TIDMSCE
RNS Number : 3444W
Surface Transforms PLC
17 April 2023
Surface Transforms plc
("Surface Transforms" or the "Company")
Preliminary Results and
Notice of Annual General Meeting
Surface Transforms (AIM:SCE) is pleased to announce its
preliminary results for the year ended 31 December 2022.
Financial highlights
-- Revenues improved 116% to GBP5.1m (2021: GBP2.4m)
-- Gross margin was 60% (2021: 65%)
-- Net research costs of GBP5.6m (2021: GBP3.4m) after
capitalising GBP1.6m (Year to 31 December 2021 GBP0.3m) of gross
expenditure. Research costs also partially offset by accrued
R&D tax credit of GBP1.3m (2021: GBP0.7m)
-- Loss after taxation was GBP4.8m (2021: GBP4.0m)
-- Loss per share of 2.34p (2021: 2.08p)
-- Cash used in operating activities increased by GBP2.8m to GBP6.5m (2020: GBP3.7m)
-- Cash at 31 December 2022 was GBP14.9m (2021(restated):
GBP10m) whilst capital expenditure in the year was GBP8.3m (2021:
GBP3.9m)
Customer and Operational highlights
-- Increased order book by GBP175m (lifetime value) to GBP290m at end of the year
-- Added a new customer - US based OEM 9 - to the growing portfolio of customers
-- Demonstrated the ability to win "carry over" business with
existing customers OEM 10 and OEM 8
-- With the GBP100m OEM 10 contract award took a further step
towards reducing customer concentration risks
-- Post balance sheet, resolved a long-standing technical
problem that impacted P&L in both Q4 2022 and Q1 2023. The last
major impediment to meeting ongoing daily customer requirements
-- Progressively implemented new production capacity to reach
phase 1 target of GBP20m p.a sales in the year and ordered
equipment (delivery Q2 2023) to reach phase 2 target of GBP50m p.a
sales, operational by September 2023
Board Changes
-- During the year the Company welcomed Ian Cleminson to the
board as a new Non-Executive Director. Ian has taken on the role of
chair of the audit committee, effective from October 2022.
-- Matthew Taylor has stepped down as chair of the audit
committee but remains as senior independent non-executive
director.
-- David Bundred (Chairman) resigned from the audit committee in
November 2022 ensuring it is now composed solely of wholly
independent directors.
-- After 13 years on the Board, Richard Gledhill retired with effect from 31 October 2022
-- In December Michael Cunningham announced his resignation and
will step down from the board on 31 May 2023
Posting of Annual Report and Notice of Annual General
Meeting:
The Company's Annual Report and Accounts for the year ended 31
December 2022, together with a notice convening the Company's
Annual General Meeting ("AGM") are expected to be posted to
shareholders in early May 2023 from which time they will also be
available on the Company's website www.surfacetransforms.com .
The AGM will be held at the offices of finnCap at 1 Bartholomew
Close, London, EC1A 7BL on Tuesday 27 June at 10.00 a.m.
Chairman's Statement
"A transitional year that leaves us ideally placed for the
future"
The twelve months to December 2022 was one of exceptional
commercial success catapulting the Company from being regarded as a
start-up to becoming a serious participant in the plans of
mainstream automotive companies. The Company won GBP175m (lifetime
value) of new orders in the year taking the total order book to
GBP290m (lifetime value). The wins demonstrated both the Company's
ability to deepen relationships with existing customers (carry over
contracts) as well as developing new long-term relationships as we
added a GBP100m lifetime value contract award to our relationship
with OEM 10, thereby alleviating customer concentration risks
Our operational performance did not match this commercial
progress, albeit resolved post balance sheet in Q1 2023. Our
primary launch customer, OEM 8, had its own challenges and delayed
its start of production (SOP) by six months. In addition, the
Company had several individual but unrelated technical problems in
its own production - explained in more detail below - which further
contributed, albeit less significantly to the 2022 sales being
behind our expectations. This technical problem persisted into Q1
2023 but is now resolved.
The Company continues to provide capacity for its increasing
contracted demand. During the year, the Company completed its plan
to increase capacity to support sales of GBP20m p.a. In 2021, the
Company raised GBP19m (net of expenses) to increase this current
GBP20m p.a. capacity to GBP50m p.a. sales. This equipment was
specified and ordered during 2022, is being delivered in Q2 2023
and will be operational in Q3 2023.
Additionally, in September 2022 the board concluded that even
this increase in capacity was insufficient to meet the expected
mid-decade sales forecast and raised a further GBP17m (net of
expenses) to ultimately lift capacity to GBP150m p.a. in two
phases, initially to GBP75m p.a. sales on the existing site, and
then, by building a second factory, raising sales capacity by 2026
to GBP150m p.a. To this end, post balance sheet, the Company agreed
heads of terms on a new building adjacent to its current site.
Throughout the year Environmental, Social and Governance (ESG)
concerns were at the forefront of our thinking. We are proud that
our products assist in reducing both engine and brake dust particle
emissions. To ensure that we do not lose these environmental
credentials through the production process our actions have
included buying new equipment with power consumption requirements
that will materially reduce our per unit carbon footprint. Our work
on the social aspect of the ESG agenda continues our objective of
being "employer of choice" in Knowsley was strengthened again this
year. Additionally, we have also strengthened our educational
activity both within the company and the community. Within the
factory 14% of our workforce is in some form of formal, externally
approved, apprenticeship (including 10 graduate apprentices).
Within the community we have partnered with two local schools in
Knowsley and Liverpool. In respect to the third element of ESG our
governance improvement included increasing the number of
independent directors in addition to changing membership and
chairmanship of the audit committee.
Progress on Customers :
For the customer's own reasons we must seek their permission to
use their true names in any written or social media external
communications and therefore we use nomenclatures OEM 1 to
(currently) 10 whenever we describe them.
The Strategic Report, below, explains how our products are now
at the centre of the changes taking place in the automotive
industry. In summary the industry is currently undergoing radical
and fundamental change. The changes began with the increasing focus
on emissions, initially engine emissions, driving the growth in
Electric Vehicles (EV) but now also with major focus on brake dust
emission; the use of carbon ceramic (CC) disks halves brake dust
emissions. CC discs are a key part of the industry response to
these changes.
