Haydale Graphene Industries has provided an update on trading for the six months ended 31 December 2017, as well as the general progress updates.
The main highlights include the report that Haydale is on track with its strategy and trading is in line with market expectations for the full year to 30 June 2018. The creation of two Strategic Business Units (‘SBU’) with respective senior management teams to drive sales and realize geographic potential has reportedly led to an uptake in sales and commercial opportunities.
Furthermore, Haydale reports a 67% increase in unaudited income for the six months ended 31 December 2017 to approximately £2.49 million (six months ended 31 December 2016: £1.49 million) delivered by:
- Advanced Materials SBU income of £1.3 million generated (six months ended 31 December 2016: £0.8 million);
- Resins, Polymers and Composites SBU income of £1.2 million generated (six months ended 31 December 2016: £0.7 million)
- Group order book of £4.75 million at 31 December 2017 (30 June 2017: £5.4 million)
- Completion of a successful fundraising in October 2017, raising £8.6 million (net of expenses) providing Haydale with the necessary cash resource to drive the Group’s sales and growth initiatives
In the inks and coatings department, Haydale’s existing facilities in Taiwan were reportedly successfully audited during the Period by two leading ink screen-printing corporations, one of which operates in biomedical sensors for the growing global diabetes market. Following the Group’s successful fundraise in October 2017, investment in infrastructure and scale-up has started to deliver increased capacity and capabilities ahead of the expected demand. During the Period the Group sold and supplied bespoke samples of its graphene enhanced and speciality inks for product evaluation and testing to more than 30 companies in the APAC region.
Following a successful first trial, a second safety trial is underway by a leading Korean cookware manufacturer who have incorporated Haydale’s functionalized graphene nano-platelets within the inner coating for their pots and pans. Through Haydale’s operations in Thailand, the Group has opened collaboration discussions with major Thai cookware manufacturers seeking improvements in the thermal performance of their next generation cookware products.
In the resins, polymers and composites SBU, Haydale updates on a strong sales growth. A second trial for Haydale’s graphene-enhanced resin system for Flowtite A/S’s GRP pipes is now set for the end of February 2018, following encouraging initial evaluation results in September 2017.