Surface Transforms (SCE): The large growth is now self-financing
SCE is raising equity: £16m through a successful placing at 40p and up to £3m via an Open Offer. This will fund the completion of Factory One and most of Factory Two, with positive operating cashflow then doing the rest. With capital now in place, internal cashflow would fully fund, year-in/year-out, 30%-plus annual growth. This is a very fast-growing market. An extra order is expected this year. With an order book twice the market capitalisation and a prospective further book twice that again, the fundraise is clearly designed to bring to fruition those pending orders, now that the OEMs are assured of significantly growing fulfilment capacity.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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