Knowsley-based specialist brakes manufacturer, Surface Transforms, said it is happy with its full year forecast, and announced that chairman, David Bundred, is stepping down after 12 years on the board.
The company issued a trading update for the first quarter period, to March 31, 2024, in which it highlighted problems in its manufacturing process that it said “have absorbed a sizeable amount of working capital and cash”.
But it reassured customers and investors that this is in hand.
Surface Transforms said its customers have taken great comfort that the financing for its capital expenditure programmes in 2024 and 2025 has been secured and ring fenced by the terms of its local authority loan.
Surface Transforms plc (LON:SCE) is a manufacturer of next-generation carbon-ceramic brake discs for automotive and aircraft applications and has been certified to IS9001-2000 since 2008 and was certified to TS16949 automotive quality accreditation and AS9100C aerospace quality accreditation in 2015.