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Carbon fibre reinforced ceramics manufacturer Surface Transforms has reported a 34% growth in revenues for the first half of the year, exceeding initial expectations.
Revenues are expected to further increase in the final quarter of 2021, following the start of production on the multi-year OEM contracts already awarded to Surface Transforms.
Cash as of 30 June 2021 was £17.2m, up from £1.1m in December, reflecting the successful £19m fundraise in February 2021.
A tax credit of £0.6m is expected in August and the drawdown of the £1m Liverpool City Region Combined Authority loan in October.
David Bundred, chairman commented: This encouraging sales performance, does not yet include the impact of previously announced contract wins. As previously reported, we anticipate a ramp-up of revenues from our new OEM contracts in the final quarter of 2021.
In parallel, we are most encouraged by the strategic progress made on further contract opportunities. Similarly, positive progress has been made with regard to equipment installation.