A Merseyside-based brake disc maker saw losses rise during a challenging six months - but said it expects to be profitable in 2022.
Surface Transforms has reported that while revenue for the period to June 30 increased by 34% from £0.9m to £1.2m, loss before tax also rose from £1.2m to £1.9m.
The Liverpool-based firm making ceramic brake discs for supercars said it had successfully raised £19m of new equity in a "heavily oversubscribed" fund raise.
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During the period, series production began for the Aston Martin Valkyrie.
In a statement to the markets, the firm said it now expects to "enter a period of high growth" - meaning a "more robust" outlook for 2022.
The news comes after the firm last week announced a major new contract win - alongside a new manufacturing strategy.
Monday's statement added that uncertainties such as customer start of production dates and ramping up production to "mature" manufacturing volumes were "impacting" its view for the outlook of 2021.
The statement added: "The company continues to announce contract wins with new and existing customers and is working on a significant number of unannounced projects. All these customer R&D projects are either going to plan or exceeding expectations."
It concluded: "We reiterate our previous statements, that we expect to be profitable in 2022."