It is the combination of our innovative technology with these
underlying forces that is the strategic foundation underpinning our
commercial success.
Building on this strong strategic foundation, our commercial
priority over the past few years has been to deepen our presence
with existing customers, with a particular focus on winning carry
over contracts with these existing customers. This objective has
been achieved with all key customers having now awarded carryover
contracts, the ultimate accolade of market acceptance.
At the same time we have set ourselves the objective of
establishing a balanced portfolio of customers - mid-decade - with
four roughly equal pillars OEMs 5, 8 and 10 being the three
stand-alone customer legs with the fourth being the combined total
of our other mainly specialist car customers. We already have firm
awards that will provide sales in excess of GBP20m p.a, each with
OEM 8 and 10 by mid-decade. Our contract wins to date with OEM 5
are currently less than that level but there is more opportunity in
the pipeline with that customer.
During the strains of our technical problems we were pleased
that our customers understood the issues the Company was facing,
noted the progress and, throughout the period continued discussions
on future programmes. Our order book (GBP290m) is unchanged, and
our prospective contract pipeline (GBP393m) has grown in the
year.
With our technical problems now resolved and new capacity in
place, we can now also return to the task of widening our customer
base beyond OEM 10. This will not be immediately visible to
shareholders as the work is necessarily commercially confidential
and it takes many years from opening discussions to SOP; But
shareholders can be comforted both that the pipeline contracts
discussions are still very active and that this next phase of
seeking additional customers is underway, thereby maintaining our
explosive sales growth.
Progress on Operations :
We have demand that has increased from GBP2m sales in 2020 to
approximately GBP20m in 2023 and GBP30m in 2024. Installing the
capacity to meet this demand and troubleshooting the technical
problems incurred in the initial volume production runs was the
prime focus of 2022.
-- Technical problems : Almost all our, more than 20,
manufacturing sub-processes have had scale-up problems, albeit with
most of these individual, separate, problems being resolved in a
few weeks or less. However there has been one core problem that has
taken several months to satisfactorily resolve, made worse by
supply chain issues for furnace insulation. This issue particularly
impacted financial performance in Q4 2022 and Q1 2023. In January
2023 we informed shareholders that it had impacted the end of 2022
(by about GBP2m sales in 2022), we had made improvements but said,
at the time that we wished to see several weeks of consistent
output before being comfortable to confirm that the problem had
been resolved. This caution was prescient, as the problem continued
into Q1.
However, detailed, quite fundamental process changes were made
post balance sheet date in January and February, resulting in
continuous successful manufacture since that time; we are confident
that this problem has finally been resolved. This was the last
major impediment to meeting ongoing daily customer
requirements.
-- Capacity: However, the fact that these technical problems are
in the public domain also reflects the reality that we have been
capacity constrained. Arguably, technical problems are an
ever-present factor in high complexity manufacturing. We can reduce
them through our work on process variability and planned
maintenance, but never eliminate them. Therefore, process
resilience through capacity is of equal importance to fixing the
problem as they arise. Technical problems only impact the customer
and shareholder perspective when we don't have spare capacity to
catch up after problems are resolved. Delivering the additional
capacity is therefore an equal partner to fixing the technical
problems.
The timetable for delivering the new capacity has been described
above. The key is that the two key bottleneck relief furnaces are
being delivered in Q2 and will be operational by Q3. We should then
have capacity of over GBP4m per month against demand of GBP2m to
GBP3m per month in the second half of the year.
This will certainly make a significant difference to our H2
resilience and thus confidence in our revised production
projections.
-- Gas and Energy Cost: As a result of negotiating fixed price
energy contracts pre-Ukraine war the Company was protected from the
energy price surge throughout 2022 with gas prices protected until
April 2023. Post balance sheet Q1 2023 has seen a reduction in
energy pricing such that energy pricing is now back to planned
levels. Accordingly, the Company is in the process of fixing new
agreements that will secure this pricing level for the next two
years.
Shareholders will recall that we also reported during the Q4
2022 fund raising that our new furnaces would significantly reduce
energy costs per disc. This is still the expectation but is
regarded as a contingency not yet in the forecast.
-- Operational Management: The Board has been reviewing the
managerial capacity of our current operational management:
Accordingly, we have decided to introduce a more strategic level of
management above the current team with the appointment of a Chief
Operating Officer reporting to the Chief Executive to take a
broader view of the operational processes and the three operational
responsibilities. Given the immediacy of the task we have initially
appointed an interim executive to assist the board, who has been
working with us since January 2023; in parallel we have been
undertaking a search for a permanent appointment that is almost
complete.
-- Recruitment: the pace of growth has inevitably led to
significant recruitment needs, 47 new starters in 2022 continuing
at that rate into 2023. Whilst there are always (often national)
skill shortages in specific areas, we have largely been able to
find the skills we want, particularly as we assume that the unique
nature of our processes often requires further training by the
Company. For example, even the best metal machinists need increased
skills to machine carbon ceramic, the Company provides that
training.
-- Cost reduction : The unit cost will further reduce as the
phase 2 (GBP50m p.a.) capacity comes on stream post balance sheet
in 2023. But we will not stop there. The Company regards reduction
in unit disc cost as a continuous process and is already well
advanced on further unit cost reduction plans.
Progress on Environment Social and Governance:
-- Environment: The Company continues to prioritise the actions
required to further extend our ESG investment credentials. Our
products reduce engine carbon emissions on internal combustion
engine (ICE) vehicles through reduced vehicle weight; a benefit
that is needed even more on heavier, faster accelerating electric
vehicles and thus our technology is particularly assisting the
transition to electric vehicles. Our products also reduce emissions
by significantly extending product life, contrasted with its iron
alternative. Additionally, carbon ceramic brake discs significantly
reduce brake pad particles being released into the atmosphere and
watercourses, an area that is increasingly being identified for
legislation. Finally, our end-of-life disc product acts as a carbon
sink as the aluminium bell can be recycled and carbon and silicon
are almost the only remaining elements at the end of the product's
life.
