Surface Transforms PLC Trading and operations update (5334E)
08 Luglio 2021 - 8:00AM
UK Regulatory
TIDMSCE
RNS Number : 5334E
Surface Transforms PLC
08 July 2021
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Abuse Regulations (EU) No. 596/2014. Upon the publication of this
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8 July 2021
Surface Transforms plc.
("Surface Transforms" or the "Company")
Pre close trading and operations update
Progress with potential OEM customers and new capital
equipment
Surface Transforms (AIM: SCE), manufacturers of carbon fibre
reinforced ceramic materials, is pleased to provide the following
pre close trading and operations update for the six months to 30
June 2021 ("H1-2021").
Trading update
Revenue in H1-2021 grew 34% to GBP1.2m (H1-2020: GBP0.9m),
exceeding managements' original expectation that sales in the
period would be broadly unchanged from the run rate achieved in
H1-2020. As previously announced, revenues are expected to further
increase in the final quarter of 2021, following start of
production ("SOP") on the multi-year OEM contracts already awarded
to Surface Transforms.
Cash as at 30 June 2021 was GBP17.2m (31 December 2020: GBP1.1m)
reflecting the successful GBP19m fund raise (after fees) in
February 2021. A tax credit of GBP0.6m is expected in August and
the drawdown of the GBP1m Liverpool City Region Combined Authority
loan in October.
The Company expects to report its interim results for H1-2021 in
September 2021.
Progress with potential OEM customers
The Company is pleased to report continuing progress with regard
to both customer discussions and product testing; Accordingly, the
Board still expect to announce significant further contract wins
with both new and existing OEM customers in the current financial
year.
New capital equipment
OEM Production Cell One will be ready for the ramp up in sales
forecast for the final quarter of 2021. Additionally, following the
fund raise, the Company has satisfactorily concluded its
discussions with the furnace manufacturers for the next stages of
manufacturing expansion and will be issuing both purchase orders
and providing deposits totalling GBP3m across July and August to
the furnace and other equipment suppliers.
David Bundred (Chairman) commented: "This encouraging sales
performance, does not yet include the impact of previously
announced contract wins. As previously reported, we anticipate a
ramp up of revenues from our new OEM contracts in the final quarter
of 2021. In parallel, we are most encouraged by the strategic
progress made on further contract opportunities. Similarly,
positive progress has been made with regard to equipment
installation. The combination of these factors enable the Company
to reiterate that it remains on track to report a profit before tax
in 2022, with further significant growth contracted for many years
thereafter."
For enquiries, please contact:
Surface Transforms plc. +44 151 356 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
Zeus Capital Limited (Nominated Adviser and Joint Broker) +44 203 829 5000
David Foreman / Dan Bate / Jordan Warburton (Corporate
Finance)
Dominic King (Corporate Broking)
finnCap Ltd (Joint Broker) +44 20 7220 0500
Ed Frisby/Abigail Kelly(Corporate finance)
Richard Chambers (ECM)
For further Company details, visit www.surfacetransforms.com
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce 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 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.
For additional information please visit
www.surfacetransforms.com
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