Full Year Results
15 October 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, is pleased to announce its full year results for the year ended 30 June 2019.
The full results are available to
- Board members reduced and new leadership team installed;
- Formation of a global cross site / cross commodity sales team each with specific product/market expertise.
- Recruitment of a UK Sales Director with significant industry, product and market knowledge of composites.
- Review of the Group’s business unit structure to ensure streamlining and efficiencies largely complete in the US and UK, with the APAC region review ongoing;
- The redirection of the Ammanford (UK Inks) business from a cost centre to a profit centre in progress
- Focus shifted to commercial revenue and grant income or free of charge R&D only if the commercial opportunity is apparent;
- Significant in year investment in the US blanks tooling business ($1.2 million) to capture more of the value chain;
- Functionalisation capabilities enhanced with several new treatments creating a variety of offerings to meet customer requirements;
- Incorporation of nano materials into bespoke solutions has become a core competence;
- Development of tooling and component enhanced pre-preg for niche automotive; anticipated to the reach wider automotive industry in due course.
- Commercial revenues £3.47 million (2018: £3.4 million);
- Initial growth of £0.5m in the US business following a total of $1.5m investment in capital equipment, offset by a reduction in the refocused UK (RPC) business now targeting repeatable product related commercial sales;
- c£1.6 million of annualised cost savings achieved to date;
- Adjusted operating loss before non-cash items (depreciation, amortization, share based payment charges, impairments and one-off restructuring costs of £0.35 million was £4.18 million (FY18: £4.88 million)
- The Board, following extensive discussions with its advisors and auditors, impaired intangible assets relating to the UK (RPC) composites business by £1.78 million not withstanding the impairment, the Board considers the composite business to have a good pipeline of opportunities. This was driven by the Group’s current market cap despite a good pipeline of opportunities.
Post Period End Highlights:
- Launch of advanced nano-materials additives for eleastomers at IRC, September 2019
Commenting on the results David Banks, Non-exective Chairman of Haydale, said:
“The year under review has been a challenging one for Haydale. At management level, we have recruited a new Executive team lead by Keith Broadbent, who was promoted from COO to CEO in March 2019, and Laura Redman-Thomas, who joined as our CFO in December 2018. At an operational level, we have streamlined the business and rationalised our cost base, created a rigorous product and commodity analysis with subsequent clear focus, both inwardly and outwardly, introducing best manufacturing procedures and processes, created a Group sales force and refinanced the business with the fundraising announced in March.”
For further information:
|Haydale Graphene Industries plc|
|Keith Broadbent, CEO||Tel: +44 (0) 1269 842 946|
|Gemma Smith, Global Head of Marketing||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 and materials group that facilitates the integration of graphene and other nanomaterials into the next generation of commercial technologies and industrial materials. 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
A copy of this preliminary statement will be available to download on the Group’s website www.haydale.com. Copies of the Annual Report and Accounts, together with the notice convening the annual general meeting, will be posted to shareholders in due course at which time the Annual Report and Accounts will be made available to download on the Group’s website, www.haydale.com, in accordance with AIM Rule 26.