30th Sep 2014 14:13
LONDON (Alliance News) - Haydale Graphene Industries PLC Tuesday posted a widened pretax loss, and said it expects to see a "significant increase" in revenue in the current year, as it posted a widened loss in the year to the end of June.
Haydale is focused on enabling technology for the commercialisation of the material graphene.
The company posted a pretax loss of GBP2.2 million, widened from GBP1.1 million a year before, mostly as a result of higher administrative expenses related to its listing on AIM, and it posted revenue of GBP19,000, down from GBP91,000.
Haydale listed in April, raising GBP6.6 million.
Haydale said it is confident in having a successful year on the back of the financial strength provided by its initial public offering. Haydale is putting these funds to use in expanding its operational, sales and marketing capabilities, increasing its graphene functionalisation capabilities, and developing its intellectual property.
"We believe that the significant progress made over the last year: technically, financially and commercially has created the building blocks to enable us to deliver on our planned growth," Chief Executive Ray Gibbs said in a statement.
Shares in Haydale were trading up 0.7% at 75.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Haydale