Surface Transforms’ revenue for the six-month period grew 55% to £902k

Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic materials, has provided the following trading update for the six months to 30 June 2020.

Revenue for the six-month period grew 55% to £902k (six months to June 2019: £581k). This revenue growth was achieved despite the impact of COVID-19 on the Company and our customers. Cash at 30 June was £2,018k (December 2019: £770k) to which can be added the R&D tax credit, in excess of £300k, expected in September 2020.

The Company expects to report its interim results for the six months ended 30 June 2020 in September 2020.

Progress with Potential OEM Customers and New Capital Equipment

The Company updated shareholders on progress with customers and operations in the recent statement issued on 22 June 2020. It is encouraging to report that since that date all key customer personnel have now returned from furlough and with unchanged objectives for the contract opportunities for the Company.

David Bundred (Chairman) commented: “This sales performance is most encouraging against the background of the most difficult economic conditions in recent memory. The combination of this performance and our most recent customer discussions enables the Company to reiterate the key outlook statements made in the 22 June 2020 announcement. The Company remains on track to reach positive adjusted EBITDA in 2021, report a profit before tax in 2022, and still expects to make further new contract announcements during 2020.”

Investor Presentation – 9:40am on 24 July 2020

As previously announced by the Company on 26 June 2020, following completion of the forthcoming AGM that will start at 9:30am on 24 July 2020 and expected to finish at 9.40am, Kevin Johnson, CEO, will provide an online presentation on the business. Access will be available through the Investor Meet Company platform. The online presentation is open to all existing and potential shareholders alike. It will be possible to ask online questions of the Board both before and during the presentation. To attend this online presentation, investors can sign up to Investor Meet Company for free via https://investormeetcompany.com/surface-transforms-plc/register-investor and register their attendance. For those investors who have already registered and added to meet the Company, they will automatically be invited.

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Surface Transforms Plc

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