Corporate News

Haydale (AIM: HAYD), the global technology solutions group, announces its unaudited interim results for the six months ended 31 December 2023 (the 'Period' or 'H1 FY24').

Financial Highlights:

US sales continued to progress with growth in the core aerospace and automotive markets. 

• Group Revenues increased by 38% to £2.47 million (H1 FY23 £1.78 million);
• Adjusted Administrative expenses of £3.26 million (H1 FY23: £3.02 million) primarily reflecting inflationary rises and the strengthening of capability to support forecast growth;
• Adjusted operating loss for the Period of £1.61 million (H1 FY23 £1.89 million);
• Cash at Period end of £3.3 million (31 December 2022: £2.97 million);
• Successful fund raise of £5.1 million (Gross) in October 2023; and
• Cost savings plan in progress to further hone operations.
  
  

Operational Highlights

• Welsh Government support for partnership with Hydratech secured in December 2023 to further develop energy efficient graphene based thermal transfer fluid;
• Progress being made on projects with Petronas under a 2.5 year collaboration agreement, with site visit to Haydale's Ammanford site made in November 2023;
• In discussion with other multi-national companies for plasma functionalisation services;
• Cadent: Delivery of working prototype of water heater / shower for use by their vulnerable customers and next phase being discussed.  A second project to develop an over the radiator assembly commenced in the Period; and
• US Silicon Carbide operations progressing with 51% revenue increase on prior year; lower than anticipated tooling sales offset by strong powder sales. Additional sales resource secured and additional manufacturer representative agreements are under negotiation to reinforce and accelerate tooling sales in H2.  Collaboration agreement with a leading European tooling manufacturer agreed and first UK sales achieved. New US website now live and discussions with Far East partner progressing.   
  

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

"We continue to make strides in boosting our key customer commercial progress on the functionalisation powder element of our business. We are also pleased with the continuing development of the prototypes with Cadent and the opportunities that these will bring both commercially and to their vulnerable customers. Our focus on underfloor heating and thermal fluid is a direct support to the wider push for Net Zero, and we continue our progress there with discussion with potential end users underway. Our US business related revenues continue to grow, albeit tooling sales are not responding as quickly as we had planned; we have therefore taken action to reinforce sales resource to drive the planned increase in tooling sales in H2 which we expect to deliver as we move through the rest of FY24".

For further information:

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 X: @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.