Haydale (AIM: HAYD), the global advanced materials group, announces its unaudited interim results for the six months ended 31 December 2021 (the ‘Period’ or ‘H1 FY2022’).

Financial Highlights

• Successful fund raise of £5.1 million (Gross) in September 2021;
• Group Revenues of £1.19 million (H1 FY2021 £1.28 million) impacted by £0.64 million of accelerated purchases from our largest SIC customer in the prior Period;
• UK and APAC sales increased by 19% (H1 FY2022 £0.49 million vs H1 FY2021 £0.41 million) on a like-for-like basis;
• Investment in operational capacity and lower than anticipated overhead absorption at the US facility led to an increase in Adjusted administrative expenses of 14%;
• Adjusted operating loss for the Period of £1.75 million (H1 FY2021 £1.08 million); and
• Cash at Period end of £3.84 million (31 December 2021: £1.88 million).

Operational Highlights 

• Viritech - Memorandum of Understanding signed in September to assist in the development of hydrogen powertrain technologies, encompassing Haydale’s experience in composite design and technology.
• Promake - Continuing to support and develop the next generation of smart medical diagnostic devices using graphene enhanced components.
• Airbus - Joint patent application announcement in August 2021.  Haydale now working to further enhance its electrically conductive pre-preg material for lightning strike protection and other applications.
• Heater Ink Garments – now working with commercial parties to bring our heater ink technology used in garments worn by medal winning athletes in Tokyo to a wider market.
• Using Haydale’s functionalised GNP’s, iCraft have developed a next generation anti-bacterial coated fabric, THERMiT™, which was supplied to South Korean sports apparel brand, Pro-Specs, for use in a new graphene-enhanced jacket.

  Post period Operational Highlights 

• Agreement with High Tech Systems Ltd to supply functionalised Boron Nitride into a thermally conductive fluid for domestic and industrial heating systems.

• PATit™ and CeramycGuard™ shortlisted for British Engineering Excellence Awards in the Materials Application of the Year category.
• A biomedical ink that is being developed for the rapid diagnosis market has been shortlisted for an innovative Kidney MedTech Competition for  transformational technologies organised by Kidney Research UK.
• Award of a Smart Cymru grant of £169,000 by the Welsh Government to support the further development of the PATit™ Anti-counterfeiting solution.

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

"Our progress on many of the functionalisation based nano projects continues to develop well, and our planned delivery of the new HT1400 will not only give us additional capacity, but will also allow cost-effective material processing on a large scale that is critical for our ongoing commercial development in the major growth side of our business. We are also pleased to see the early signs of recovery in the aerospace market and wider cutting tools market and believe this augers well for the medium and longer term outlook for our US facility”.

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 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.