Surface Transforms shares boosted by deal

AIM-listed reinforced ceramics manufacturers Surface Transforms (LON:SCE) saw its share price increase by 27.88% to 20.78p (as of 15:00 GMT) after winning a contract with Koeniggsegg to supply brake discs for the Gemera model. The company said that the deal would be worth more than £5 million between 2022 and 2027, with revenues split fairly evenly across the period.

CEO Kevin Johnson commented: “This contract is now the third award from Koenigsegg and again demonstrates that when we win an initial contract with a customer we can achieve follow on business. Our relationship with Koenigsegg is long standing and we are therefore delighted that we continue to work with them as they transition to the next level in the automotive market through their partnership with NEVS. We are also particularly pleased that this is another example of the importance of weight reducing carbon ceramic discs in electric vehicles, whether BEVs or hybrids.

“This announcement reinforces our view that the Company will be profitable before tax in 2022“.