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Latest Results

Interim Results

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’).


The full results are available to
download in PDF format


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”.

Chief Executive’s Report



The Group has seen solid progress in its core graphene and nano particle operations in the UK supported by a strong rebound in its US sales. 

Within the graphene and nano materials side of our operations, we have continued to concentrate on our focus products, those that we believe are most likely to deliver revenue within the short to medium term.  Specific development of our core ink, elastomers and composite products has also resulted in further enhancement of our core functionalisation technology which has led to several new patent applications being submitted in the Period.

We have continued the optimisation process for the HT1400 industrial scale plasma reactor that was commissioned in April 2022. Our installed capacity has, amongst other customers, proved invaluable in our supply of one tonne of functionalised nano material for Vittoria Spa in the Period.

Revenue increased by 50% in the Period to £1.78 million (H1 FY2022 £1.19 million) driven by a strong recovery at the Group’s US operation. Silicon Carbide whisker (“SiC”) sales to a long term customer in East Asia recommenced after a hiatus of nearly 18 months and were supported by expanding sales of blanks and finished tools (together “Tools”).      

The focus on improving operational capability alongside the increase in production capacity led to strategic investment in the wider Haydale team in FY 2022.  In H1 FY2023 we are seeing the full year effect of this with a 18.6% increase in Adjusted Administrative expenses in the Period.  The Group’s adjusted operating loss for the Period was £1.89 million (H1 FY2022 £1.75 million). 

Commercial Operations


The UK has made consistent progress towards commercialising its proprietary technology in the Period and has continued to focus on the inks (biosensor, heater and conductive), elastomers and composites that we believe have a shorter commercial time horizon and can deliver a sustainable financial return.


Our biomedical ink products are gathering momentum, and we have secured small scale sales to the UK based subsidiary of a global leader in the glucose monitoring and diabetes management field, as well as several customers in East Asia. We are pleased that our functionalised graphene inks have demonstrated consistent performance uplifts against existing carbon based inks in initial trials. Customers are now performing advanced testing and are looking to ensure compatibility with their blood glucose readers.

For context, the global blood glucose test strips market size was $12.31 billion in 2021 and is poised to grow at a CAGR of 6.2% to reach $21.16 billion by 2030. Population aging, obesity, and unhealthy lifestyle are the main factors contributing to this market growth. Small disposable plastic blood glucose test strips play a critical role in assisting people to monitor and control their diabetes.

Academic and commercial laboratories have shown that the electrically conductive properties of our HDPlas® functionalised graphene, improved the accuracy and responsiveness of the ink within the test strips when compared to the existing products on the market.  Furthermore, our next generation product uses less metallics and will be environmentally friendlier than current inks.

Haydale has the installed capacity to produce circa 25 tonnes of biomedical inks per annum to a consistent and high quality standard, and at a competitive cost versus current suppliers. We anticipate that capacity could be substantially increased, as required, with a projected return on future investment of under one year.

Our biomedical inks are also potentially capable of detecting a wide variety of other conditions. Our work with the Wales Kidney Research Unit at Cardiff University on a urinary electrochemical sensor has the potential to replace costly and invasive PCR based methods and to enable more timely intervention.   The diagnostic potential of our functionalised powder inks, utilising microRNA to detect a wide range of conditions, has been recognised by The Engineer, a respected magazine focusing on technological innovation, which shortlisted the parties in the 2023 ‘Collaborate to Innovate Awards’ category.  

Haydale has been working with Cadent to develop graphene based heater inks to generate low power hot water in off grid situations.  This work programme has now advanced to the development of a demonstrator, and the parties are discussing further projects. 

Haydale has also been working to enhance the conductivity and printability of its heater inks for use in caravans and other mobile platforms and underfloor heating situations. The Group has recently developed a prototype distributed heating solution with the potential to replace high voltage electric or water based under floor heating systems in residential buildings.  Haydale heater ink can be printed onto various substrates and using low voltage battery or solar energy could, when fully developed, effectively heat domestic buildings as part of a wider sustainable energy ecosystem.  We have received interest from a number of energy utilities and are currently investigating the cost of developing a prototype for field testing, with a view to having a commercial offering with a certified energy rating value. Against the backdrop of the global energy crisis, discussions on this potentially ground breaking technology continue apace.


