Liverpool city region supercar brake disc maker Surface Transforms says chief financial officer Isabelle Maddock will retire from the troubled business in the summer. Tony McDonough reports
Chief financial officer of supercar brake disc maker Surface Transforms, Isabelle Maddock, is to retire from the business on June 30, it was announced on Thursday.
Isabelle joined Knowsley-based ST in June 2023 from Cumbrian paper products manufacturer James Cropper where she had been for nine years. She said she wanted to focus on “a new phase of life”.
To facilitate a “successful handover and continuity”, Steven Harrison will join ST as interim chief financial officer from March 17. He brings more than 20 years of experience in CFO roles in the UK and Internationally.
This changeover comes at a challenging time for ST. In February the AIM-listed firm revealed it is continuing to face “numerous challenges” and “increasingly constrained’ working capital.
ST manufactures carbon fibre reinforced ceramic automotive brake discs for high performance cars. Customers of the business include, or have included, Porsche, Ferrari, Jaguar Land Rover and Aston Martin.
It currently has a forward order book of £390m and says its prospective customer pipeline is worth around £700m. However, despite the popularity of its products in 2023 ST experienced what it described as “the most difficult year in the history of the company”.
It has been dogged by issues related to the ramping up of production and those troubles continued into 2024. Earlier in the year the company tested the patience of its investors further by tapping them for an extra £9.5m.
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Its February update revealed revenues for the 12 months to December 31, 2024, of £8.2m, up from £7.3m in 2023. However, the statement laid bare the company’s woes. It said: “Gross cash at December 31 was £0.5m with working capital becoming increasingly constrained.
“These working capital constraints significantly impacted both revenue as well as yield in Q4 and trading results will remain challenged until current constraints are resolved.”
That sent its share price on the day tumbling 30% before rallying and finishing 22% down at 0.32p. On Thursday morning the company’s shares were trading at 0.27p.
On her departure, Isabelle Maddock said: “It has been a privilege to serve as CFO of Surface Transforms, but now is the right time for me to focus on starting a new phase of my life.”
Chief executive Kevin Johnson added: “We thank Isabelle for her dedicated service and wish her well in her retirement. We are delighted to welcome Steven and are confident that his experience will enhance the ability of the company to secure a positive future.”
