18th Sep 2018 11:58
LONDON (Alliance News) - Haydale Graphene Industries PLC said Tuesday that its annual loss widened on increased costs and despite 13% rise in revenue.
For the year to June 30, the advanced materials group posted pretax loss of GBP6.1 million compared to GBP5.6 million a year prior, as administrative expenses surged to GBP7.7 million from GBP7.1 million. Revenue increased to GBP3.4 million from GBP3.0 million.
Interim Executive Chairman David Banks said: "Overall progress for the group this year has been solid, albeit we are disappointed that we did not achieve the revenue growth we had anticipated and we now believe that we have made the necessary changes to address those issues."
Looking ahead, the company said that it entered financial 2019 with "cautious optimism".
In a separate statement on Tuesday, Haydale said it has been jointly awarded a contract by the English Institute of Sport for the development of advanced wearable technology for athletes in training for the 2020 Olympic and Paralympic Games.
The contract is in collaboration with the Welsh Centre for Printing and Coating of Swansea University.
Haydale shares were trading down 5.5% at 43.0 pence each.
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