Surface Transforms PLC Provides Pre-Close Trading and Operational Update

Surface Transforms PLC, manufacturers of carbon fibre reinforced ceramic automotive brake discs, shared their pre-close trading and operational update for the first half of 2024. Sales for H1 24 totaled £4.6 million, with the 2024 sales target remaining aligned with market estimates at £17.5 million. The company anticipates recognizing £1.7 million in engineering sales in H2 24.

Production has notably increased, doubling in the four weeks ending 12 July 2024 compared to the previous five months. Despite a challenging Q2, marked by supply chain constraints and yield issues, these problems have been progressively resolved.

Current cash reserves are £5.0 million as of 30 June 2024, with no additional funding required for the remainder of the year. The management team will provide a detailed update following the AGM on 23 July, with interim half-year accounts expected in September 2024.