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’).
Financial Highlights
· 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.
Operational Highlights
· 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.
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