- Surface Transforms, which manufactures carbon fibre reinforced ceramic automotive brake discs, has revealed its revenue for the year to 31 December 2020 was £2.0m, up £1.9m in 2019 and in line with company expectations.

Cash as at 31 December 2020 was £1.1m, up from £0.8m in 2019, and the company estimates a £0.6m tax credit which is expected to be received in July 2021. Other interest bearing loans and asset finance totalled £0.5m, down from £0.6m in 2019.

The company has maintained operations throughout the Covid-19 pandemic and whilst all OEM customers have been impacted, the company has continued to win new contracts in each of its OEM, near OEM and retrofit segments.

The company said it continues to work both with a number of potential new customers and, increasingly importantly, with existing customers making use of existing product approvals, for nomination on their future models (known in the automotive industry as "carry over"). All the tests, and carry-over discussions are proceeding to plan and the board remain confident of being nominated on further vehicles in the near future.

Chairman David Bundred said: "2020 has been transformational for the Company with new vehicle nominations and a significant increase in contracted pipeline revenues. Moreover testing and negotiations with both existing and new OEM clients alike are progressing well and we remain confident of being nominated on further vehicles in the near future. We continue to expect to see the impact of this success in the 2021 results and beyond."

At 9:09am: [LON:SCE] Surface Transforms PLC share price was 0p at 49p

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