17th Apr 2019 11:24
LONDON (Alliance News) - Directa Plus PLC on Wednesday said its loss was flat in 2018 due to continued investments in business development, while revenue multiplied on the strong performance of its Textiles division.
The graphene-based product supplier reported a pretax loss of EUR4.0 million in 2018, broadly unchanged year-on-year, due to higher expenditure on raw materials, and changes in inventories and other expenses.
Meanwhile, revenue jumped to EUR2.3 million from EUR952,199 in 2017, mainly from higher revenue in the company's Textiles segment, which grew to EUR1.7 million from EUR770,000.
The remaining revenue came from Directa's Environmental division, which is focused on Grafysorber product for treating oil contaminated water.
Directa said it has continued to invest in new equipment and technology in 2018, with EUR120,000 related mainly to the purchase of industrial equipment to improve its manufacturing process.
Moreover, laboratory equipment to support the development of applications, particularly in Directa's textile and environmental markets, were also acquired during the period.
"2018 has seen accelerating commercial traction with agreements and collaborations signed, and orders received, for products to be delivered over the next twelve months," said Founder & Chief Executive Giulio Cesareo.
"There is every reason to look forward with great excitement to the coming year's activity at Directa Plus as we move forward on a number of extremely promising fronts," added Cesareo.
Directa shares were trading 0.4% lower on Wednesday at 63.75 pence each.
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