Corporate News

Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce its full year results for the year ended 30 June 2024 ("FY24").

Operational Highlights:

Continued progress with major partners utilising Haydale's nanomaterial plasma functionalisation technology:

• Saint Gobain are now taking a Haydale plasma functionalised boron nitride product to market under the brand Adaptiflex^TM;
• Underfloor heating application is now being trialled through a number of commercial partners who can provide channels to market in both the new build and retrofit housing market;
• Next stages of water heater projects commissioned by Cadent to progress towards a market ready product;
• Work with Petronas continuing with positive progress across a number of project initiatives that could ultimately lead to significant volume contracts

US operations continued to progress with its diversification into advanced cutting tool manufacture and distribution:

• Sales infrastructure strengthened in both the US through manufacture represeting networks and overseas with strategic white labelling partnerships in both Europe and China;
• Development of a one-stop-shop offering to customers through sourcing of other complementary tooling to supplement the core Silicon Carbide offering;
• Whilst the Company has developed a sizeable pipeline of opportunities which are starting to come through, the timescales to convert tooling opportunities into sales is continuing to take longer than originally anticipated.

Post year end and following the securing of an additional £3.1m of funding, a significantly reconstituted Board has embarked on a full and rigorous review of all aspects of the business with a view to reprioritising those areas offering up near term profit enhancement and positive cash generation, whilst continuing to pursue the most commercially attractive longer term strategic options. A key objective is to bring forwards the Group's break-even point compared to the current plan.

Financial Highlights

• Revenue at £4.82 million (FY23: £4.30 million) up by 12% on prior year underpinned predominantly by a 75% growth in UK revenues.
• Adjusted administrative expenses increased marginally by 1.4% to £6.35 million (FY23: £6.26 million).
• Adjusted operating loss improved slightly by £0.33 million to £3.16 million (FY23: £3.49 million).
• £3.1 million fundraising completed post period end.

Commenting on the results Gareth Kaminski-Cook, Executive Chair of Haydale, said:

"The Board recognises that progress has not proceeded with sufficient pace and therefore intends to use the recent fundraise as a catalyst for change.  As noted above and in line with our commitment in the fundraise circular, the reconstituted Board has embarked on a thorough review including cost restructuring and commercial focus. Our priority is to bring forward the Group's break-even point and cash generation, and we will be reporting progress to the market in due course."

For further information:

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

Notes to Editors

Haydale is an international 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, other nanomaterials and Silicon Carbide, Haydale is able to deliver improvements in electrical, thermal and mechanical properties,  Haydale has been granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from five sites in the UK, USA and the Far East.  For more information please visit: www.haydale.com or X: @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.