Liverpool-based Surface Transforms plc said it increased the “lifetime value” of its order book by £175 million to £290 million in the year to December 31, 2022.

Surface Transforms is a manufacturer of next-generation carbon-ceramic brake discs for automotive and aircraft applications.

The company said its revenues improved 116% to £5.1 million for the year while loss before taxation widened to £6 million from £4.6 million.

Surface Transforms shares rose about 15% to around 37p to give the firm a stock market value of £90 million.

In its outlook, Surface Transforms said: “Achieving forecast revenue and profitability targets in 2023 remain our key goals.

“With the technical issues now resolved, and demand remaining strong. the board remains confident that the company will be profitable in Q2 2023 and thereafter.

“We can now deliver the strong demand.

“However, given the issues experienced in Q1 2023, and the ongoing production ramp in Q2, we communicated to the market, on 3 April 2023 that, notwithstanding ongoing profitability, it is premature to assume that we can catch up these delayed sales.

“In respect to cash we have modelled our cash flows on this most pessimistic assumption, that the sales lost in H1 are lost for the year and confirm that we still have sufficient cash to maintain the momentum of our capital expenditure programme.”