Hardman & Co Research on Surface Transforms (SCE):

Open Offer

Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expenditure and expert maintenance teams. Major capital expenditure is ongoing and unaffected by the fund raise. The scrappage from the fast ramping up of volumes is reducing but still a problem. This, and volumes being below expectations, lead to the need for extra working capital. SCE is delivering product to a range of OEMs.

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