Ceramic brake discs specialist Surface Transforms Plc (AIM:SCE) saw its shares dive 63% after it admitted it was looking at funding options after its progress proved to have been slower than hoped.
"2024 continues to be a year with contradictory positions," it said in commentary accompanying its interim results. "Real progress on scaling up and delivering growth is being made, however, the pace of growth is not as we had anticipated."
It also admitted that while investments in capacity upgrade projects were improving yield, they were also "consuming" its "cash headroom".
"We are managing cash and working capital carefully and reviewing all funding options to improve our cash flow," a statement from the company read.
In early trading, the stock was off 0.91p at 0.54p.