How is it doing?
Graphene use is still in its infancy and Haydale Graphene Industries PLC (LON:HAYD) is still building up commercial sales.
The year to 30 June 2019 was a difficult one for the company, admitted non-executive chairman, David Banks, but the company has streamlined its operations, installed a new leadership team and taken around £1.6mln of annual costs out of the business.
The year saw commercial revenues climb to £3.47mln from £3.4mln the year before. Grant income eased to £790,000 from £830,000 the previous year.
Encouragingly, revenue in the second half of the fiscal year was 12% higher than in the first half and up 35% year-on-year.
The adjusted operating loss before non-cash items – such as impairments and one-off restructuring costs – narrowed to £4.18mln from £4.88mln in the previous year.
Talking of impairments, the carrying value of intangible assets relating to Haydale's UK (RPC) composites business was marked down by £1.78mln; this was a non-cash item but it did contribute to the loss before tax widening to £7.76mln from £6.12mln.
At the end of the financial year, Haydale had cash of £4.69mln and borrowings of £1.25mln; a year earlier, cash and borrowings were £5.09mln and £896,000 respectively.
October saw the company receive a fillip in the form of an order for ceramic blanks worth US$700,000.
The order is from a large US cutting tool manufacturer and follows a trial order of 33,000 ceramic blank units previously delivered by Haydale's South Carolina-based unit, Haydale Ceramic Technologies (HCT) and follows investment by Haydale in the blanks production facilities.
Additionally, HCT has received a commitment in principle from a Japanese cutting tool manufacturer set to launch in April 20Read More – Source
