Revenues at specialist brake manufacturer double

Revenues at Liverpool firm Surface Transforms doubled to £1.4m over the last year.

The company which makes carbon brakes for high performance cars said the figures were broadly in line with market expectations.

Cash was £900,000 to which should be added an expected November 2018 Research & Development tax credit of approximately £500,000.

Capital expenditure in the year was £2m.

Work with Aston Martin continues to progress and the Board still expects start of production the first quarter of next year.

Chief executive Kevin Johnson released an update to the Stock Market.

He said: “These results are encouraging with good progress being made in virtually all areas.
“We expect continued revenue growth in all areas during the coming financial year, but principally from Aston Martin as well as improved gross margins.

“To ensure continued engineering progress, we now intend to maintain a higher level of research and development and the board and management team remain confident that the testing required to achieve engineering sign off from OEM 3 and OEM 5 will be completed in the current calendar year.

“It is worth repeating the statement made in the pre close statement last year: We are serving a potential £2bn automotive brake disc market where a monopoly supplier currently has sales of over £100m.
“Our customers want us to succeed in providing a second source of supply to the industry.”