Proactive Investors - Surface Transforms (LON:SCEU) saw its shares advance 13% in early trade on Monday after it reported a jump in revenues for 2022, a period its chairman David Bundred called "a transitional year" following technical issues.
In its preliminary results for the year ended 31 December 2022, the developer and producer of carbon‐ceramic material automotive brake disc saw its revenues improved by 116% to £5.1mln (2021: £2.4mln), although its gross margin declined to 60% from 65% in 2021, and the group's loss before taxation was £6.0mln (2021: £4.6mln).
The company had cash as at 31 December 2022 of £14.9mln (2021 restated: £10mln).
In the chairman's statement, Bundred said: "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."
Around 9.25am, Surface Transform shares were up 13.1% at 36.75p.