Hardman & Co Research on Surface Transforms (SCE):

Further new order, upgrades, production ramp-up

We are very encouraged by the further significant upgrades following SCE’s interim results announcement. This is over and above the upgrades from August’s new OEM 9 order. The order book is now £190m (£50m end-2020), with more rises promised before end-2022. The results, announced 5 September, cover a period where production ramp-up was impressive and the resilience of gross margins proven. The major milestone of profitability is achieved this half year. We raise 2024E EPS by 39%, on a 12% sales upgrade. Operational gearing is at play but also the confirmed continuing robustness of gross margins.

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.