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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Surface Transforms
Surface Transforms (SCE) investor relations material
Surface Transforms H2 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 TU earnings summary19 Jan, 2026
Executive summary
Revenue grew 120% year-over-year to £18.0m for FY25, with record second-half sales of £9.9m.
Operating loss before interest and tax reduced nearly threefold to £8.7m, with significant improvement in the second half.
FY25 marked a transformative year, with substantial progress in scaling production and process improvements.
Demand remains strong, and the business is positioned for growth in 2026.
Financial highlights
Revenue increased to £18.0m from £8.2m in FY24, with H2 revenue of £9.9m versus H1's £8.1m.
Operating loss before interest and tax improved to £8.7m from £23.4m in FY24; H2 loss was £3.5m, down from H1's £5.2m.
Gross cash at year-end was £1.0m, up from £0.5m in FY24.
Capital expenditure rose to £8.6m, supported by full utilisation of a £13.2m ERDF loan.
Customer prepayments stood at £13.3m at year-end, slightly higher than £12.9m at mid-year.
Outlook and guidance
Revenue for FY26 is expected to reach approximately £27.0m.
Management targets EBITDA breakeven in FY26.
New furnace installation is expected to be operational by end of Q2 2026, supporting further growth.
Future capital investment funding strategy?
Impact of Q1 2026 yield target miss?
Competitive advantage against other mainstream?
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Next Surface Transforms earnings date
H2 20256 Mar, 2026
Surface Transforms
Next Surface Transforms earnings date
H2 20256 Mar, 2026
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Frequently asked questions
Surface Transforms PLC is a UK-based company that specializes in the development, manufacture, and sale of next-generation carbon-ceramic brake discs. With its own patented materials technology, the company focuses on producing these high-performance brake discs primarily for automotive and aircraft applications. Surface Transforms is known for its innovative approach, employing a team of PhD-qualified scientists and degree-qualified engineers who are dedicated to developing new processes for carbon-ceramic materials and creating new products for a range of applications. The company is headquartered in Liverpool, England, and its shares are listed on the London Stock Exchange.
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