3rd Jun 2025 12:26
(Alliance News) - Directa Plus PLC on Tuesday said that momentum picked up towards the end of last year with contract wins, as it posted an annual revenue dive.
The graphene product maker with operations in Lomazzo, Italy said pretax loss in 2024 widened by 25% to EUR5.4 million in 2024 from EUR4.3 million the year prior.
Revenue fell 37% to EUR6.7 million from EUR10.5 million. The company cited temporary delays in key customer orders and contract awards in the Environmental Remediation and Textiles divisions, amid an exit from some selected lower-margin contracts.
Directa Plus said trading in the first quarter of 2025 was robust, with revenue estimated at EUR2 million, about 40% higher than a year ago.
The company announced that Chief Executive Officer Giulio Cesareo intends to step back from his role by the time of the company's annual general meeting in 2026.
Cesareo founded the company in 2005, "taking a unique graphene production process from the drawing board to commercialisation, with significant recurring contracts and future opportunity," the firm said.
Directa Plus will look at appropriate succession planning over the next 12 months and ensure that the company is able to benefit from Cesareo's expertise, it said.
CEO Giulio Cesareo said: "Good strategic progress was made in the year to offset challenges presented by some contract delays and external pressures and strengthen the group, laying the groundwork for sustainable future growth. The success of our strategy is seen in the momentum which picked up towards the end of the year, with a number of new contract wins and renewals secured, supported by a growing pipeline, providing confidence in achieving results for FY25 in line with market expectations. The group is well-positioned to capitalise on future opportunities as market conditions stabilise."
Chair Richard Hickinbotham said: "The group has entered 2025 with renewed optimism and stronger trading as we look to recover our growth path. The management team has worked effectively to ensure we have the right strategy and building blocks in place to capture the significant opportunities ahead and to deliver value across our growing network of partners and customers.
"Looking ahead, we remain committed to reducing our cost base and increased operational efficiencies, with prioritisation being given to investments directly linked to short term returns. With the increased traction in graphene technology and its applications globally, I am confident we are well placed within the market."
Directa Plus shares fell 1.8% to 7.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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