Surface Transforms PLC on Wednesday said it is confident in posting a profit for 2022.

Revenue in the year’s first half more than doubled to £2.9 million from £1.2 million a year ago. The firm said this reflected deliveries on the Aston Marton Valkyrie project ‘as well as catch up on the original equipment manufacturer [OEM] arrears reported at the end of 2021’.

‘The company continues its journey to profitability in 2022 and remains confident that this goal will be achieved, whilst maintaining our commitment to environmental and social goals,’ Surface Transforms said.

Regarding a £100 million OEM contract the firm announced in March, ‘deliveries will commence in July and production schedules and run rates will now continue in line with management expectations,’

the Liverpool-based maker of carbon‐ceramic automotive brake discs explained.

‘The company’s prospective contract pipeline has led to a series of new contract announcements bringing its lifetime contract value to over £180 million. Furthermore, the company continues to work with new and existing OEM customers and anticipates further contract awards in the second half of the year,’ it added.

Surface Transforms shares were 9.0% higher at 47.41 pence each in London on Wednesday morning.

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