Surface Transforms Regulatory News (SCE)

Hardman & Co Research: 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. Please click here for the full report:

https://www.hardmanandco.com/research/corporate-research/recent-major-contract-wins-transform-prospects/

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