Through several feasibility studies, Haydale demonstrated the capacity of functionalised masterbatches to deliver enhanced elastomer performance.  Our work in this field has kickstarted our collaboration with Vittoria Spa (“Vittoria”), the leading Italian bicycle tyre manufacturer which has pioneered the use of graphene in high performance tyres.   Haydale’s functionalised nanomaterial has been proven to create substantial improvements in grip, puncture resistance, rolling drag and durability. During the period the Group was excited to continue our collaboration by supplying one tonne of functionalised graphene nanomaterials to Vittoria.  The parties expect more orders to follow in H2 FY2023 as Vittoria expand the use of the material to other high performance tyre offerings.  The applicability of this technology to the wider tyre market and also to other sectors is being explored with the anti-static non marking properties of our functionalised elastomer products receiving interest from a supplier to the medical sector.


The Group recently announced its new graphene enhanced epoxy pre-preg tooling material. A two year field trial at Prodrive, the tier 1 automotive supplier, demonstrated that our material delivered extended tooling life, improved surface quality and increased thermal conductivity.  The prolonged tooling life should deliver substantial cost savings to users mainly in the automotive and aerospace sectors, with the move to the new tools requiring no process adjustments.   The product was formally launched in H2 FY2023 with our graphene masterbatch being used to manufacture stronger and lighter composite sea kayaks for Norwegian paddle sport brand, Norse Kayaks.

Other UK

Haydale has continued to collaborate with High Tech Systems Ltd on the development, ‘real world’ testing and optimisation of its boron nitride enhanced thermal fluid, Hi-Therm™.  By enhancing the thermodynamic properties of water, Hi-Therm™ has the potential to reduce the energy required to heat buildings and could demonstrate the positive impact that thermally efficient and effectively dispersed nanomaterials could have on reducing energy use. 

North America

Revenue at our US SiC and tool manufacturing facility has rebounded in the Period. The Group has recommenced sales with a key customer in East Asia after an 18 month post pandemic hiatus and has also seen meaningful sales of its Tools in the Period.

We reported that our North American operation had started to see demand for its Tools revive in the last quarter of FY2022.  We are pleased to report that this momentum has increased and during the Period we have added a number of major customers and are now seeing consistent monthly growth in Tools supplied into the North American automotive and aerospace sector. We have signed distribution contracts covering the important North-East Corridor and the West Coast and these distributors are working alongside the sales team to promote our Tools. We are confident that we will be able to continue to increase both our user base and the range of tooling geometries that we are supplying to existing customers.  We also consider that the wider developments within the ceramic cutting tool sector should allow us to build a significant tooling business that will broaden our strategic options for this unit.   

During the pandemic we stated that we were to look to diversify beyond our traditional markets, and in the last two years have signed two non-exclusive sales agreements with Chinese companies and entered into less formal trading arrangements with several others. Whilst progress has been slower than expected, with the recent relaxation in China’s zero covid policy,  we anticipate more sales to China in the medium term.

The Company agreed an exclusive UK distribution contract for CeramycGuard™ in 2020.  Haydale continues to work closely with a number of UK water utilities and wider concrete infrastructure parties and was pleased to recently announce a trial by United Utilities at its Oldham wastewater facility.  We are hopeful that the six month trial will demonstrate the long term cost savings that the service life extension shown by CeramycGuard™ can deliver to concrete assets. We expected to receive DWI 31 (Clean Water) Accreditation during the Period, but due to delays outside of our control we are still awaiting the final evaluation, and now anticipate a decision during the current period. Whilst clean water accreditation is important in securing sales of CeramycGuard™, we continue to focus on the substantial wider market which includes sewage treatment facilities, bridges, car parks and other concrete structures.

Asia Pacific “APAC”

Our Thailand business unit is working on some exciting research projects, one of which is looking at the commercial feasibility of using functionalisation to upcycle waste products for use in battery and other applications.  Further to the letter of intent with Graphene Creations, an associate company of Vittoria, referred to in our Annual Report released in October 2022, we are still assessing the merits of combining our technical knowledge and resources with their contacts within the Thai industrial community, and we anticipate that the parties will reach a decision on whether to proceed shortly.

