Surface Transforms reports FY22 results

Revenue for (fiscal year) FY22 grew 113 percent to £5.1 million (2021: £2.4m). This is less than previously guided, reflecting some highly specific, but cumulatively significant, production issues at the Company in late November and December as volumes were ramped up.

The problem furnaces are now operational but management wish to see several weeks of consistent output before being comfortable to confirm that the issue has been permanently resolved. In parallel, and as back up, the Company is accelerating additional capacity for these furnaces with the capacity on this process expected to double in the next three months.

The Company is also implementing a number of increased resources, operational changes and developments to facilitate the Company’s expansion plans, including the recent appointment of a chief operations officer.

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.

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