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(Sharecast News) - Advanced materials group Haydale Graphene Industries reported revenue growth and ongoing strategic developments in its final results on Monday.
The AIM-traded firm said revenue rose 12% over the 12 months ended 30 June, to £4.82m, driven largely by a 75% increase in UK sales, while adjusted operating losses improved by £0.33m to £3.16m.
Administrative expenses increased modestly by 1.4% to £6.35m.
Since the end of the period, the company secured £3.1m in funding to support its strategic initiatives.
Key operational highlights included progress with major partners using Haydale's nanomaterial plasma functionalization technology.
Saint-Gobain launched a Haydale functionalized boron nitride product under the brand 'Adaptiflex', while underfloor heating applications and water heater projects with partners like Cadent advanced toward commercialisation.
Positive progress was also reported in projects with Petronas, with potential for significant volume contracts.
In the US, Haydale's diversification into advanced cutting tool manufacturing was said to be developing, supported by expanded sales networks in Europe and China.
However, the conversion of tooling opportunities into sales had taken longer than anticipated.
A reconstituted board was meanwhile conducting a comprehensive review of the business, focusing on accelerating profitability and cash generation while pursuing long-term strategic opportunities.
The group said it aimed to bring forward its break-even point, optimising near-term and strategic growth potential.
"The board recognises that progress has not proceeded with sufficient pace and therefore intends to use the recent fundraise as a catalyst for change," said executive chair Gareth Kaminski-Cook.
"As noted above and in line with our commitment in the fundraise circular, the reconstituted board has embarked on a thorough review including cost restructuring and commercial focus.
"Our priority is to bring forward the broup's break-even point and cash generation, and we will be reporting progress to the market in due course."
At 1229 GMT, shares in Haydale Graphene Industries were down 12% at 0.11p.
Reporting by Josh White for Sharecast.com.
