Haydale (AIM: HAYD), the global advanced materials group, announces its unaudited interim results for the six months ended 31 December 2018.
Financial Highlights
- Group Revenues of £1.64 million for the Period, 20% up on H2FY18, but 20% down on H1FY18;
- Revenue from US operations up 10% to £1.28 million from H1FY18;
- Loss before tax for the Period was £3.47 million (H1FY18: £2.74 million); and
- Cash at period end of £0.96 million (30 June 2018: £5.09 million)
Operational Highlights
- Significant investment in production capabilities at our US site to manufacture new Silicon Carbide cutting tools to increase sales and improve gross margins;
- Sold over 200kg of functional ink from our Taiwan facility into the biomedical sensor market;
- First commercial revenues for Haydale’s graphene piezoresitive inks produced in Ammanford for pressure sensors in sporting headgear;
- Haydale’s proprietary functionalisation capabilities improved surface chemistry of graphenes from 4% to 20%; and
- Re-sizing of Group’s cost base commenced with initial £1.0 million of annualised savings, primarily in the UK
Post Period End Highlights
- Received £0.75 million loan from Development Bank of Wales for working capital
Commenting on the interim results, David Banks, Interim Executive Chairman of Haydale, said: “We will continue to implement the management actions already started to re-set the cost base and consolidate the Group’s position over the next 6 months with our focus on SiC, functionalised inks and graphene composites. There will be a marginal impact on sales in the current financial year as the changes are bedded in. However, we are recruiting specific sales personnel to deliver on our expected growth over the medium term without adding to the cost base, as we move from R&D to commercial sales. We are looking to leverage our significant investment made in our US business to create a stable platform for the Group to enable us to achieve our plan to profitability.”
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