Haydale Graphene Industries expects revenue for the year ending June 30 to be ahead of market expectations, reporting strong performance in its U.S operation. However, this revenue rise will reportedly be offset by higher administrative costs linked to investments and an increase in overheads. Haydale's shares fell 9.5% this morning after the company cautioned that project delays will impact its results for the year to 30 June 2023.
The company said a number of projects which had been expected to start this month have been delayed until the first quarter next year. Haydale says gross profit is expected to be in line with market expectations. Year-end net cash is expected to be neutral in comparison to financial year 2022. Haydale also foresees that the momentum will continue into financial year 2024.
Chief Executive Officer, Keith Broadbent, says: "Our transition from a research and development focused organization to a commercial operation continues and the prognosis for the business remains very positive".