We have made positive progress in South Korea and are working with several parties at an early product development stage.  We anticipate that some of these collaborations will transition into material supply contracts in the current period and, specifically that our earlier work with NeoEnpla on their biodegradable barrier plastic bags suitable for the food industry, will afford more opportunities in the medium term. iCraft has now confirmed that it will refocus on its core operations and we remain in constructive dialogue with them in respect of their contractual obligations. Grant Funded Projects

Haydale has been working on a number of grant funded projects in the Period.  We highlight two projects that are focused on reducing the barriers to wider commercial adoption of graphene and which recognise our expertise in the characterisation of graphene.

  • Iso GScope – a project led by the National Physical Laboratory, aims to validate and standardise measurement and characterisation methods for graphene in powders and liquid dispersions used in industrial applications.  By overcoming the “what is my material?” barrier by creating well-characterised graphene structures, the project should facilitate the wider adoption of graphene by industry; and

  • Accords – an Horizon Europe project, with Haydale playing a key role in developing imaging techniques to characterise 2D materials to make the process of selection easier. This is the first time that an extensive programme will look to standardise the characterisation of 2D materials with the aim of adoption by standardisation bodies such as ISO. This will also be an important milestone in defining the safe use of nano materials as industry continues to adopt this technology at speed.  

As previously set out, the Company only seeks to focus on grant projects that have a clear commercial pathway or add significantly to the Group’s knowledge bank.  The projects detailed are practical examples of this ethos as are the other grants and awards that we have worked on in the Period.

Business Investment

Haydale made a significant investment in FY2022 in expanding its manufacturing capacity.  The new HT1400 plasma reactor, alongside ancillary equipment, has significantly increased the Company’s functionalisation and ink handling capacity.  During the Period Haydale has continued to optimise the new reactor and the technologies, such as liquid dosing, which the new reactor has enabled. As signposted, full year capital expenditure will be significantly less than the prior year and we anticipate that spend will remain muted for the medium term.

In tandem with the investment in physical capacity, the Company has focussed on raising the operational capability across our sites.  This process commenced during FY2022 and identified the need for additional skills and resources in key functional areas and the requirement for more robust operating systems to provide a solid foundation for growth.  The Directors are pleased that this investment is now being rewarded with the increase in US sales, and also the positive feedback from customers who are seeking graphene partners who can meet their volume requirements without compromising quality assurance standards. Although this investment increased our overheads in FY2022 and also in this Period, the strategy has been both necessary and, with respect to the US operation,  has started to bear fruit.  We do anticipate that the operational capability now in place is sufficient to deliver the anticipated revenue growth and that cost growth should reduce going forwards.

Unaudited Financial Results

The Group’s recognised commercial income in the Period was £1.78 million (FY H1 2022 £1.19 million). 

During FY2022, the Directors increased the operational capability of the business to ensure it had appropriate resource to achieve its strategic objectives. In this Period we are seeing the impact of that investment and Total Adjusted Administrative Expenses increased to £3.02 million (H1 FY2022 £2.55 million).

The Group’s adjusted operating loss was £1.89 million (H1 FY2022 £1.75 million) and the Loss before taxation was £3.38 million (H1 FY2022 £2.46 million).  As noted below, the Loss before Taxation was adversely impacted by fund raising costs and increased non cash share based payment expenses relating to the warrants issued. Capital expenditure in H1 FY2023 was £0.16 million (H1 FY22: £0.02 million).

The Group’s net assets at 31 December 2022 were £9.86 million (31 December 2021: £9.30 million).  The Group’s borrowings marginally increased by £0.05 million during the Period to £1.37million at the Period end (30 June 2022: £1.32 million). Cash at the Period end was £2.97 million (30 June 2022: £3.84million). Negative operating cash flow before working capital changes was £1.84 million (H1 FY2022 £1.71 million). A negative working capital movement of £1.28 million (H1 FY2022 £0.14 million) meant that Cash Used in Operations was £(3.12) million (H1 FY2022 £(1.58) million).

The Company raised £5.14 million (net) via the issue of 275,526,784 new ordinary shares in September 2022 at an issue price of £0.02 each (the “Fund Raise”). As the Fund Raise was done at the nominal value of the ordinary shares, costs of £0.36 million associated with the Fund Raise have been included in the Profit & Loss rather than the Share Premium account.  As at 31 December 2022, and at the date of this announcement, the Company had 785,852,475 ordinary shares in issue.