Our task however is to ensure that these environmental benefits
are not lost in the manufacturing process, including our supply
chain through excessive energy usage. Our environmental focus is
therefore in this area. The Company has focussed on specifying and
ordering furnaces which will significantly reduce the amount of
energy required to manufacture our product. Specifically new
furnaces have been ordered which should reduce consumption of
electricity to around half that previously used in the older
furnaces. Additionally, the Company is actively planning re-use of
its waste streams through a combined Heat and Power Plant; further
reducing our carbon footprint.
-- Social: We believe that our prime social goal is the
provision of well-paid, safe employment in one of the most
disadvantaged areas in the country. There are few companies
expanding employment on the Knowsley Industrial Park at the rate of
Surface Transforms. The Company has adopted the policy of meeting
the real living wage as set by the Living Wage Foundation for all
employees. As part of our employee welfare concerns, we are proud
that we are on target, in April 2023, to reach the anniversary of
our fourth year without a reportable accident. Given the hazardous
nature of our furnace processes and cutting machinery this is no
mean achievement.
We have also increased our commitment to education both within
the factory and the community. Within Surface Transforms 24% of our
employees are graduates or above, thus training and education is
key to future success, as a result 14% of our workforce are in
formal apprenticeships including a graduate apprentice scheme that
was started in the year. We are taking the view that our technology
is so unique we need to grow our own people to meet our long-term
personnel needs.
Within the community we have partnered with two local schools
one in Knowsley and the other in Liverpool. Our partnership with
the Knowsley school who do not have a sixth form (the norm in
Knowsley) is aimed at encouraging younger teenagers, particularly
girls, to see science as being fun and in the real world. Many of
these children have little aspiration to or even understanding of
why you should study STEM subjects. Success will be measured by an
increase in pupils selecting STEM subjects for GCSE and then going
onto further education in those subjects outside the borough. The
Liverpool school is, by contrast, a high achieving UTC specialising
in STEM subjects and our partnership includes internships, work
experience, visits and some modest sponsorship. The partnership is
already seeing success with some of their A-level students having
applied for graduate apprenticeships with the Company. We also see
other internal benefits as our own employees greatly enjoy working
with both partnership schools.
The Company also regards its separate positive engagement with
the smaller "retail" investors as being part of its social goals.
To this end the Company offers research notes aimed at the smaller
investor, site visit Capital Market days for non-institutional
investors, and webinars where non-institutions can hear management
presentations and quiz senior executives.
The Company maintains its certifications in ISO 45001 and ISO
27001.
-- Governance: The Company adheres to the QCA corporate
governance code. Following the findings of the last self-assessment
carried out by the Company which identified independence as an
issue, a further independent non-executive director has been
appointed and the Company believes itself to be fully compliant
with the code. The Company also strengthened the independence and
accounting technical capability of the audit committee. The Board
conducts an internal review of its effectiveness using a
questionnaire. The survey was last conducted in Q1 2021.
Accordingly, questionnaires have been completed in Q1 2023 and the
Board will meet in April 2023 to discuss the feedback.
Summary:
The management team are justifiably proud of their commercial
achievements, in 2022. However, the year saw several technical
problems, both externally and internally. Externally our major
customer OEM 8 delayed their SOP causing a major shortfall in sales
outcome. Internally almost all our processes had challenges as we
scaled tenfold from our GBP2m p.a. base. Most were dealt with
quickly, but one particular problem persisted for many months.
Nonetheless, albeit six months late our customer announced SOP
at the end of the year, and we believe that we finally fixed our
technical problem in February 2023. We can now deliver the large
order book.
Achieving forecast revenue and profitability targets in 2023
remains our key goals. We will achieve ongoing monthly
profitability during Q2 of 2023, however we do not yet know the
extent to which we can catch up the first quarter shortfall and
thus the overall result for the year.
Strategic Report
Operational Review and principal activity
Our strategic objective is to be a profitable, series production
supplier of carbon ceramic brake discs to the large volume OEM
automotive market. To achieve this, we work directly with OEMs and
closely with Tier One suppliers to meet the customers' requirements
on product, price, quality, capacity and security of supply.
In addition, we supply carbon ceramic brake discs to small
volume vehicle manufacturing and retrofit high performance kits for
performance cars.
The Company utilises its proprietary next generation carbon
ceramic technology to create lightweight brake discs for high --
performance road and track applications for both internal
combustion engine and electric vehicles. While competitor carbon --
ceramic brake discs use discontinuous chopped carbon fibre, Surface
Transforms interweaves continuous carbon fibre to form a 3D matrix,
producing a stronger and more durable product with improved heat
conductivity compared to competitor products. This reduces the
brake system operating temperature, resulting in lighter and longer
life components with superior brake performance. These benefits are
in addition to the benefits of all carbon -- ceramic brake discs
vs. iron brake discs: weight savings of up to 70%, extending
product and service life, consistent performance, environmentally
friendly through reducing both CO2 emissions and brake pad dust,
reducing the total cost of ownership, corrosion free and are highly
desirable.
-- Support our customers across key geographical markets,
achieving contract awards to multiple OEMs with products for
multiple models with multiyear supply agreements
-- Engineer market leading carbon ceramic brake products, which
deliver best in class performance for the luxury and performance
brakes markets, which we estimate to be a circa GBP2 billion
market
-- Build manufacturing capacity revenue of circa GBP50m p.a.,
with the footprint available to reach circa GBP75m capacity revenue
p.a. for which we raised GBP17m in Q4 2022
-- Operate lean manufacturing processes, enabling the Company to
produce products that are competitively priced with good
margins
-- Be a 'Quality Company' with a culture that lives and breathes
its world-class business processes and management systems. We
surpass the automotive quality standards (IATF16949), and thus,
have the confidence that we are able to pass all customer audits,
as evidenced by recent contract wins
-- Protect the environment by minimising the environmental
impacts arising from our activities, products and services and be
committed to continuous improvement of our environmental
performance
-- Support and manage our supply chain which can deliver to our
customers' requirements on product, price, quality, capacity and
sustainability of supply
Succeeding in these activities generates highly desirable,
environmentally friendly, world leading quality products, which are
price competitive and profitable to the business.
Furthermore, our products and processes are protected by a high
level of intellectual property through deep, complex process
knowhow and a product which cannot be reverse engineered.
Delivering our objectives:
Automotive OEMs
The continued progress on building capacity for our game
changing contracts provides a clear path to achieving its strategic
objective of profitability and cash generation. Coupled with this
the continued success of winning additional 'carry over' contracts
and new major OEM customer contracts has significantly strengthened
the revenue growth curve for the Company over the coming years.
