24th Feb 2021 10:10
(Alliance News) - Haydale Graphene Industries PLC on Wednesday reported a narrowed half-year loss as administrative expenses shrank by almost GBP1 million.
For the six months ended December 31 the Ammanford, Wales-based nanomaterial producer reported a pretax loss of GBP1.9 million, narrowed from GBP2.7 million the year before.
Revenue was 5.1% lower year-on-year at GBP1.28 million from GBP1.35 million, but total administrative expenses fell a sharp 24% to GBP2.9 million from GBP3.8 million, which caused Haydale's loss to narrow.
Chief Executive Keith Broadbent said: "Whilst the Covid-19 pandemic has acted as a disruptive backdrop to the period it has by no means defined our performance. The directors are pleased to report an increase in the commercial sales of functionalised inks and graphene enhanced composites in the period and expect sales will continue to gain momentum in this area. The directors also anticipate that new products such as CeramycShield will positively impact revenue in the short term.
"Whilst uncertainty over the medium terms prospects for the aerospace sector remains, the actions taken over the last nine months to extend the company' geographical footprint will provide a robust platform for the company to take advantage of the revival in this sector as it materialises."
Shares in Haydale were down 2.5% at 6.53 pence in London on Wednesday morning.
By Anna Farley; [email protected]
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