28th Jan 2022 11:29
(Alliance News) - Surface Transforms PLC said on Friday that full-year revenue had increased and that daily assembly volumes had reached targets in January.
The Liverpool-based manufacturer of carbon fibre reinforced ceramic materials said that revenue had increased by 20% in 2021 to GBP2.4 million from GBP2.0 million the previous year.
Surface Transforms' cash at December 31 was GBP13.0 million. The company explained that this included a GBP3.1 million irrevocable letter of credit in the name of a furnace manufacturer which will be progressively drawn down, by the supplier, as furnace manufacturing milestones are met.
Other interest-bearing loans and asset finance totalled GBP1.8 million, nearly doubled its previous year's figure of GBP700,000. The increase, Surface Transforms explained, primarily reflected the company's acceptance of a local government loan secured in March.
The company added that, at the end of January, daily assembly volumes had reached the initial management targets required to reach market revenue expectations for 2022, with several "satisfactory" production batches having now been produced in late December and January.
Surface Transforms said, following this success, the company's operational focus has now moved on. The focus is now a system fill and production ramp up. This production ramp up, the company said, is now in line with management targets. It added that manufacturing engineering activity will continue through the first half of 2022.
The company said it will reports its results for 2021 in April.
Shares in Surface Transforms were up 8.6% at 46.15 pence on Friday morning in London.
By Heather Rydings; [email protected]
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