27 February 2020
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 2019 (the 'Period' or 'H1 2020').
The full results are available to
Group Revenues of £1.35 million for the Period, 17% down on H1 2019;
Adjusted administrative expenses fell by 17% with a saving of £0.68 million on the prior year half year;
Adjusted operating loss for the Period reduced by 22% (H1 2020 £2.1 million vs H1 2019 £2.7 million);
Cash at Period end of £2.70 million (30 June 2019: £4.69 million); and
New share subscription of £0.45 million at approximately a 29% premium to closing mid-market price.
US blanks production now at commercial levels after some earlier teething issues;
Decision taken to close loss-making Taiwan manufacturing facility and transfer production to both our UK and Thailand operations, expected to result in a reduction in turnover but improved EBITDA for H2 2020;
Rightsizing of the Group's cost base has continued, with a reduction of £0.68 million adjusted administrative expenses in the Period.
Commenting on the interim results, Keith Broadbent, Chief Executive Officer of Haydale, said:
Whilst both internal and external factors have adversely impacted our short-term revenues, the Directors remain committed to delivering on the commercial potential of our stable of world leading technologies. We are making significant progress, in collaboration with a number of international partners, towards converting state of art science into everyday applications that will positively impact our customers' businesses. Our proprietary technology and our exceptional ability to functionalise nano materials continues to give us confidence in the longer-term prospects of the Group.
For further information:
|Haydale Graphene Industries plc
|Keith Broadbent, CEO
Gemma Smith, Head of Marketing
|Tel: +44 (0) 1269 842 946
|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 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.