Haydale reported its financial results for FY2016 (which ends in June) - the company's revenues increased to £1.92 million (up 30% from £1.48 million in 2015) - and pre-tax losses increased by the same 33% to £4 million, from £3 million in 2015.
In 2015, Haydale increased its staff from 32 to 46 and R&D expenses were around £1 million. Haydale expects to turn a profit in FY2017.
In another PR, Haydale announced it will acquire ACMC, a US-based silicon carbide whisker manufacturer, for $7 million in a cash and shares deal. Haydale raised £2 million to finance the deal, and is set to raise £500,000 more.
Haydale believes that acquiring a complementary business offering significant growth potential and synergistic products is the best way to secure US business. ACMC will allow for substantial cross selling opportunities for Haydale. ACMC's silicon carbide fibers and whisters are designed for high temperature ceramic and metal matrix composites, and improves structural and thermal properties: strength, toughness, abrasion resistance, hardness, thermal conductivity, thermal shock resistance, and overall durability.
Haydale recently acquired Thailand-based graphene inks developer Innophene (in a deal worth around £300,000), and is set to launch graphene-enhanced PLA filaments for 3D printing.