A Merseyside brake disc maker has reported gross profit and revenues soared by 72% and 55% in the six months to June 30 following huge contract wins and increasing sales.
Knowsley-based Surface Transforms released its half-year financial results on Monday, revealing that profit had risen to £590,000, with revenue up to £902,000, with losses before tax falling to £1.451m from £1.525m during the same period last year.
It comes after the firm announced earlier this month it had landed a "game-changing" deal worth £27m with a "global vehicle manufacturer" to become a tier-one supplier of a carbon ceramic brake disc.
The recent news means the company will be expanding its headcount - investing millions in staff over the coming years.
The firm said it now anticipates current full-year 2020 revenues will be approximately £2m.
A statement from the board released to the markets on Monday said: "Despite the Covid 19 lockdown, trading has been better than expected.
"The company reiterates that it is now forecasting positive profits after tax (including receipt of the R&D tax credit), a year earlier than previously announced, in 2021 and positive operating profit, before interest and tax, in 2022."
Other recent contract awards include a £5m deal from from Koenigsegg on the recently launched Gemera car.
The firm hopes to announce "further contract awards over the next six months".
The statement added: "During the period the company accelerated its progress to becoming a profitable mainstream automotive supplier of carbon ceramic brake discs. This continued progress was achieved against the most difficult economic and operational conditions in recent memory.
"Finally, I would like to conclude by recording the Board's appreciation of the outstanding contribution by all members of the team, particularly in the context of the Covid-19 pandemic."
