19th Jul 2024 16:48
(Alliance News) - Surface Transforms PLC shares jumped on Friday as the producer of carbon‐ceramic automotive brake discs hailed a "recent significant increase in daily output levels".
It said output doubled in the four weeks to July 12, against the average delivered over the previous five months.
Its sales guidance for 2024 remains in line with market estimates of GBP17.5 million.
"We will continue to grow, and our planned rate of growth is not without risk, but the board believes that we also remain on track to deliver market estimates for 2025 including GBP28.0 million sales, positive Ebitda and operational cash generation," it said.
Chief Executive Officer Kevin Johnson added: "The recent significant increase in daily output levels, over several weeks, is most encouraging both in terms of its consistency and recent output levels. Capacity constraint is diminishing as a production impediment, thanks to the reduction of the single points of failure problem. We acknowledge that production yields, whilst improving, are still below plan. However the issues are understood, we expect to overcome them, and we are now building these further improvements from this higher baseline."
The stock jumped 57% to 2.00 pence each in London on Friday afternoon.
By Eric Cunha, Alliance News news editor
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