1st Mar 2023 16:30
(Alliance News) - Haydale Graphene Industries PLC said on Wednesday losses widened in the first half of the financial year despite a 50% increase in revenue.
The AIM-listed global technology solutions firm announced revenue rose to GBP1.8 million in the six months to December 31 from GBP1.2 million a year ago.
Haydale reported solid progress in its core graphene and nano particle operations in the UK supported by a strong rebound in its US sales.
Despite this adjusted operating loss widened to GBP1.9 million from GBP1.8 million and cash balances fell to GBP3.0 million at the period end compared to GBP3.8 million previously.
Chief Executive Keith Broadbent said: "We are also pleased to see the rebound in our US sales and expect to see continued growth in our cutting tool business in the North American automotive and aerospace sectors in the second half."
"The continued progress of our US business will support reduced monthly cash burn and may create the opportunity to secure additional capital facilities for the group," he added.
Broadbent said Haydale was currently on track to meet expectations for the financial year.
Shares in Haydale Graphene rose 0.9% to 1.70 pence in late trading in London on Wednesday.
By Jeremy Cutler, Alliance News reporter
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