Haydale Graphene Industries PLC Trading Update (3502D)
June 21 2023 - 1:00AM
UK Regulatory
TIDMHAYD
RNS Number : 3502D
Haydale Graphene Industries PLC
21 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
For immediate release 21 June 2023
Haydale Graphene Industries plc
("Haydale", "the Company" or the "Group")
Trading Update
Haydale, (AIM: HAYD), the global advanced materials group,
announces a trading update for the year ended 30 June 2023 (the
"Year") as it has become aware that a number of projects expected
to start during June have slipped into the first quarter of the
next financial year.
The Company anticipates announcing revenue for the Year ahead of
market expectations ([1]) with a strong performance from the
Group's US operation offsetting slower than anticipated revenue
build from the Group's UK operation. Gross Profit is expected to be
in line with market expectations, with the sales mix leading to
only minimal gross margin dilution in the Year. However, last
year's reported investment in capability and the continuing
requirement to enhance operational capacity set alongside a lower
than anticipated absorption of overheads will lead to higher
Adjusted Administrative costs. This increase in overheads will
partly offset the revenue uplift at the LBITDA level, which we
anticipate will be similar to or just outside prior year. [2] . The
Company has instituted a number of cost reduction measures during
the financial year which, together with additional cost savings
currently being targeted, it anticipates will reduce adjusted
overheads in the next financial year.
Year-end net cash is expected to be broadly neutral compared to
last year. The Board continues to pursue the possibility of
additional capital facilities based on the performance of the
Company's US operations.
The Directors expect the commercial momentum from this Year to
continue during the Year Ending 30 June 2024 although anticipates a
slower than anticipated revenue build than previously
signalled.
Keith Broadbent, Haydale CEO, said: "Our transition from a
research and development focussed organisation to a commercial
operation continues and the prognosis for the business remains very
positive".
For further information:
Haydale Graphene Industries plc
Keith Broadbent, Chief Executive Tel: +44 (0) 1269 842 946
Officer
www.haydale.com
finnCap (Nominated Adviser & Broker)
Julian Blunt/Edward Whiley, Corporate Tel: +44 (0) 20 7220 0500
Finance
Andrew Burdis, ECM
Notes to Editors
Haydale is a global technologies and materials group that
facilitates the integration of graphene and other nanomaterials
into the next generation of commercial technologies and industrial
materials. With expertise in graphene, silicon carbide and other
nanomaterials, Haydale is able to deliver improvements in
electrical, thermal and mechanical properties, as well as
toughness. Haydale has granted patents for its technologies in
Europe, USA, Australia, Japan and China and operates from six sites
in the UK, USA and the Far East.
For more information please visit: www.haydale.com
Twitter: @haydalegraphene
[1] For the purpose of this announcement, the Group believes
market consensus for FY23 to be revenue of GBP4.1m, Gross Profit of
GBP2.4 million and adjusted LBITDA of GBP2.9 million.
[2] LBITDA is calculated as the loss from operations before
depreciation and amortisation, foreign exchange movements and share
based payment charges. Prior Year LBITDA was GBP3.3 million.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFLRRTIIFIV
(END) Dow Jones Newswires
June 21, 2023 02:00 ET (06:00 GMT)
Haydale Graphene Industr... (LSE:HAYD)
Historical Stock Chart
From Apr 2024 to May 2024
Haydale Graphene Industr... (LSE:HAYD)
Historical Stock Chart
From May 2023 to May 2024