The Company also continues its successful engineering
development objectives in anticipation of further contract awards
for both 'carry over' customer contracts and new customer contracts
during 2022 and beyond.
The Company's internal activities are therefore focused on
supporting series supply for these contracts and on Companywide
continuous improvement objectives across all functions.
-- Health and Safety - maintain and improve our health and
safety record. We have an excellent health and safety record which
we will continue to maintain.
-- Quality - continue to have excellent in-service quality.
Improving quality is a never-ending process, therefore our
primarily focus is on continuous improvement and reducing the
internal cost of quality.
-- Environmental - protect and improve our environment. Our
products make a fantastic contribution to reducing CO2 emissions in
use, significantly reducing brake dust pollution, and over the
lifetime of the car reducing the carbon footprint. Our internal
goals are aimed on reducing our manufacturing environmental
footprint.
-- Customer supply performance - maintaining our performance as
a good supplier. As we enter series supply with our OEM customers a
key objective is to deliver good supplier performance.
-- Capacity improvements - ensure we have the manufacturing
capacity and manufacturing resilience in line with our customer
requirements. We have a manufacturing strategy which will deliver
GBP50m of capacity revenue during 2022 and 2023.
-- Productivity and cost reduction - perpetual improvement of
our productivity through cost reduction. We have halved the cost to
manufacture over the last ten years and have a programme to repeat
this success going forward to maintain good margins and support our
customers to achieve their pricing goals.
-- Supply chain performance - Improve the sustainability and
productivity of our supply chain, including but not limited to, our
ethical standards. As with any manufacturing process we are only as
good as our supply chain. We have improvement plans with our
existing suppliers and are adding new suppliers to our approved
supplier list.
Section 172 statement
In accordance with the requirements of section 172 of the
Companies Act. The board believes that during the year it has acted
in a way that they consider, in good faith, would most likely lead
to the success of the Company in the long term and to the benefit
of all stakeholder groups. During the year, Surface Transforms
successfully raised funds to support the Company's current and
future growth strategy and to meet contracted and expected
orders.
The board believes that governance of Surface Transforms is best
achieved by delegation of its authority of the executive management
of Surface Transforms to the CEO. The board regularly monitors the
delegation of authority, updating regularly whilst retaining
responsibility.
The board has identified 6 key stakeholder groups and engages
with them to foster strong relations and to act fairly between
them:
-- Customers: Surface Transforms engages with customers
throughout the development process, building strong collaborative
environments for long term mutual benefit. This is highlighted by
carry over contract awards from existing customers and meets the
Company's strategic aims of growing our customer base;
-- Employees: Our employees are critical to the success of
Surface Transforms, and we engage through an environment of
openness and inclusivity and trying to create a sense of ownership.
All employees receive some share options after a qualifying period
of employment and the Company is committed to paying more than the
living wage to all employees. The Company has recently commenced
employee surveys to monitor employee sentiment and is placing a
higher focus on employee recruitment and retention. In addition,
with the current stresses on the workforce the Company has made
available counselling services for employees. These actions align
with the Company's aim to be an employer of choice within the
Knowsley area;
-- Government and regulators: The Company is committed to
engaging with all relevant government organisations and ensuring
adherence to all statutory requirements. The Company has a strong
working relationship with the environmental agency and regularly
enters dialogue as to the fulfilment of our responsibilities;
-- Investors and shareholders: The board gives opportunities for
both institutional and retail investors to meet with the Company
and to see the progress of the Company. During the year the Company
has held a number of webcasts allowing investors to question the
board on progress and on our strategy. The Company has engaged one
to one with advisors and investors on environmental, social and
governance (ESG) issues with a view to improving the Company's
performance in this area and the Company has invited shareholders
and other interested stakeholders to visit the site at a Capital
Markets Day in April 2022;
-- Partners and suppliers: The Company engages collaboratively
with its partners and behaves in a responsible manner and expects
partners to act ethically and in a responsible manner. The Company
aims to build long term collaborative relationships and has signed
long term contracts with suppliers for material supply, giving
certainty to their businesses; and
-- Society: The Company engages on social media and welcomes
engagement with the wider public. In addition, the Company is
conscious of its position as a growing employer within the Knowsley
area, an area of recognised social disadvantage. To this end the
Company has maintained an apprentice scheme and started its own
graduate apprentice scheme in September 2022.
The board considers these stakeholders within its strategy
discussions, the performance of the Company, the workforce and in
its governance.
Financial Review
Revenue increased in the year to GBP5.1m against a figure of
GBP2.4m in 2021, an increase of 116%. This growth has been driven
by both increased development revenues from the contracts already
won and from series production into 3 OEM contracts. Revenue was
down on expectations due to several issues, not least being a
delayed start to production by OEM 8 followed by a halt to delivery
because of our own technical problems described in the Chairman's
statement.
Gross profit margin dropped to 60% from 65% in 2021. This has
been driven by product mix and by the yield issues encountered in
some of our processes. This deterioration is not expected to be
long term and as previously communicated the new furnaces due on
site in early 2023 will improve energy consumption within the
process significantly.
During the year the Company spent significantly more on research
and development activities to deliver robust processes for series
delivery. This product R&D is now mostly complete with future
R&D expenditure earmarked for process and cost improvements.
The Company expects R&D activities to carry on at these levels
over the coming years but with the focus being heavily skewed to
process optimisation now that the product is well understood.
The cash figure for 2021 has been restated due to the
reclassification of cash on deposit as security for an irrevocable
letter of credit, disclosed prominently in last years statutory
accounts, being reclassified as current asset investments. As
already disclosed this letter of credit was for a furnace and stage
payments related to its delivery.
Gross cash at the year-end was GBP14.9m (2021(Restated):
GBP10.0m). Included in the 2021 cash figure was GBP3.0m of cash
deposits related to security for an irrevocable letter of credit
which have been restated and which was satisfied during the year,
consequently no liability currently exists under any letters of
credit. Total loans amounted to GBP1.2m (2021: GBP1.8m) giving a
net cash position of GBP13.7m (2021(restated): GBP8.2m).