The Company also issued 138,758,392 Warrants to subscribers in the Fund Raise granting rights to subscribe for 1 additional Ordinary Share for each Warrant held in the ratio of 1 Warrant for every 2 New Ordinary Shares issued.  The Warrants are exercisable at a price of 2 pence per Ordinary Share within one year of issue.


We believe our functionalized graphene is at the forefront of the fourth industrial revolution in nanoparticle science.  It makes materials lighter, stronger and more conductive and can provide the environmentally friendlier solution that many of our customers require. Haydale’s patented technology enables the Company to consistently manufacture industrial volumes of graphene and other nano materials to provide an enhanced end product at competitive prices.  Whilst its uses are manifold our focus remains on the inks, composites and elastomers where the route to market, speed of adoption and overall market size are such that the business is able to deliver short term revenue growth and sustainable long term returns.

We are pleased to see revenues increase by 50% in the Period and currently remain on track to meet expectations for the financial year.  The Board  remains confident in the significant potential  for the Group at this time and, moreover, believes that the foundations are now in place that will facilitate the rapid scale up of the business and allow it to realise its potential.

Keith Broadbent
Chief Executive Officer
28 February 2023


For the year ended 31 December 2022


 Six months
31 Dec 2022

Six months
31 Dec 2021

30 Jun 2022
REVENUE  1,782 1,191 2,901
Cost of sales  (841) (583) (1,156)
Gross Profit  941 608 1,745
Other operating income  195 194 442
Adjusted Administrative expenses  (3,023) (2,549) (5,520)
Adjusted operating loss  (1,887) (1,747) (3,333)
Adjusting administrative items:     
Share based payments income/(expenses)  (257) 25 (39)
Depreciation and amortisation  (727) (618) (1,308)
Share issue costs  (371) - -
Impairment  - - (375)
  (1,355) (593) (1,722)
Total trading administrative expenses  (4,378) (3,142) (7,242)
LOSS FROM TRADING  (3,242) (2,340) (5,055)
Total administrative expenses  (4,378) (3,142) (7,242)
LOSS FROM OPERATIONS  (3,242) (2,340) (5,055)
Finance costs  (138) (118) (187)
LOSS BEFORE TAXATION  (3,380) (2,458) (5,242)
Taxation  182 182 433
 (3,198) (2,276) (4,809)
Other comprehensive income:     
Items that may be reclassified to profit or loss:     
Exchange differences on translation of foreign operations  (22) 13 374
Remeasurements of defined benefit pension scheme  260 30 (109)




Loss per share attributable to owners of the Parent     
Basic (£) and Diluted (£) 2 (0.01) (0.01) (0.01)


As at 31 December 2022

 31 Dec 2022
31 Dec 2021
30 Jun 2022
Non-current assets     
Goodwill  1,131 1,341 1,131
Intangible assets  1,300 1,209 1,312
Property, plant and equipment  7,265 6,564 7,579




 9,696 9,114 10,022




Current assets     
Inventories  1,996 1,343 1,515
Trade receivables  904 347 667
Other receivables  595 629 646
Corporation tax  187 546 427
Cash and bank balances  2,971 3,840 1,186




  6,653 6,705 4,441




TOTAL ASSETS  16,349 15,819 14,463




Non-current liabilities     
Bank loans  1,357 1,311 1,341
Pension obligation  1,030 1,035 1,356
Other payable  2,283 2,463 2,440




 4,670 4,809 5,137
Current liabilities  










Bank loans  11 8 11
Trade and other payables  1,709 1,622 2,199
Deferred income  104 76 68




  1,824 1,706 2,278




TOTAL LIABILITIES  6,494 6,515 7,415




TOTAL NET ASSETS  9,855 9,304 7,048




Capital and reserves attributable to equity holders of the parent     
Share capital  15,717 10,206 10,207
Share premium account  31,912 31,922 31,912
Share-based payment reserve  501 180 244
Retained (deficits)  (38,241) (32,631) (35,303)
Foreign exchange reserve  (34) (373) (12)




