Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has provided the following pre-close trading and operations update for the year to 31 December 2023.
Trading update
Subject to audit, revenue for FY23 grew 63% to £8.3m (2022: £5.1m). Gross cash at 31 December 2023 was £6.1m, including the cash received from the December 2023 equity fundraising. Additionally as announced on 11 December 2023, the Company has completed a £13.2m loan agreement solely for use against capital expenditure, none of which had been drawn down at the year end. Capital expenditure in 2023 was, as forecast, approximately £9m.
The Company expects to report its audited results for FY23 in mid-April 2024.