Administrative expenses were GBP3.4m an increase of 38% on the
prior year figure of GBP2.4m. The increase in expenses were driven
by the rapid expansion of the workforce in preparation for the
delivery of series production.
During the year the Company was again supported by shareholders
with a fundraise of GBP17m after fees to support the future growth
of the Company and to give prospective customers the confidence in
the Company's ability to expand it's capacity. Indeed this
confidence lead to the award of a GBP100m contract with OEM 10
almost immediately following the fundraise.
Following the budget announcements, the Company is pleased with
the improvement in the R&D tax regime for smaller companies.
The impact is that the Company will have a tax credit in the coming
year that is similar to previous years. The Company had previously
guided that the tax credit would be minimal.
Loss before taxation was GBP6.0m (2021: GBP4.6m) leading to a
loss per share of 2.34p (2021: 2.08p).
Key performance indicators
The Directors continue to monitor the business internally with
several performance indicators: order intake, sales output, gross
margins, profitability, supply chain capacity, health and safety,
quality and manufacturing cost of automotive discs. A set of
business milestones has been agreed and are discussed as part of
the monthly board meeting. The board has assessed the results
against these KPI's and believe that solid progress has been made
against the Company's targets.
In addition to these financial metrics the board assesses the
performance of the Company against 6 business development
KPI's:
-- Contracted models;
-- Lifetime contract value;
-- Carry over contracts won;
-- Average contract life;
-- Contracts in series production;
-- Contracted OEMs; and
-- Prospective contract pipeline.
During the year the Company has performed well against KPI's
relating to Health and Safety with no reportable accidents during
the year and in excess of 1,000 days since the last lost time
incident. In addition, the Company measures its environmental
impact through its Environmental management framework and through
Performance in Environment Agency audits which have resulted in an
A grade score during the year.
The Company produces an annual business plan and full monthly
forecasts detailing sales, profitability and cash flow to help
monitor business performance going forward.
Management meetings are held on a weekly basis, all senior
managers attend and discuss production, engineering, financial and
quality issues.
Risks and uncertainties
The Company has embedded risk management activities and
maintains through regular reviews throughout the year an effective
risk register of the issues that may affect the strategy of the
Company or the delivery of its aims.
The principal short-term risk is the execution risks associated
with ramping production to series volumes. This is being managed on
a daily basis by a team comprised of senior leads within the
production team. Whilst issues have been encountered regarding
furnace reliability the team are focussed on identifying these
issues rapidly and resolving them. In addition, the team are
focussed on creating excess capacity in order to mitigate the risks
when furnace and equipment failures occur. Significant Capex has
been committed to this subject and by mid-year 2023 there should be
no processes that do not have adequate levels of resilience.
There is also a risk to customer Start of Production (SOP) dates
and the speed at which the customers move from initial to mature
build rates. It is also normal in the automotive industry that
customers do not contract minimum build rates. These risks are
managed by continuing dialogue with the customers to ensure early
notification of possible changes.
As in previous years another major risk faced by the Company is
considered to be the speed at which our customers and potential
customers adopt the new carbon ceramic product technology. The
contract awards in the period indicate the strengthening desire
from a number of volume automotive OEMs to incorporate the
Company's product in their respective platforms. This risk is
constantly assessed by regular customer review meetings but is now
clearly much reduced.
The Company has an exposure to exchange risk however this is
partially mitigated through natural hedging activities. The
contracts for OEM 6, 7, 8 and 10 have been negotiated in sterling
to mitigate any exchange risk and this is the Company's policy
where possible.
In terms of uncertainties, product sales are still expected to
grow with future OEM projections now supported by contracts. The
Board expects continuing growth with Near OEM customers, but sales
growth is expected to be modest in the retrofit market. This
uncertainty is constantly assessed by regular customer meetings and
monitoring the level of enquiries and orders for both the Company's
products and industry wide.
In summary, the Company has made satisfactory progress in its
automotive projects and is progressing well with its expansion
plans.
Events after the reporting period
The Company has signed heads of terms over a new property with
the intention to double the potential capacity of the Company to
GBP150m.
Directors and staff
Directors: In April the Company announced the appointment of Ian
Cleminson as an independent non-executive director.
Ian joins the board from Innospec Inc, an international
speciality chemical business employing 2100 personnel in 25
countries and with a turnover of $1.5 billion, where he is the
current Executive Vice President and CFO. Innospec is a $2.5
billion NASDAQ listed company.
In August Richard Gledhill announced his retirement from the
board after 13 years to be effective from October.
In December Michael Cunningham announced his resignation from
the board. Michael will continue with the Company to effect a
managed handover and leave on 31 May 2023. The Board is at an
advanced stage of a search for Michael's successor and an
announcement is expected to be made in the near future.
Management Team: The Company continued its policy of
strengthening management as the Company matures and the managerial
needs evolve.
Managerial roles as Managerial roles
at 31 December 2022 as at 31 December
2021
Male Female Male Female
Directors 5 1 5 1
Senior managers 4 2 3 2
--------- ------------ -------------------
9 3 8 2
Outlook
Achieving forecast revenue and profitability targets in 2023
remain our key goals.
With the technical issues now resolved, and demand remaining
strong. the board remains confident that the Company will be
profitable in Q2 2023 and thereafter. We can now deliver the strong
demand. However, given the issues experienced in Q1 2023, and the
ongoing production ramp in Q2, we communicated to the market, on 3
April 2023 that, notwithstanding ongoing profitability, it is
premature to assume that we can catch up these delayed sales.
In respect to cash we have modelled our cash flows on this most
pessimistic assumption, that the sales lost in H1 are lost for the
year and confirm that we still have sufficient cash to maintain the
momentum of our capital expenditure programme.
