Investment Case
The automotive market is changing
- Shift to electric vehicles
- Environment regulations requiring reduced pollution from brakes
- Weight reduction particularly needed on electric vehicles
- Demand for reduction in total cost of ownership
- Traditional brake capability no longer good enough
- Customer’s supply security risk with £160m/yr monopolist supplier
Our technology is successfully responding to these changing needs
- Multiple contract wins worth over £290m
- Differentiated and market leading products
- Lighter and lasts longer than conventional iron discs
- Better heat dissipation and stronger than competitor ceramic discs
- Protected deep technology
- High barriers to entry
- Long term customer relationships
- Rapid revenue growth
Leading to resilient growth
- Long term, recurring contracts
- Significant pipeline of unannounced further opportunities
- Multiple existing and new customers
- Secure pricing with strong margin
- Profitable and cash generative during 2022
- Manufacturing capacity to generate revenues of £50m/yr
- Factory footprint manufacturing capability of £75m/yr
- With potential for further expansion on other sites