TOTAL EQUITY  9,855 9,304 7,048


For the year ended 31 December 2022

  Unaudited  Unaudited  Audited
  Six months  Six months  Year
  ended  ended  ended
  31 Dec 2022  31 Dec 2021  30 Jun 2022
  £’000  £’000  £’000
Cash flow from operating activities       
Loss after taxation  (3,198)  (2,276)  (4,809)
Adjustments for:-       
Amortisation of intangible assets  145  116  607
Depreciation of property, plant and equipment  584  502  1,076
Share-based payment (income)/charge  257  (25)  39
Profit on disposal of plant and equipment  -  -  8
Finance costs  137  118  188
Pension plan contributions  39  29  -
Pension - net interest expense  3  4  (92)
Share issue costs  371  -  -
Taxation  (182)  (182)  (433)
Operating cash flow before working capital changes  (1,844)  (1,714)  (3,416)
(Increase) in inventories  (481)  (15)  (187)
(Increase)/decrease in trade and other receivables  (185)  333  (4)
(Decrease)/increase in payables and deferred income  (610)  (179)  435
Cash used in operations  (3,120)  (1,575)  (3,172)
Income tax received 423  -  371
Net cash used in operating activities (2,697) (1,575) (2,801)
Cash flow used in investing activities       
Purchase of property, plant and equipment  (159)  (22)  (996)
Capitalisation of intangible assets  (132)  (151)  (340)
Net cash used in investing activities  (291)  (173)  (1,336)
Cash flow used in financing activities       
Finance costs  (77)  (59)  (63)
Finance cost – right of use asset  (60)  (60)  (125)
Payment of lease liability  (296)  (241)  (548)
Proceeds from issue of share capital  5,511  5,103  5,103
Share issue costs  (371)  (300)  (309)
New bank loans raised  40  451  454
Repayments of borrowings  (26)  (887)  (842)
Net cash flow from financing activities  4,721  4,007  3,670
Effects of exchange rate changes  52  (63)  9
Net increase in cash and cash equivalents  1,785  2,196  (458)
Cash and cash equivalents at beginning of the financial period  1,186  1,644  1,644
Cash and cash equivalents at end of the financial period  2,971  3,840  1,186


For the year ended 31 December 2022


 Share Capital  Share premium  Share-based payment reserve  Foreign exchange reserve Retained profits  Total
 £’000  £’000  £’000  £’000 £’000  £’000
At 1 July 2021 8,505  28,820  250  (386) (30,430)  6,759
Total comprehensive loss for the period -  -  -    (2,276)  (2,276)
Other comprehensive loss       13  30  43
Recognition of share-based payments -  -  (25)  -  -  (25)
Share based payment charges – Lapsed options -  -  (45)  -  45  -
Issue of ordinary share capital 1,701  3,102  -  -  -  4,803
At 31 December 2021 10,206  31,922  180  (373) (32,631)  9,304
Total comprehensive loss for the period -  -  -  -  (2,533)  (2,533)
Other comprehensive profit       361  (139)  222
Recognition of share-based payments -  - 64  -  -  64
Issue of ordinary share capital 1  (10)  -  -  -  (9)
At 30 June 2022 10,207  31,912  244  (12) (35,303)  7,048
Total comprehensive loss for the period -  -  -  -  (3,198)  (3,198)
Other comprehensive loss -  -  -  (22)  260  238
Recognition of share-based payments -  -  257  -  -  257
Issue of ordinary share capital 5,510  -  -  -  -  5,510
At 31 December 2022 15,717  31,912  501  (34) (38,241)  9,855



Equity share capital and share premium

The balance classified as share capital and share premium includes the total net proceeds on issue of the Company’s equity share capital, comprising £0.02 ordinary shares. The share premium account can only be used for bonus issues, to provide for the premium payable on redemption of debentures or to write off preliminary expenses, or expenses of, or commissions paid on, or discounts allowed on, any issues of shares or debentures of the company.

Share premium account

The share premium account represents the amount received on the issue of ordinary shares in excess of their nominal value and is non-distributable.

Share-based payment reserve

The share-based payment reserve comprises the cumulative expense representing the extent to which the vesting period of share options has expired and management’s best estimate of the achievement or otherwise of non-market conditions and the number of equity instruments that will ultimately vest.

Retained profits

The retained profits reserve comprises the cumulative effect of all other net gains, losses and transactions with owners (e.g. dividends) not recognised elsewhere.

Page last updated: 1 March 2023

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