Shares of Surface Transforms Plc (AIM:SCE) fell 19% after the company announced delays to its 2023 audit with the company's final results now expected late this month.
Two particular elements have contributed to the "extended timeline", the company said in a stock exchange statement.
It cited impairments in the carrying value of certain assets and revenue recognition from engineering, testing, and tooling services provided to original equipment manufacturer (OEM) customers during the contract development phase.
Surface Transforms (AIM:SCE) manufactures carbon fibre-reinforced ceramic automotive brake discs.
The stock fell 0.4p to 1.68p in the first half hour of trading.