Haydale Graphene Industries PLC – Full Year Results

Haydale Graphene Industries PLC – Full Year Results

Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce its full year results for the year ended 30 June 2019.

 

Operational Highlights

·      Board members reduced and new leadership team installed;

·      Formation of a global cross site / cross commodity sales team each with specific product/market expertise.

·      Recruitment of a UK Sales Director with significant industry, product and market knowledge of composites.

·      Review of the Group’s business unit structure to ensure streamlining and efficiencies largely complete in the US and UK, with  the APAC region review ongoing;

·      The redirection of the Ammanford (UK Inks) business from a cost centre to a profit centre in progress

·      Focus shifted to commercial revenue and grant income or free of charge R&D only if the commercial

opportunity is apparent;

·      Significant in year investment in the US blanks tooling business ($1.2 million) to capture more of the value chain;

·      Functionalisation capabilities enhanced with several new treatments creating a variety of offerings to meet customer requirements;

·      Incorporation of nano materials into bespoke solutions has become a core competence;

·      Development of tooling and component enhanced pre-preg for niche automotive; anticipated to the reach wider automotive industry in due course.

 

Financial Highlights

·      Commercial revenues £3.47 million (2018: £3.4 million);

·      Initial growth of £0.5m in the US business following a total of $1.5m investment in capital equipment, offset by a reduction in the refocused UK (RPC) business now targeting repeatable product related commercial sales;

·      c£1.6 million of annualised cost savings achieved to date;

·      Adjusted operating loss before non-cash items (depreciation, amortization, share based payment charges, impairments and one-off restructuring costs of £0.35 million was £4.18 million (FY18: £4.88 million)

·      The Board, following extensive discussions with its advisors and auditors, impaired intangible assets relating to the UK (RPC) composites business by £1.78 million not withstanding the impairment, the Board considers the composite business to have a good pipeline of opportunities. This was driven by the Group’s current market cap despite a  good pipeline of opportunities.

Post Period End Highlights:

·      Launch of advanced nano-materials additives for eleastomers at IRC, September 2019

  

Commenting on the results David Banks, Non-exective Chairman of Haydale, said:

The year under review has been a challenging one for Haydale. At management level, we have recruited a new Executive team lead by Keith Broadbent, who was promoted from COO to CEO in March 2019, and Laura Redman-Thomas, who joined as our CFO in December 2018. At an operational level, we have streamlined the business and rationalised our cost base, created a rigorous product and commodity analysis with subsequent clear focus, both inwardly and outwardly, introducing best manufacturing procedures and processes, created a Group sales force and refinanced the business with the fundraising announced in March.

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