On behalf of the board
David Bundred Dr Kevin Johnson
Chairman Chief Executive
Statement of Total Comprehensive Income
For the year ended 31 December 2022
Year to 31 December Year to 31 December
2022 2021
GBP'000 GBP'000
-------------------- --------------------
Revenue 5,121 2,369
Cost of Sales (2,039) (821)
---------------------------------------------------------------- -------------------- --------------------
Gross Profit 3,082 1,548
60% 65%
Other Income 36 24
Total Income 3,118 1,572
Administrative Expenses:
Before research and development costs (3,365) (2,432)
Research and development costs (5,625) (3,405)
---------------------------------------------------------------- -------------------- --------------------
Total administrative expenses (8,990) (5,837)
---------------------------------------------------------------- -------------------- --------------------
Other operating income
--------------------------------------------------------------- -------------------- --------------------
Operating loss before non-recurring items (5,872 ) (4,265)
Non-recurring items 0 (180)
---------------------------------------------------------------- -------------------- --------------------
Operating loss after non-recurring items (5,872) (4,444)
Financial Income 6 -
Financial Expenses (180) (134)
---------------------------------------------------------------- -------------------- --------------------
Loss before tax (6,046) (4,579)
Taxation 1,264 627
---------------------------------------------------------------- -------------------- --------------------
Loss for the year after tax (4,782) (3,952)
Other comprehensive income
--------------------------------------------------------------- -------------------- --------------------
Total comprehensive loss for the year attributable to members (4,782) (3,952)
---------------------------------------------------------------- -------------------- --------------------
Loss per ordinary share
Basic and diluted (2.34)p (2.08)p
---------------------------------------------------------------- -------------------- --------------------
Statement of Financial Position
at 31 December 2022
As At 31 December As At 31 December
2022 2022 2021 2021
Restated Note 1
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------------------------------------------- --------- --------- --------- ---------
Non-current Assets
Property, plant and equipment 15,188 9,403
Intangibles 2,237 577
------------------------------------------------------------------ --------- --------- --------- ---------
17,425 9,980
Current assets
Inventories 3,376 1,338
Trade and other receivables 1,051 376
Other receivables 3,400 1,714
Current asset investments - 3,007
Cash and cash equivalents 14,924 9,959
------------------------------------------------------------------ --------- --------- --------- ---------
22,750 16,394
----------------------------------------------------------------- --------- --------- --------- ---------
Total assets 40,175 26,374
Current liabilities
Other interest-bearing loans and borrowings (211) (325)
Lease liabilities (295) (279)
Trade and other payables (3,710) (1,990)
------------------------------------------------------------------ --------- --------- --------- ---------
(4,216) (2,594)
Non-current liabilities
Government grants (188) (200)
Lease liabilities (1,335) (1,449)
Other interest-bearing loans and borrowings (887) (1,239)
------------------------------------------------------------------ --------- ---------
Total liabilities (6,626) (5,482)
------------------------------------------------------------------ --------- --------- --------- ---------
Net assets 33,551 20,892
------------------------------------------------------------------ --------- --------- --------- ---------
Equity
Share capital 2,406 1,952
Share premium 58,215 41,446
Capital reserve 464 464
Retained loss (27,534) (22,970)
------------------------------------------------------------------ --------- ---------
Total equity attributable to equity shareholders of the company 33,551 20,892
------------------------------------------------------------------ --------- --------- --------- ---------
Statement of Changes in Equity
For the year ended 31 December 2022
Share
premium Capital
Share capital account reserve Retained Loss Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------------- ------------- -------------- -------------- --------
Balance as at 31 Dec 2021 1,952 41,446 464 (22,970) 20,892
Comprehensive income for the
year
Loss for the period - - - (4,782) (4,780)
--------------------------------- -------------- ------------- -------------- --------------
Total comprehensive income for
the year - - - (4,782) (4,780)
--------------------------------- -------------- ------------- -------------- -------------- --------
Transactions with owners,
recorded directly to equity
Shares issued in the period 450 17,536 - - 17,986
Share options exercised 5 61 - - 66
Cost of issue off to share
premium (828) - - (828)
Equity settled share based
payment transactions - - - 216 216
--------------------------------- -------------- ------------- -------------- -------------- --------
Total contributions by and
distributions to the owners 455 16,769 - 216 17,440
--------------------------------- -------------- ------------- -------------- -------------- --------
Balance at 31 Dec 2022 2,407 58,215 464 (27,536) 33,550
--------------------------------- -------------- ------------- -------------- -------------- --------
For the year to 31 Dec 2021
Share
premium Capital
Share capital account reserve Retained Loss Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------------- ------------- -------------- -------------- ----------
Balance as at 31 Dec 2020 1,549 22,779 464 (19,114) 5,678
Comprehensive income for the
year
Loss for the period - - - (3,952) (3,952)
--------------------------------- -------------- ------------- -------------- --------------
Total comprehensive income for
the year - - - (3,952) (3,952)
--------------------------------- -------------- ------------- -------------- -------------- ----------
Transactions with owners,
recorded directly to equity
Shares issued in the period 400 19,600 - - 20,000
Share options exercised 3 38 - - 41
Cost of issue off to share
premium (971) - - (971)
Equity settled share based
payment transactions - - - 96 96
--------------------------------- -------------- ------------- -------------- -------------- ----------
Total contributions by and
distributions to the owners 403 18,667 - 96 19,166
--------------------------------- -------------- ------------- -------------- -------------- ----------
Balance at 31 Dec 2021 1,952 41,446 464 (22,970) 20,892
--------------------------------- -------------- ------------- -------------- -------------- ----------
Statement of Cash Flows
For the year ended 31 December 2022
12m to 31st December 12m to 31st December
2022 2021
Restated Note 1
GBP'000 GBP'000
--------------------------------------------------------------- --------------------- ---------------------
Cash flow from operating activities
Loss after tax for the year (4,782) (3,952)
Adjusted for:
Depreciation and amortisation charge 969 671
Disposal of fixed assets - 6
Non-Government Grant amortisation (12) -
Equity settled share-based payment expenses 216 96
Foreign exchange (gains)/losses (345) 24
Financial expense 180 134
Financial income (6) -
Taxation (1,264) (627)
--------------------------------------------------------------- --------------------- ---------------------
(5,044) (3,648)
Changes in working capital
Decrease/(increase) in inventories (2,038) (763)
Decrease/(increase) in trade and other receivables (1,805) (962)
Increase/(decrease) in trade and other payables 1,720 1,070
--------------------------------------------------------------- --------------------- ---------------------
(7,167) (4,303)
Taxation received 709 577
--------------------------------------------------------------- --------------------- ---------------------
Net cash used in operating activities (6,458) (3,726)
--------------------------------------------------------------- --------------------- ---------------------
Cash flows from investing activities
Acquisition of tangible and intangible assets (8,351) (3,949)
Cash transfer (to)/ from current asset investments 3,007 (3,007)
Interest received 6 -
Proceeds from disposal of property, plant and equipment - 2
Net cash used in investing activities (5,337) (6,954)
--------------------------------------------------------------- --------------------- ---------------------
Cash flows from financing activities
Proceeds from issue of share capital, net of expenses 18,051 20,041
Costs for issue of share capital (828) (971)
Payment of finance lease liabilities (153) (156)
Proceeds from long term loans - 1,000
Payments of long term loans (473) (175)
Interest paid (180) (134)
--------------------------------------------------------------- --------------------- ---------------------
Net cash generated from financing activities 16,417 19,605
--------------------------------------------------------------- --------------------- ---------------------
Net (decrease)/increase in cash and cash equivalents 4,620 8,925
Foreign exchange losses 345 (24)
Cash and cash equivalents at the beginning of the period 9,959 1,058
--------------------------------------------------------------- --------------------- ---------------------
Cash and cash equivalents at the end of the period (Restated) 14,924 9,959
--------------------------------------------------------------- --------------------- ---------------------
Notes to the financial statements
1. Basis of preparation and general information
The financial information set out herein does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006.
