Surface Transforms plc (LON:SCE) manufacturer of carbon fibre reinforced ceramic disc brake materials, has provided the following sales update for the three months to 31 March 2024 and reconfirms unchanged sales guidance of £23m for the 2024 financial year.
Sales in the first quarter were £3.0m. The sales trend for the last five quarters have therefore been 2023 Q1 £1.4m, Q2 £1.9m, Q3 £2.0m and Q4 £3.0m followed by Q1 £3.0m in 2024. Accepting that £3m maintains our run rate rather than increases it in Q1 2024 and was lower than our internal target, sales in March 2024 were £1.5m. Furthermore, significant improvements in the underlying operational performance led by Stephen Easton, Chief Operations Officer, have also been achieved. The single point of failure capacity constraints have now, almost all, been resolved, the revised maintenance procedures and continuing operator training have significantly improved plant availability, and performance.
