Surface Transforms PLC - Liverpool-based producer of carbon‐ceramic automotive brake discs - Reports after tax loss of £19.6 million, widened from £5.3 million in 2022. Loss per share also widens to 7.92 pence from 2.58 pence in 2022. Had revenue of £7.3 million, up 81% from £4.0 million in 2022. Gross margin was down 700 basis points to 57% from 64% in 2022. Company notes research costs increased to £9.7 million from £5.6 million in 2022. Total cash at December 31 was £6.1 million. Says results reflect continued insufficient capacity to meet demand in part due to delays in plant construction. Had £5.8 million of fixed asset capital expenditure in the year. Expects process capability work to maintain momentum in the first half of 2024 and accelerated growth in second half. Remains committed to goal of generating £100 million in annual sales within the next five years.

Current share price: 1.25 pence

12-month change: down 95%

Copyright 2024 Alliance News Ltd. All Rights Reserved.