2nd Nov 2015 13:19
LONDON (Alliance News) - Haydale Graphene Industries PLC's pretax loss widened in the year to the end of June, the company said on Monday, due to higher costs across the business, though revenue rose, and it said it has raised GBP5.6 million to back its growth plans.
Haydale, which is focused on commercialising graphene and other nano-materials, said its pretax loss for the year to June 30 was GBP3.0 million, compared to a GBP2.2 million loss a year earlier, as it booked slightly higher research and development costs but saw a big rise in administrative costs as the company ramps up its operations.
Over the course of the year, Haydale acquired EPL Composite Solutions Ltd, providing it with a route to market for the key composite sectors and completed the sale of its research and development reactor in the UK.
Revenue for the group rose to GBP1.5 million from GBP130,000, as the EPL business, now Haydale Composite Solutions, traded ahead of its expectations.
"I am extremely pleased with these results that demonstrate positive movement in income and setting up the building blocks for continued commercialisation of graphene and other nano materials into our core markets of composites and conductive inks," said Ray Gibbs, Haydale's chief executive.
Separately, the company said it has raised GBP5.6 million via a firm placing, conditional placing and open offer of shares. It issued a total of 3.5 million shares at 160.00 pence per share.
Haydale shares were trading down 2.8% to 173.55 pence on Monday afternoon.
In a separate statement later Monday, Haydale said certain directors have agreed to subscribe for a further 239,375 shares in the company at the same 160.0p price to raise another GBP380,000.
That pushes the total fundraising to GBP3.88 million, which will be used to back the further development of its technologies towards commercialisation.
Chief Executive Ray Gibbs subscribed for 26,875 shares to push his total holding to 469,929 shares, representing a 3.09% stake. Chairman John Knowles subscribed for 12,500 shares to push his holding to 149,214 shares, or a 0.98% stake in the company.
Non-Executive Director Roger Smith subscribed to 12,500 shares to bring his total holding to 288,455 shares, representing a 1.9% stake whilst Gerry Boyce, managing director of the company's subsidiary, Haydale Composite Solutions Ltd, subscribed to 187,500 shares to push his total holding to 402,792 shares, which equates to a 2.65% stake in the company.
By Sam Unsted; [email protected]; @SamUAtAlliance
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