reports
- Mike Foster
Surface Transforms (SCE): Estimates suspended
Interim results released on 30 September showed revenue up 58%. The loss before tax widened to £7.6m from £5.6m 1H23. Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process problems. The company stated at the interims that 4Q24 revenues were likely to be £3.5m, which is obviously illustrating the growth over 1H24, but would be 40% down on plan. This means operational cash outflow continues. The com...
Hardman & Co research on Surface Transforms (SCE): Estimates suspended
Hardman & Co Research Hardman & Co research on Surface Transforms (SCE): Estimates suspended 14-Oct-2024 / 10:05 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Surface Transforms (SCE): Estimates suspended Interim results released on 30 September showed revenue up 58%. The loss before tax widened to £7.6m from £5.6m 1H23. Operationally, the volume ramp-up is continuing but at a rate below target, with yields improving (but also below target), and ongoing downstream process problems. The company stated at the interims th...
- Robin Byde
Hardman & Co Q&A on Surface Transforms (SCE): Strategic moves and mark...
Hardman & Co Research Hardman & Co Q&A on Surface Transforms (SCE): Strategic moves and market potential 03-Sep-2024 / 12:17 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co analyst interview | Automotive components Q&A on Surface Transforms (SCE) | Strategic moves and market potential Surface Transforms plc (SCE) is the topic of conversation when Hardman & Co analyst Mike Foster speaks to DirectorsTalk Interviews. In this interview, Mike Foster discusses the recent developments at Surface Transforms plc, a company known for manufactu...
- Mike Foster
Surface Transforms (SCE): Pre-close trading, AGM and prospects
SCE is delivering its £390m order book but still faces headwinds. It is knocking down the obstacles, giving detailed explanation of progress, and, indeed, output has been consistently good since late June. Clearly, this is not as early as hoped. We maintain our 2024E sales, but we have reduced several forward profit estimates. This means that we now estimate a £2m gross cash outflow for 2H24, with a stable 2025, and rising 2H25 and thereafter. Significantly, from here, there are now duplicated p...
Hardman & Co Research on Surface Transforms (SCE): Pre-close trading, ...
Hardman & Co Research Hardman & Co Research on Surface Transforms (SCE): Pre-close trading, AGM and prospects 13-Aug-2024 / 09:50 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Surface Transforms (SCE): Pre-close trading, AGM and prospects Surface Transforms (SCE) is delivering its £390m order book but still faces headwinds. It is knocking down the obstacles, giving detailed explanation of progress, and, indeed, output has been consistently good since late June. Clearly, this is not as early as hoped. We maintain our 2...
- Robin Byde
Surface Transforms (SCE LN) - FY guidance confirmed, weighted to H2
Surface Transforms has issued a brief pre close trading update for H1. Full year revenue guidance of £17.5m has been confirmed but, as we expected, this is significantly weighted to H2. Sales in H1 were £4.6m but excluded preproduction engineering revenue which will now be recognised in H2. The current brake disc manufacturing run-rate is significantly higher than earlier in the year and is now meeting customer expectations. We understand that factory capacity is increasing and risks from single...
- Andy Hanson
- Carl Smith
- Robin Byde
Industrials Round-up - 08 July 2024
The UK industrial sector continues to strengthen with June output and order books increasing for a second consecutive month, albeit at a slightly slower pace than in May. We think it is too soon to declare conclusively a turnaround, but recent industrial and economic data have been reassuring, as inflation returned to the BoE’s 2% target and sentiment remained positive.
Hybridan Small Cap Feast - 28 June 2024
28th June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: Startup Giants (SUG) has withdrawn from Aquis Stock Exchange What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods indu...
Hardman Talks Video | Surface Transforms (SCE): Placing
Hardman & Co Research Hardman Talks Video | Surface Transforms (SCE): Placing 14-May-2024 / 13:49 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman Talks Video | Surface Transforms (SCE) Surface Transforms placing On Thursday 9 May 2024, the management of Surface Transforms joined us on Hardman Talks to talk about the plans to raise money by a placing and the intended use of the proceeds. On the call were David Bundred, Chairman, Kevin Johnson, CEO, Isabelle Maddock, CFO, and Stephen Easton, who recently joined as Chief Operations Officer. ...
- Mike Foster
Surface Transforms (SCE): Open Offer
Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expenditure and expert maintenance teams. Major capital expenditure is ongoing and unaffected by the fund raise. The scrappage from the fast ramping up of volumes is re...
Hardman & Co Research on Surface Transforms (SCE): Open Offer
Hardman & Co Research Hardman & Co Research on Surface Transforms (SCE): Open Offer 09-May-2024 / 10:38 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Surface Transforms (SCE): Open Offer Surface Transforms (SCE) has announced the raising of £6.5m new equity and is launching an Open Offer to shareholders. It is raising capacity and quarterly revenue but has needed to address the two sets of production constraints it faced: scrappage and process-line pinch points. Pinch points have been much reduced through capital expend...
- Robin Byde
Surface Transforms (SCE LN) - Fundraising to support volume production
Surface Transforms has announced a Placing and Subscription seeking £6.5m at 1p, combined with an Open Offer for up to £2m (before expenses). Proceeds will be used for working capital for existing operations and to support the manufacturing scale-up. We introduce summary estimates pending the outcome of the entire fundraising event (including the Open Offer) and the full outturn statement for 2023a due in late May. Our base case assumption is for revenue of £17.5m in 2024e (2023a: £8.3m); this c...
Hybridan Small Cap Feast - 17 April 24
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi...
- Robin Byde
- Robin Byde
Hybridan Small Cap Feast - 08 Jan 24
8th January 2024 Happy New Year to all our Readers! @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regar...
- Robin Byde
Hybridan Small Cap Feast - 11 Dec 23
11th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Robin Byde
Surface Transforms (SCE LN) - Finance secured for accelerated growth
Surface Transforms has now secured all the funds it needs to significantly ramp up factory capacity and rapidly improve revenue and profit over the next few years. The financing package has secured over £24m (gross) of new capital and comprises a £13.2m loan and equity of £8.3m via a Placing and Subscription and £2.7m from an Open Offer. Demand for the Group’s market leading carbon ceramic brake discs is strong with a £390m OEM order book secured, and a further potential £300m in the prospective...
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