UK's Surface Transforms hits over 4-year low on sales forecast cut

Surface Transforms

03/11/2023 08:28

** Shares of Surface Transforms  SCEU.L  plunge as much as
45.8% to 13p, their lowest since June 2019
    ** Maker of carbon-ceramic brake discs for automotive and
aircraft applications cuts 2023 sales outlook to 8.6 mln pounds 
($10.5 mln)
    ** Co says it is planning its cash needs and customer
commitments and expects to reach required rate of production in
Q1 2024, later than previously forecast
    ** Says Oct sales of 1 mln pounds lower than management had
previously expected
    ** Stock set to post worst day since February 2003, if trend
holds 
    ** Currently stock down about 34%, taking YTD losses to ~61%
    
($1 = 0.8201 pounds)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))