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Haydale Graphene highlights "significant progress" in wake of interims

10:53, 27th February 2020
Francesca Morgan
Company News
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Global advanced materials group, Haydale Graphene Industries (AIM:HAYD) FOLLOW, told investors on Thursday that it is making “significant progress” with international partnerships despite reporting unfavourable interim results.

The London-listed firm said that group revenue for the six months ended 31 December 2019 was down 17% to  £1.35m.

However the group reported reduced costs with the adjusted operating loss for the period narrowing by 22% to £2.1 million compared to £2.7 million in the comparative 2019 period.

The group, which saw cash for the period ended 30 June 2019 at £4.69 million, ended 2019 with a total £2.70 million in cash.

“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,” said Keith Broadbent, Chief Executive of Haydale.

Shares in Haydale Graphene Industries were trading 1.85% higher at 1.375 during Thursday trading.

HAYD price chart"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," commented Broadbent.

Meanwhile, the company highlighted that US blanks production was now at commercial levels after some earlier teething issues whilst it had also reached a decision to close a loss-making Taiwan manufacturing facility.

The closure of the facility will see a production transfer to the group’s UK and Thailand operations which is expected to result in a reduction in turnover but improved EBITDA for the second half of 2020.

Haydale added that the ‘rightsizing’ of its cost base had continued with reduced expenses of £0.68 million.

"Our proprietary technology and our exceptional ability to functionalise nano materials continues to give us confidence in the longer-term prospects of the Group," added Broadbent.

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