Hardman & Co Research
Hardman & Co Research on Surface Transforms (SCE):
Major OEM 10 order, OEM 8 delay resolved
The 24 November OEM 10 order raised the order book 50%. Even before this, it had quadrupled in under two years. This latest £100m lifetime (six-year) order with OEM 10 is the second order from this US mega-OEM – a major cornerstone. The order book is now £290m. SCE has visibility of the order inflow. It had stated, in the autumn, that a new order would come before end-2022. A major milestone was achieved this half-year, as SCE registered several profitable months. The production ramp-up is very large, and the exciting growth at OEM 8 hit a pocket of air turbulence, knocking that ramp-up a little, affecting 2022 profits, but not 2023.
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