The financial information for the year ended 31 December 2022
has been extracted from the Company's audited financial statements
which were approved by the Board of Directors on 14 April 2023 and
which, if adopted by the members at the Annual General Meeting,
will be delivered to the Registrar of Companies for England and
Wales.
The reports of the auditor on these financial statements were
unqualified, did not include any references to any matters to which
the auditors drew attention by way of emphasis without qualifying
their report and did not contain a statement under Section 498(2)
or Section 498(3) of the Companies Act 2006.
The information included in this preliminary announcement has
been prepared on a going concern basis under the historical cost
convention, and in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the UK and the
International Financial Reporting Committee (IFRIC) interpretations
issued by the International Accounting Standards Board (IASB) that
are effective or issued and early adopted as at the date of these
financial statements and in accordance with the provisions of the
Companies Act 2006.
The Company is a public limited company incorporated and
domiciled in England & Wales and whose shares are quoted on
AIM, a market operated by the London Stock Exchange. The principal
activity of the Company is the development and manufacture of
carbon ceramic products for the automotive and aerospace brakes
markets. The registered office is Image Business Park, Acornfield
Road, Knowsley Industrial Estate, Liverpool, L33 7UF.
Prior year adjustments
The directors, having reviewed the prior year accounts have
identified the misclassification of cash deposits held for security
against a letter of credit as cash in the 2021 statements. The
directors have therefore restated the balance sheet in 2021 to show
GBP3m of cash and cash equivalents as current asset investments. In
addition, the statement of cash flows has been restated to show
this restatement within cash flows from investing activities.
2. Going concern
The financial statements have been prepared on a going concern
basis which the Directors believe to be appropriate. The Company
incurred a net loss of GBP4,782k during the period however the
Directors are satisfied, based on detailed cash flow projections
and after the consideration of reasonable sensitivities, that
sufficient cash is available to meet the Company's needs as they
fall due for the foreseeable future and at least until the end of
April 2024. The detailed cash flow assumptions are based on the
company's annual budget, prepared and approved by the Board, which
reflects a number of key assumptions including revenue growth,
underpinned by current pipeline; customer compliance with payment
terms; other receipts of a value and timing consistent with
previous years. These forecasts also include the impacts of the
Covid situation and the significant post year end fund raise which
has increased cash balances.
3. Segment Reporting
Due to the nature of the business the Company is currently
focussed on building revenue streams from a variety of different
markets. As there is only one manufacturing facility, and as this
has capacity above and beyond the current levels of trade, there is
no requirement to allocate resources to or discriminate between
specific markets or products. As a result, the Company's chief
operating decision maker, the Chief Executive, reviews performance
information for the Company as a whole and does not allocate
resources based on products or markets. In addition, all products
manufactured by the Company are produced using similar processes.
Having considered this information in conjunction with the
requirements of IFRS 8, as at the reporting date the board of
Directors have concluded that the Company has only one reportable
segment that being the manufacture and sale of carbon fibre
materials and the development of technologies associated with
this.
The Company considers it offers product technology namely carbon
fibre re-enforced ceramic material, which is machined into
differing shapes depending on the intended purpose of the end
user.
Revenue by geographical destination
2022 2021
GBP'000 GBP'000
-------------------------- -------- --------
United Kingdom 1,623 894
Germany 349 188
Sweden 354 129
Rest of Europe 341 136
United States of America 2,254 831
Rest of World 200 191
--------------------------
5,121 2,369
-------------------------- -------- --------
4. Operating loss and auditors remuneration
Year to 2022 Year to2021
GBP'000 GBP'000
------------------------------------------------------------------------------- ------------- ------------
Operating loss is stated after charging
Loss on disposal of property plant and equipment - 6
Depreciation of property plant and equipment 865 601
Amortisation of Intangible assets 104 71
Research costs expensed as incurred 5,625 3,405
Exchange losses/(gains) (345) 24
after crediting
Government grants 24 12
------------------------------------------------------------------------------- ------------- ------------
Auditors remuneration
Amounts receivable by auditors and their associates in respect of:
Year to 31st December
2022 2021
GBP'000 GBP'000
------------------------------------------------------------------------------- ------------- ------------
Fees payable to the company auditor for the audit of the financial statements 78 60
Total 78 60
------------------------------------------------------------------------------- ------------- ------------
5. Staff numbers and costs
The average number of persons employed by the Company (including
Directors) during the year, analysed by category, was as
follows:
Year to 31st December
2022 2021
Directors 6 6
Other employees 90 59
----------------- ----------- -----------
96 65
----------------- ----------- -----------
At the year end the Company employed 118 people.
