REG - Surface Transforms - AGM Statement

Surface TransformsAnnouncement

27/06/2023 07:15

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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
(http://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 £3.3m (H1 2022:
£2.9m) 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                                            +44 151 356 2141

 David Bundred, Chairman

 Kevin Johnson, CEO

 Zeus (Nominated Advisor and Joint Broker)                         +44 203 829 5000

 David Foreman / Dan Bate / James Edis (Investment Banking)

 Dominic King (Corporate Broking)
 finnCap Ltd (Joint-Broker)                                        +44 20 7220 0500

 Ed Frisby / Abigail Kelly (Corporate Finance)

Andrew Burdis / Barney Hayward (ECM)

 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
(https://protect-eu.mimecast.com/s/McyZC9QJ0Ck147yhE14Ux?domain=surfacetransforms.com)

 

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