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Surface Transforms books annual loss; eyes profitability in 2022
StockMarketWire.com
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Brake-disc manufacturer Surface Transforms booked a full-year loss after spending on research & development offset a broadly flat revenue performance.
The company said it was targeting a full-year profit in 2022.
Pre-tax losses for the year through December amounted to £2.92 million, compared to year-on-year losses of £2.98 million. Revenue edged up to £1.95 million, from £1.94 million.
Surface Transforms did not declare any dividends for the year.
Chairman David Bundred said 2020, in combination with recent events in 2021, marked a 'coming of age' for the company.
He said it had increased its order book to £43 million with multi-year contracts, some of which extend to 2027.
It also had virtually completed the installation of capacity for £20 million of per-annum sales and raised the capital required to fund a further expansion to £35 million.
'The company is now poised to move into profit and cash generation, initially on a monthly basis as OEM 8 and Aston Martin Valkyrie enter production in the second half of 2021, and then looking forward to reporting full-year profits and cash generation in 2022,' Bundred said.
Story provided by StockMarketWire.com
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