated Adviser and Joint Broker)
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+44
203 829 5000
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David Foreman / Dan
Bate / James Edis (Investment Banking)
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Dominic King (Corporate
Broking)
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|
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Cavendish Capital Markets Ltd (Joint Broker)
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+44
20 7220 0500
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Ed Frisby / Abigail
Kelly (Corporate Finance)
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Andrew Burdis / Harriet
Ward (ECM)
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About Surface Transforms
Surface Transforms plc. (AIM:SCE) develops and produces
carbon‐ceramic material automotive brake discs. The Company is
the UK's only manufacturer of
carbon‐ceramic brake discs, and only one of two mainstream carbon
ceramic brake disc companies in the world, serving customers that
include major OEMs in the global automotive
markets.
The Company utilises its proprietary next generation Carbon
Ceramic Technology to create lightweight brake discs for
high‐performance road and track applications for both internal
combustion engine cars and electric vehicles. While competitor
carbon‐ceramic brake discs use discontinuous chopped carbon
fibre, Surface
Transforms interweaves continuous
carbon fibre to form a 3D matrix, producing a stronger and more
durable product with improved heat conductivity compared to
competitor products; this reduces the brake system operating
temperature, resulting in lighter and longer life components with
superior brake performance. These benefits are in addition to the
benefits of all carbon‐ceramic brake discs vs. iron
brake discs: weight savings of up to 70%, longer product life,
consistent performance, reduced brake pad dust and corrosion
free.
The Company holds the London Stock Exchange's Green
Economy Mark.
For additional information please
visit www.surfacetransforms.com