SCE interims reported a loss, so the chairman’s statement of “considerable strategic progress” is notable. We concur. The automotive brake market is strong, all the more so in SCE’s market of carbon ceramic discs. SCE’s order book since end-2020 is up nearly six-fold and it makes an explicit statement as to supportive customers and prospects for more orders. Capital investment is in place and operational for our 2023 sales estimates, and there is clear line of sight for £50m p.a. capacity during 2024, with spending already started on the next rise to £75m p.a.
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