Surface Transforms (GB:SCE) has released an update.
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Surface Transforms PLC, a UK manufacturer of carbon-ceramic automotive brake discs, is currently undergoing an audit for FY23 with results expected by late June 2024. The company is facing a £6.2 million impairment on intangible assets and a £3.0 million impairment on tangible assets, which are non-cash adjustments and do not affect cash flow or operational performance. Additionally, a policy change in revenue recognition will defer £2.0 million in development revenues to future periods.
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