The aggregate payroll of these persons was as follows:
Year to 31st December Year to 31st December
2022 2021
GBP'000 GBP'000
-------------------------- ---------------------- ----------------------
Wages and salaries 3,552 2,428
Social security costs 436 257
Other pension costs 196 164
Share based compensation - 96
--------------------------
4,184 2,945
-------------------------- ---------------------- ----------------------
6. Taxation
Year to 31st December
2022 2021
GBP'000 GBP'000
----------------------------------------------------------- ----------- -----------
Analysis of credit in year
UK corporation tax
Adjustment in respect of prior years - R&D tax allowances 59 (23)
R&D tax allowance for current year 1,205 650
Total income tax credit 1,264 627
----------------------------------------------------------- ----------- -----------
Year to 31st December
2022 2021
GBP'000 GBP'000
----------------------------------------------------------- ----------- -----------
Reconciliation of effective tax rate
Loss for year (4,782) (3,952)
Total income tax credit (1,264) (627)
----------------------------------------------------------- ----------- -----------
Loss excluding income tax (6,047) (4,579)
Current tax at average rate of 19% (1,148) (870)
Effects of:
Non-deductible expenses 1 1
Change in unrecognised timing differences
Current year losses for which no deferred tax recognised 1,148 869
R&D tax allowance for current year (1,205) (650)
Adjustment in respect of prior years - R&D tax allowances (59) 23
----------------------------------------------------------- ----------- -----------
Income tax credit (1,264) (627)
----------------------------------------------------------- ----------- -----------
Following the 2023 spring budget the government have announced
that the regime for R&D tax credits will be higher than that
announced in the 2022 November autumn statement. Consequently, as
the Company expects to satisfy the R&D intensive threshold in
2023 the level of support will be advantageous to the Company.
The main rate of corporation tax will rise to 25% from April
2023 however the Company expects that before it's carried forward
losses are exhausted it expects to have in place patents that will
deliver patent box tax relief.
7. Called up share capital
Number GBP'000
Allotted called up and fully paid of GBP0.01 each
At 31 December 2020 154,918,319 1,549
--------------------------------------------------- ------------ --------
Issue of shares 40,270,000 403
At 31 December 2021 195,188,319 1,952
--------------------------------------------------- ------------ --------
Issue of shares 45,424,914 454
At 31 December 2022 240,613,233 2,406
--------------------------------------------------- ------------ --------
During the year the Company issued 361,175 shares through the
exercise of options.
During the year the Company issued 44,963,739 ordinary shares in
the Company in a placing, subscription and open offer taking the
total issued share capital to 240,613,233 and raising a total of
GBP17.1m after fees.
The Company operates a share incentive scheme for the benefit of
the Directors and certain employees. All options are granted at the
discretion of the Board. The scheme grants options to purchase
ordinary shares of GBP0.01 each.
8. Net debt
As at 1 Jan 2022 (Restated Cash Flow Other non-cash movements 31 December 2022
Note 1)
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ----------------------------- ---------- ------------------------- -----------------
Lease liabilities (1,579) 189 (99) (1,489)
Long term loans (1,712) 554 (81) (1,239)
Liabilities arising from
financing activities (3,291) 743 (180) (2,728)
----------------------------- ----------------------------- ---------- ------------------------- -----------------
Cash 9,959 4,621 345 14,925
Total net debt 6,668 5,364 165 12,197
----------------------------- ----------------------------- ---------- ------------------------- -----------------
As at 1 Jan 2021 Cash Flow Other non-cash movements 31 Dec 2021 (Restated Note
1)
GBP'000 GBP'000 GBP'000 GBP'000
----------------------------- ----------------- ---------- ------------------------- -----------------------------
Lease liabilities (1,371) 320 (528) (1,579)
Long term loans (446) (862) (404) (1,712)
Liabilities arising from
financing activities (1,817) (542) (932) (3,291)
----------------------------- ----------------- ---------- ------------------------- -----------------------------
Cash 1,058 8,925 (24) 9,959
Total net debt (759) 8,383 (956) 6,668
----------------------------- ----------------- ---------- ------------------------- -----------------------------
9. Ultimate controlling party
The Directors do not consider there to be an ultimate
controlling party due to no individual party owning a majority
share in the Company.
10. Loss per ordinary share
The calculation of basic loss per ordinary share is based on the
loss for the financial year divided by the weighted average number
of shares in issue during the year.
Losses and number of shares used in the calculation of loss per
ordinary share are set out below.
12m to 31st December
Basic 2022 2021
---------------------------------------------------
Loss after tax (GBP) (4,780,363) (3,951,292)
--------------------------------------------------- ------------ ------------
Weighted average number of shares (No. of shares) 204,340,456 190,215,345
--------------------------------------------------- ------------ ------------
Loss per share (pence) (2.34p) (2.08p)
--------------------------------------------------- ------------ ------------
The calculation of diluted loss per ordinary share is identical
to that used for the basic loss per ordinary share. This is because
the exercise of options would have the effect of reducing the loss
per ordinary share from continuing operations and is therefore
anti-dilutive under the terms of IAS 33.
For enquiries, please contact
Surface Transforms plc
Kevin Johnson, CEO
Michael Cunningham, CFO
David Bundred, Chairman +44 151 356 2141
Zeus (Nomad & Joint Broker)
David Foreman / Dan Bate/ James Edis (Investment
Banking)
Dominic King (Corporate Broking) +44 203 829 5000
finnCap Ltd (Joint Broker )
Ed Frisby/Abigail Kelly (Corporate Finance)
Andrew Burdis/ Barney Hayward (ECM) +44 20 7220 0500
About Surface Transforms
Surface Transforms plc. (AIM:SCE) develop and produce carbon --
ceramic material automotive brake discs. The Company is the UK's
only manufacturer of carbon--ceramic brake discs, and only one of
two mainstream carbon ceramic brake disc companies in the world,
serving customers that include major OEMs in the global automotive
markets.
The Company utilises its proprietary next generation Carbon
Ceramic Technology to create lightweight brake discs for high --
performance road and track applications for both internal
combustion engine and electric vehicles. While competitor carbon --
ceramic brake discs use discontinuous chopped carbon fibre, Surface
Transforms interweaves continuous carbon fibre to form a 3D matrix,
producing a stronger and more durable product with improved heat
conductivity compared to competitor products; this reduces the
brake system operating temperature, resulting in lighter and longer
life components with superior brake performance. These benefits are
in addition to the benefits of all carbon -- ceramic brake discs
vs. iron brake discs: weight savings of up to 70%, longer product
life, consistent performance, reduced brake pad dust and corrosion
free.
For additional information please visit
www.surfacetransforms.com
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