(Alliance News) - Surface Transforms PLC on Monday maintained its revenue guidance for 2024 as it hailed a "very positive" outlook for 2024 to 2027.
The UK-based manufacturer of carbon-ceramic automotive brake discs said revenue jumped 63% to GBP8.3 million in 2023 from GBP5.1 million in 2022.
Further, the company anticipated to announce new contracts in the first half of 2024.
It expects to announce its 2023 results in mid-April.
Looking ahead, Surface Transforms maintains its revenue guidance for 2024.
For 2024 to 2027, the outlook "continues to remain very positive reflecting contracts in series production and recent new business announcements, with capacity being installed to fulfil these awards".
Chief Executive Officer Kevin Johnson said: "We continue to be capacity constrained not demand constrained, so our factory expansion remains a crucial task in positioning the company for the future. It is therefore pleasing that the recent debt facility provides the foundation for the programme to continue apace. At the same time we are continuously improving operations to enhance productivity, thereby driving increased output in 2024, with the new senior leadership team in place to deliver these ongoing improvements in a timely manner."
Surface Transforms shares fell 4.4% to 11.00 pence each on Monday morning in London.
By Tom Budszus, Alliance News slot editor
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Surface Transforms (SCE)