Shares in specialist brake-maker Surface Transforms (SCE:AIM) jumped 21.5% to 19.75p after it won a contract from Swedish supercar builder Koenigsegg.
The deal makes the firm the sole supplier of carbon ceramic brakes for the newly launched Gemera ‘mega-GT’ for five years to 2027 and is worth £5m.
The Gemera is Koenigsegg’s first four-seater car, but as with the rest of the firm’s range power is abundant.
The Gemera boasts a hybrid propulsion system which achieves 1,700 brake horse power (bhp). The onboard internal combustion engine can run on petrol or C02 neutral methanol.
This is the third contract Koenigsegg has awarded to Surface Transforms, demonstrating its ability to win ‘follow-on business’.
As well as providing superior braking performance, its products are lighter weight than conventional braking components and lightness is important in electric and hybrid vehicles.
Chief executive Kevin Johnson is confident that Surface Transforms will be profitable before tax in 2022.
In its last financial year the firm recorded a £2m pre-tax loss on revenues of £1m.
READ MORE ABOUT SURFACE TRANSFORMS HERE
Disclaimer: The author Ian Conway owns shares in Surface Transforms
