Corporate News

Final Results

06 October 2022

Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce its full year results for the year ended 30 June 2022 (“FY22”).

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Operational Highlights:

  • Good progress scaling up operations to take advantage of current commercial opportunities
    • Successfully commissioned the larger HT1400 plasma reactor which is delivering a significant increase in functionalisation capacity to allow production to move to an industrial level in FY23
  • Positive progress in the energy, heating and power storage sectors
    • Exclusive supply agreement with High Tech Systems Limited to manufacture a thermal fluid, Hi-Therm®, initially for domestic heating systems. Ahead of contractual volumes at the financial year-end
    • Working with Cadent and the Energy Innovation Centre to develop graphene ink-based heaters for a low power water heater prototype
    • Signed a memorandum of understanding with Viritech Ltd for collaboration on the delivery of advanced hydrogen powertrain solutions for the automotive, aerospace, marine and distributed power industries
  • Working in the glucose monitoring and diabetes management sector to develop a biomedical ink that improves  the speed and accuracy of test
  • Signed a contract with Vittoria Spa, the leading cycle tyre manufacturer, for the supply of one tonne of functionalised graphene nanomaterial
  • Focused development of our patented HDPlas® process with key achievements including
    • liquid doping technology that allows graphene to be dosed with microscopic levels of metals to enhance the conductivity and resistivity of our functionalised inks
    • Using graphene inks to develop underfloor heating solutions that may offer an energy efficient, cost effective and easy to install underfloor heating system

Financial Highlights

  • Revenue at £2.90 million (FY21: £2.90 million) – robust performance given pull forward of £1.22m silicon carbide and £0.4m one-time reactor sale in prior year
  • Investment in sales, marketing, quality assurance and production capability saw adjusted administrative expenses increase by 17% to £5.52 million (FY21: £4.72 million)
  • Adjusted operating loss increased by £1.16 million to £3.33 million (FY21: £2.17 million)
  • Cash outflow from operations increased by £1.59 million (101%) to £3.17 million (FY21: £1.58 million)
  • £5.51 million fundraising completed post period end with 138.8 million warrants issued yielding up to a further £2.8 million when exercised

Commenting on the results David Banks, Non-executive Chair of Haydale, said:

‘The clear priorities remain to commercialise our cutting-edge functionalisation technology.  The progress we have made during the year and the opportunities that we are seeing gives us confidence that we are on a steady path to more widespread adoption of our technology and the benefits, both performance and environmental, that it can bring.

The Directors remain mindful that the economic backdrop remains uncertain and that risks that could impinge on our operations persist.  However, the solid progress made in our core business during the year continues to reinforce the Directors’ belief that, whilst navigating the new industrial landscape will remain challenging and forward momentum is unlikely to be smooth, the Company is moving in the right direction.’

For further information:

Haydale Graphene Industries plc  
Keith Broadbent, CEO
Mark Chapman, CFO
Tel: +44 (0) 1269 842 946
 www.haydale.com 
finnCap (Nominated Adviser & Broker)  
Julian Blunt/Edward Whiley/George Dollermore - Corporate Finance
Andrew Burdis, ECM

Tel: +44 (0) 20 7220 0500

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.