The Board of Haydale (AIM: HAYD), the global advanced materials group, announces that the Group's consolidated income statement is anticipated to be within market expectations, albeit at the lower end, for the year ended 30 June 2019.
As predicted, it has been a challenging few months refocusing resources and commencing restructuring activities which has resulted in slightly higher costs than previously indicated. The Group's cash position was impacted by some timing differences, most notably the delayed receipts of R&D tax credits from HMRC. However, following the fundraise in March 2019, the Company continues to be sufficiently funded.
A new global sales team is now in place and the Group is set to deliver commercial sales volumes with patented technologies according to plan; and enters the current financial year with a renewed focus and cautious optimism.
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014
Haydale is a global technologies and materials group that facilitates the integration of graphene and other nanomaterials into the next generation of commercial technologies and industrial materials. With expertise in graphene, silicon carbide and other nanomaterials, Haydale is able to deliver improvements in electrical, thermal and mechanical properties, as well as toughness. Haydale has granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from six sites in the UK, USA and the Far East.
Graphene and functionalisation
Graphene (and certain other nanomaterials) is totally inert and not easily dispersed in complex functional fluids (eg inks and coatings), nor will it readily mix into thermoset resins and composite structures. In order to obtain the best results from graphene, it is necessary to attach to it the chemical 'hooks' that overcome these problems through a process known as functionalisation. Graphene on its own has minimal applications yet, once functionalised, when added to a host fluid or material is usually only required in very small quantities (often <1% by weight) to achieve a major transformation in the host's performance. Functionalised graphene enables the user to exploit its thermal, mechanical and electrical properties, or a mixture of these properties, but this requires experimentation and scientific development. Haydale has a sponsored student to work with its plasma functionalisation reactor and the leading Manchester University academics to rapidly develop this understanding further as part of Haydale's commercialisation strategy.
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