Surface Transforms plc (AIM:SCE) signed a new contract with its existing customer, OEM 8 with a contract value of approximately £100 million. This contract replaces the previously announced contract from September 2020 which was valued at approximately £27.5m.
This increased contract value of over £70m is driven by both significantly increased demand for this particular verhicle of OEM 8 and the contract being extended to 2027.
The contract remains priced in pounds sterling and increases the company’s sales forecast by £4m in 2023, £11m in both 2024 and 2025 and by £20m in both 2026 and 2027, taking the carbon-fiber brake-disc manufacturer’s overall lifetime order book to more than £180m.
Surface Transforms plc (LON:SCE) are experts in the development and production of carbon-ceramic materials and the UK’s only manufacturer of carbon-ceramic brakes for automotive use.