Corporate News

Haydale (AIM: HAYD), the global technology solutions group, announces its unaudited interim results for the six months ended 31 December 2022 (the ‘Period’ or ‘H1 FY2023’).

Financial Highlights

• Group Revenues increased by 50% to £1.78 million (H1 FY2022 £1.19 million);
• Adjusted Operational expenses of £3.02 million (H1 FY2022: £2.55 million) reflecting prior year investment in capability;
• Adjusted operating loss for the Period of £1.89 million (H1 FY2022 £1.75 million); and
• Cash at Period end of £2.97million (31 December 2021: £3.84 million).
• Successful fund raise of £5.14 million (Net) in September 2022.

 Operational Highlights 

• Sales of biomedical inks achieved in Europe with advanced trials being conducted by several parties which include electronic blood glucose reader compatibility tests.
• One tonne of functionalised graphene powder supplied to leading cycle tyre manufacturer Vittoria Spa with more orders anticipated in the current period.
• Strong growth in US revenues with an anticipated rebound in Silicon Carbide powder sales alongside  expanding sales of blanks and finished tools;
• Developed a prototype underfloor heating solution with the potential to replace higher voltage electric or water based floor heating systems in residential buildings.

Commenting on the interim results, Keith Broadbent, Chief Executive Officer of Haydale, said:  

"We are pleased to see revenues increase by 50% in the Period and currently remain on track to meet expectations for the financial year.  Our operational focus remains on those products that should deliver revenue growth within the short to medium term. This strategy is supported by the Group’s installed manufacturing capacity that can deliver functionalised nanomaterials to our customers on an industrial scale at a consistent quality and at a market acceptable price.   We believe that the patented HDPlas™ plasma treatment provides a superior, highly tuneable and environmentally friendlier solution to the graphene challenge than other processes and this is being validated by our customers.

We are also pleased to see the rebound in our US sales and expect to see continued growth in our cutting tool business in the North American automotive and aerospace sectors in H2 FY2023.  The continued progress of our US business will support reduced monthly cash burn and may create the opportunity to secure additional capital facilities for the Group”.

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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, 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 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.