Surface Transforms (SCE) H2 2025 TU earnings summary

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.