Surface Transforms PLC AGM Statement (9427D)
27 Junio 2023 - 1:00AM
UK Regulatory
TIDMSCE
RNS Number : 9427D
Surface Transforms PLC
27 June 2023
27 June 2023
Surface Transforms plc
("Surface Transforms" or the "Company")
Annual General Meeting and sales and operations presentation
Surface Transforms (AIM: SCE), manufacturers of carbon fibre
reinforced ceramic brake discs, reminds shareholders of its Annual
General Meeting (AGM) to be held today, Tuesday 27 June 2023 at
10:00 a.m. at the offices of finnCap, One Bartholomew Close,
London, EC1A 7BL.
Following the conclusion of the AGM, at approximately 10:15
a.m., Kevin Johnson, (CEO), will provide a presentation on both
sales and operations progress. The slides from this presentation
will be placed on the Company's website after the meeting.
www.surfacetransforms.com
Within the presentation, Kevin Johnson will advise that
manufacturing output continues to improve but has not yet reached
target levels. Sales for the six months to 30 June 2023 are
expected to be approximately GBP3.3m (H1 2022: GBP2.9m)
representing an overall increase of 14%. Within this total, the
volume of manufactured discs during the period increased by more
than 80%, reflecting the improvements made in production during
2023; the remainder of the sales in both periods is pre-production
development income.
The production difficulties described in the first quarter
trading update have not recurred, but the Company has continued to
experience individually small production disruptions that have
slowed the ramp up in output. As previously described the shortage
of overall capacity means that any stoppage in the quarter cannot
be recovered in the quarter but will be recovered as the capacity
comes on stream over the rest of the year.
The installation of additional capacity continues, and the
Company still expects to have excess capacity over current demand
in Q4 2023. Thereafter, the Company will be adding further capacity
to meet the next step change in demand as OEM 10 starts production
towards the end of 2024.
At the presentation the Company will be stating that we continue
to anticipate the benefits from both this additional capacity and
ongoing resolution of the production disruptions and therefore
reiterates previous guidance for 2023 and 2024.
The Company will issue a pre-close trading update for its half
year results in July, and its full half year results in
September.
For enquiries, please contact:
Surface Transforms plc
David Bundred, Chairman +44 151 356
Kevin Johnson, CEO 2141
Zeus (Nominated Advisor and Joint Broker)
David Foreman / Dan Bate / James Edis (Investment
Banking) +44 203 829
Dominic King (Corporate Broking) 5000
finnCap Ltd (Joint-Broker)
Ed Frisby / Abigail Kelly (Corporate Finance) +44 20 7220
Andrew Burdis / Barney Hayward (ECM) 0500
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develops and produces
carbon--ceramic material automotive brake discs. The Company is the
UK's only manufacturer of carbon--ceramic brake discs, and only one
of two mainstream carbon ceramic brake disc companies in the world,
serving customers that include major OEMs in the global automotive
markets.
The Company utilises its proprietary next generation Carbon
Ceramic Technology to create lightweight brake discs for
high--performance road and track applications for both internal
combustion engine and electric vehicles. While competitor
carbon--ceramic brake discs use discontinuous chopped carbon fibre,
Surface Transforms interweaves long strand carbon fibre to form a
3D matrix, producing a stronger and more durable product with
improved heat conductivity compared to competitor products; this
reduces the brake system operating temperature, resulting in
lighter and longer life components with superior brake performance.
These benefits are in addition to the benefits of all
carbon--ceramic brake discs vs. iron brake discs: weight savings of
up to 70%, longer product life, consistent performance, reduced
brake pad dust and corrosion free.
For additional information please visit
www.surfacetransforms.com
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END
AGMUNRVROAUNUAR
(END) Dow Jones Newswires
June 27, 2023 02:00 ET (06:00 GMT)
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