Business
Interim Results
Interim Results.
About this update from Surface Transforms Plc
[{"type":"text","content":"\n \n \n The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n 5 September 2022\n \n \n \n \n \n \n Surface Transforms plc\n \n \n \n \n (\"Surface Transforms\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n Interim results for the six months ended 30 June 2022\n \n \n \n \n \n \n \n \n \n Surface Transforms (AIM: SCE) manufacturers of carbon fibre reinforced ceramic automotive brake discs, announces its interims results for the six months ended 30 June 2022.\n \n \n \n \n \n \n \n \n \n Financial highlights\n \n \n \n \n \n \n \n \n \n ·\n \n \n Revenue increased 137% to £2.9m (H1-2021: £1.2m)\n \n \n \n \n ·\n \n \n Cash at 30 June 2022 was £6.7m (Dec 2021: £13.0m)\n \n \n \n \n ·\n \n \n Gross profit increased 129% to £1.7m (H1-2021: £0.7m)\n \n \n \n \n ·\n \n \n Administrative expenses increased 45% to £4.2m\n \n \n (H1-2021: £2.9m)\n \n \n , primarily in preparation of sales growth expected in H2-2022\n \n \n \n \n ·\n \n \n Loss before tax increased to £2.5m (H1-2021: £2.2m)\n \n \n \n \n ·\n \n \n Capital expenditure on property, plant and equipment was £2.8m (H1-2021: £0.8m)\n \n \n \n \n ·\n \n \n Profit guidance maintained for full year 2022 and upgrades for 2023 to 2025\n \n \n \n \n \n \n \n \n \n Sales and operational highlights\n \n \n \n \n \n \n \n \n ·\n Commenced series production with OEM 8, Aston Martin Valkyrie and Koenigsegg Jesko, the volume effects of which will be seen in H2-2022\n \n \n ·\n Awarded new contract with existing customer, OEM 8 having a contract value of approximately \n £100m, replacing the previous contract valued at £27.5m\n \n \n \n ·\n \n \n Additionally, post balance sheet date, announced a £13m lifetime value contract win with a new battery electric vehicle customer OEM 9\n \n \n \n \n ·\n \n \n Contracted sales order book now approximately £190m (lifetime value)\n \n \n \n \n ·\n \n \n Prospective contract pipeline (\"PCP\") now approximately £400m (lifetime value) ...