Surface Transforms PLC Announcement of contract wins with OEM 6 (8106V)
16 Diciembre 2021 - 01:00AM
UK Regulatory
TIDMSCE
RNS Number : 8106V
Surface Transforms PLC
16 December 2021
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
16 December 2021
Surface Transforms plc
("Surface Transforms" or the "Company")
Announcement of contract wins with OEM 6
Surface Transforms plc (AIM:SCE) is pleased to announce that it
has been notified of its selection as a tier one supplier of a
carbon ceramic brake disc on the forthcoming launches of three cars
of its existing customer, previously described as OEM 6.
The carbon ceramic disc will be fitted as standard to both axles
on all three cars. The lifetime value of these contract wins is
more than GBP45m - bringing the overall Company order book to in
excess of GBP115m.
These contract wins are in addition to the previously notified
vehicle selection with this customer. The first car is a
limited-edition special model with start of production (SOP) in
late 2023 with a short series production period. The second two
models (the base car and a derivative) have an SOP of mid 2024 and
will be in production for at least six years. In total, these three
new selections by OEM 6 are expected to generate approximately
GBP0.5m of sales in 2023, increasing to approximately GBP4m in 2024
and to approximately GBP7m in 2025 and thereafter.
These wins were anticipated in our recent capacity and cash flow
planning scenarios and were included within the "prospective
carry-over" projections described during the February 2021 fund
raising. However, consistent with our policy that we only forecast
contract wins, they were not included in any previous market
guidance or analyst forecasts and can therefore now be added to
these projections. "Carry-over" in the automotive industry is the
use of existing product approvals with existing OEM customers on
their future models.
Kevin Johnson (CEO) said "We are delighted to be deepening our
relationship with OEM 6 including moving from tier 2 to tier 1. We
also note that this is now the third example of demonstrating our
ability to win carry-over contracts after having won the first
award. We expect to win further contracts in the new financial year
across our range of existing and new customers in parallel to
moving into profit and operational cash generation in 2022."
For enquiries, please contact:
+44 151 356
Surface Transforms plc 2141
David Bundred, Chairman
Kevin Johnson, CEO
Michael Cunningham CFO
------------
Zeus Capital Limited (Nominated Advisor and +44 203 829
Joint Broker) 5000
------------
David Foreman / Dan Bate / Jordan Warburton
(Corporate Finance)
Dominic King (Corporate Broking)
------------
+44 20 7220
finnCap Ltd (Joint Broker) 0500
------------
Ed Frisby/Abigail Kelly (Corporate Finance)
Richard Chambers/Barney Hayward (ECM)
------------
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce 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 continuous 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
CNTGPGGAPUPGGRA
(END) Dow Jones Newswires
December 16, 2021 02:00 ET (07:00 GMT)
Surface Transforms (LSE:SCE)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024
Surface Transforms (LSE:SCE)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024