Surface Transforms (SCE): Recent major contract wins transform prospects
ST’s results, announced 9 September, were in line with expectations. Since then, ST has secured a further £0.4m revenue, prompting us to upgrade FY19 PBT estimates by £0.25m. Historical results do not reflect a series of substantial new contracts won, post May 2019 year-end, which have transformed the company. It now has multi-year, multi-million, recurring income contracts from Europeanbased global OEMs. Revenue from one commences October 2021, with start of production (SOP) for the other towards the end of calendar 2021. These will support EBITDA-positive (post-tax credit) for 2020 and profitability in 2022.Surface Transforms is a developer and manufacturer of carbon ceramic products for the brakes market. Co. is engaged in the design, manufacture and sell carbon fiber components. Co.'s products in the automotive industry are lightweight, durable and refined, providing heat dissipation and material strength. In the aerospace industry, Co.'s products provideweight reduction, improved brake performance and wear life. Co's research activities are concentrated on the ongoing identification of new products and applications for carbon fibre reinforced ceramic friction and non-friction materials.
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