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Haydale Announce Year End Results
Haydale Graphene Industries plc (AIM: HAYD),a leader in the development and commercialisation of enhanced graphene and nanoparticulate materials, has announced its preliminary results for the year ended 30 June 2015.
Operational Highlights (pre and post year-end):
- Acquisition of EPL Composite Solutions Ltd (renamed Haydale Composite Solutions Ltd) to provide the Group with an immediate route to market in the key composite markets;
- Scale up of functionalisation process confirmed with design, manufacture and commissioning of our HT200 which, at 8 times the capacity of our HT60 R&D reactor, can deliver commercial volumes;
- Agreements signed with world leading resin companies, Huntsman Advanced Materials and Scott Bader, to jointly develop graphene enhanced resins in their respective markets;
- Sale of HT60 R&D reactor to UK based, Centre of Process and Innovation (“CPI”), following lengthy public tender process;
- Key processing patent granted in China and agreed to be granted in Europe on 4 November 2015;
- Roll out of Haydale Centres of Excellence commenced with set up of Haydale Technologies Inc. in Buffalo, USA and Haydale Technologies (Korea) Ltd in Seoul, South Korea; and
- Regular repeat sales of conductive ink to key Korean and Taiwanese customers.
- Group income up more than 10 fold to £1.48 million (2014: £0.13 million);
- Doubling of like-for-like income (Group income excluding HCS) of £0.30 million (2014: £0.13 million);
- Haydale Composite Solutions traded ahead of expectations at income and profit levels;
- Group adjusted* EBITDA loss of £2.38 million (2014: £1.96 million loss);
- Significant capital expenditure of £1.18 million (2014: £0.15 million);
- Cash at period end of £2.05 million (2014: £5.68 million);
* adjusted for share based payment charges and loss on disposal of property, plant and equipment
Ray Gibbs, CEO at Haydale, commented:
“I am extremely pleased with these results that demonstrate positive movement in income and setting up the building blocks for continued commercialisation of graphene and other nano materials into our core markets of composites and conductive inks. Crucially we have delivered on a number of the strategic aims we set ourselves last year when we listed on AIM. The completed tasks are fundamental to our future growth such as securing a first class supply chain, establishing representation in the 3 key markets of Europe, USA and the Far East, conditioning the market and positioning ourselves strategically as using the enabling technology to provide industrial solutions, Pleasingly a number of key strategic collaboration agreements and customer engagement are already generating sales in our target markets.
By far the most significant event in the year was the acquisition of EPL Composite Solutions as it was fundamental in opening the composites market where the specialist expertise of Gerry Boyce and his team could be brought to bear. The composites business is fully integrated into the Group, performing ahead of our expectations and has a number of exciting opportunities in the pipeline.
The fundraising announced today gives us the financial backing to invest in staff and infrastructure to exploit the tremendous opportunity that firstly graphene and then other nano materials presents. We can now rapidly develop Haydale into a global business. That we have achieved so much in a relatively short period of time is down to the dedication and hard work of all our staff across the group and I would like to take this opportunity to thank everyone of them.
My aim is to be the leader in functionalised graphenes and other nano particles, leveraged through IP and best in class commercial relationships in our defined markets of composites and inks. We have independent verification that our patented technology works; we have sales channels and satisfied customers placing repeat orders and now we have the funds to accelerate our commercialisation strategy. Haydale is in a very fortunate position and I am excited with the opportunities we have to deliver value for our shareholders.”
Clos Fferws, Parc Hendre,
Carmarthenshire, SA18 3BL
Last Updated (Tuesday, 10 November 2015 10:42)