Surface Transforms (LON:SCE) manufacturers of carbon fibre reinforced ceramic automotive brake discs, has provided its unaudited interims results for the six months ended 30 June 2023 (“H1-2023”).
Financial highlights:
· Revenue increased 15% to £3.3m (H1-2022: £2.9m)
· Gross profit increased 14% to £2.0m (H1-2022: £1.7m), with margin consistent at 60%
· Operating loss1 increased to £4.6m primarily due to £2.5m of non-repeatable outlays to overcome technical challenges. Investment in teams, R&D and depreciation also increased in line with plan
· Loss before tax increased to £5.5m (H1-2022: £2.5m)
· Cash at 30 June 2023 was £4.5m (31 Dec 2022: £14.9.m)
· Improving revenue post period end, with H2-2023 revenue expected to be significantly ahead of H1-2023
1Before non-recurring items