Surface Transforms (SCE)

Sector:

Engineering

Index:

FTSE AIM All-Share

37.24p
   
  • Change Today:
      0.74p
  • 52 Week High: 57.50
  • 52 Week Low: 34.75
  • Currency: UK Pounds
  • Shares Issued: 240.61m
  • Volume: 140,220
  • Market Cap: £89.60m
  • RiskGrade: 375
  • Beta: 0.02

Surface Transforms set to reach profitability in 2022

By Josh White

Date: Friday 28 Jan 2022

LONDON (ShareCast) - (Sharecast News) - Carbon fibre ceramics company Surface Transforms said in a trading update on Friday that revenue grew 20% in 2021 to £2.4m.
The AIM-traded firm said cash at year-end on 31 December totalled £13m, although that included a £3.1m irrevocable letter of credit in the name of a furnace manufacturer, which would be progressively drawn down by the supplier as furnace manufacturing milestones were met.

Other interest-bearing loans and asset finance totalled £1.8m, up from £0.7m at the end of 2020, with the increase put down to the company's acceptance of a local government loan on attractive terms, as it described in March.

Surface Transforms also announced that, at the end of January, daily assembly volumes reached initial management targets in the production plan, required to reach market revenue expectations for 2022.

The company said it had addressed a specific production issue on the "particularly complex" furnace it described in December, with several "satisfactory" production batches having now been produced in late December and January.

Following that success, the firm's operational focus had moved on, with the board explaining that like all manufacturing processes the system needed to be filled, which in its case took a matter of "weeks" and was completed in January.

This system fill and production ramp-up involved "downstream" manufacturing stress testing, aiming to identify and resolve further capacity constraints and engineering challenges.

That production ramp up was now in line with management targets, and manufacturing engineering activity would continue through the first and second quarters of 2022.

"This year will be transformational for the company as we move into profitability," said chairman David Bundred.

"We are delighted with the progress made in January, and by the success the team had in its response to the problematic furnace.

"Given our order position, the priority is now production, and the Board is confident in the company's ability to deliver on the excellent opportunity ahead."

Surface Transforms said it would release its final results for the year ended 31 December in April.

At 1208 GMT, shares in Surface Transforms were up 5.88% at 45p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SCE Market Data

Currency UK Pounds
Share Price 37.24p
Change Today 0.74p
% Change 2.02 %
52 Week High 57.50
52 Week Low 34.75
Volume 140,220
Shares Issued 240.61m
Market Cap £89.60m
Beta 0.02
RiskGrade 375

SCE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
23.57% below the market average23.57% below the market average23.57% below the market average23.57% below the market average23.57% below the market average
51.52% below the sector average51.52% below the sector average51.52% below the sector average51.52% below the sector average51.52% below the sector average
Price Trend
71.87% below the market average71.87% below the market average71.87% below the market average71.87% below the market average71.87% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average
Income Not Available
Growth
4.32% below the market average4.32% below the market average4.32% below the market average4.32% below the market average4.32% below the market average
25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average

SCE Dividends

No dividends found

Trades for 09-Feb-2023

Time Volume / Share Price
11:52 50,000 @ 36.06p
11:52 50,000 @ 36.00p
11:49 106 @ 37.52p
11:24 266 @ 37.52p
11:14 2,663 @ 37.54p

SCE Key Personnel

CEO Kevin Johnson
Finance Director Michael Cunningham

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