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Corporate News

Interim Results

22 February 2019

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Haydale (AIM: HAYD), the global advanced materials group, announces its unaudited interim results for the six months ended 31 December 2018 (the 'Period' or 'H1FY19').

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Financial Highlights

  • Group Revenues of £1.64 million for the Period, 20% up on H2FY18, but 20% down on H1FY18;
  • Revenue from US operations up 10% to £1.28 million from H1FY18;
  • Loss before tax for the Period was £3.47 million (H1FY18: £2.74 million); and
  • Cash at period end of £0.96 million (30 June 2018: £5.09 million)

Operational Highlights

  • Significant investment in production capabilities at our US site to manufacture new Silicon Carbide cutting tools to increase sales and improve gross margins;
  • Sold over 200kg of functional ink from our Taiwan facility into the biomedical sensor market;
  • First commercial revenues for Haydale's graphene piezoresitive inks produced in Ammanford for pressure sensors in sporting headgear;
  • Haydale's proprietary functionalisation capabilities improved surface chemistry of graphenes from 4% to 20%; and
  • Re-sizing of Group's cost base commenced with initial £1.0 million of annualised savings, primarily in the UK

Post Period End Highlights

  • Received £0.75 million loan from Development Bank of Wales for working capital

Commenting on the interim results, David Banks, Interim Executive Chairman of Haydale, said:

“We will continue to implement the management actions already started to re-set the cost base and consolidate the Group's position over the next 6 months with our focus on SiC, functionalised inks and graphene composites. There will be a marginal impact on sales in the current financial year as the changes are bedded in. However, we are recruiting specific sales personnel to deliver on our expected growth over the medium term without adding to the cost base, as we move from R&D to commercial sales. We are looking to leverage our significant investment made in our US business to create a stable platform for the Group to enable us to achieve our plan to profitability."

 

For further information:

Haydale Graphene Industries plc
David Banks, Interim Executive Chairman
Gemma Smith, Head of Marketing
Tel: +44 (0) 1269 842 946
www.haydale.com
Arden Partners plc (Nominated Adviser & Broker)
Ruari McGirr / Paul Shackleton / Ben Cryer
Tel: +44 (0) 20 7614 5900

 

Notes to Editors

Haydale is a global technologies group and service provider that facilitates the integration of graphene and other nanomaterials into the next generation of industrial materials and commercial technologies. With expertise in graphene, silicon carbide and other nanomaterials, Haydale is able to deliver improvements in electrical, thermal and mechanical properties, as well as toughness. Haydale has granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from six sites in the UK, USA and the Far East. For more information please visit: www.haydale.com or Twitter: @haydalegraphene

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identified by their use of terms and phrases such as ''believe'', ''could'', "should" ''envisage'', ''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', ''will'' or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements reflect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements including risks associated with vulnerability to general economic and business conditions, competition, environmental and other regulatory changes, actions by governmental authorities, the availability of capital markets, reliance on key personnel, uninsured and underinsured losses and other factors, many of which are beyond the control of the Company. Although any forward looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such forward looking statements. Accordingly, readers are cautioned not to place undue reliance on forward looking statements. Subject to any continuing obligations under applicable law or any relevant AIM Rule requirements, in providing this information the Company does not undertake any obligation to publicly update or revise any of the forward looking statements or to advise of any change in events, conditions or circumstances on which any such statement is based.

 

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Important Dates

  • 22FebInterim Results
  • 21DecAnnual General Meeting
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