Surface Transforms plc (LON:SCE), manufacturers of carbon fibre reinforced ceramic automotive brake discs, has announced its audited results for the twelve months ended 31 December 2023.
Financial highlights
· Revenues grew 81% to £7.3m (2022 restated £4.0m), following change to revenue recognition criteria
· Gross margin 57% (2022 Restated: 64%), reduction due to higher temporary outsourcing
· Net research costs of £9.7m (2022: £5.6m)
· £9.2m non-cash impairment of tangible assets (£3.0m) and Intangible assets (£6.2m)
· Loss after taxation, including £9.2m impairment, was £19.6m (2022 Restated: £5.3m)
· Loss per share of 7.92p (2022 Restated: 2.58p)
· Cash used in operating activities £10.3m (2022: £6.5m)
· Cash at 31 December 2023 of £6.1m (2022: £14.9m)
· £10.1m equity placing and open offer to support ongoing working capital needs in the year and £8.8m net of fees further equity raised post balance sheet
· £13.2m loan secured to fund future capital investment
