TIDMHAYD
RNS Number : 8246S
Haydale Graphene Industries PLC
22 March 2016
22 March 2016
Haydale Graphene Industries plc
("Haydale", the "Company", or the "Group")
Half Yearly Report for the six months ended 31 December 2015
Haydale (AIM: HAYD), the Group focused on the commercialisation
of graphene and other nano materials using their proprietary plasma
process, announces its unaudited interim results for the six months
ended 31 December 2015.
Operational Highlights
-- Announcement of collaboration agreements with major, world
leading resin companies including Huntsman Advanced Materials. The
agreements specified a joint development of "graphene" enhanced
resins such as Huntsman's market leader epoxy resin ARALDITE(R) in
key composite markets, focussing initially on electrical and
thermal conductivity;
-- Confirmation of granted patent by the European Patent Office
of the Haydale Plasma functionalisation process for carbon and
other nano particles;
-- Delivery, commissioning and installation of a HT60 R&D
reactor to UK based, Centre of Process and Innovation ("CPI");
-- Grant funded development projects totally over GBP450,000
secured, including UV visible bruisable composites and hydrogen
pressure vessels for hydrogen powered fuel cell vehicles; and
-- Successfully secured two collaborative 18 month research
projects managed by the National Aerospace Technology Exploitation
Programme ("NATEP") for aircraft lightning strike protection
utilising graphene enhanced composites, and conductive adhesives.
These projects are being managed by Haydale's recently formed
Aerospace and Defence division.
Financial Highlights
-- Total income up 63% year-on-year to GBP0.8 million (2014: GBP0.5 million);
-- Significant investment in R&D in period of GBP0.5 million
(2014: GBP0.4 million), particularly in respect of graphene
enhanced resins for the composite markets;
-- Total loss after tax for the period of GBP1.9 million (2014: GBP1.5 million);
-- Completion of significantly oversubscribed placing and open
offer raising GBP6.0 million largely for commercialisation of
Haydale's technology in the composites market;
-- Investment in capex to increase capacity in the period of
GBP0.5 million (2014: GBP0.6 million); and
-- Cash at period end of GBP5.0 million (30 June 2014: GBP2.0 million).
Post Period End Highlights
-- Huntsman announced strong initial results from HCS graphene
enhanced ARALDITE(R) resins in thermal management and electrical
conductivity. This work is the platform for development of a range
of new graphene enhanced Araldite(R) resins which will be targeted
at the industrial composites, automotive and aerospace markets. The
next stage of development will focus on demonstration of these
resins in carbon fibre composites manufactured with a range of
typical processes used by Huntsman's end customers;
-- Announcement of three new prepreg (resin pre-impregnated
woven fabrics) products to be launched in conjunction with SHD
Composites Limited. Target markets include aerospace, automotive
and sporting goods, together with the $1.25bn "out of autoclave "
carbon fibre curing resin industrial tooling market;
-- Tie up with UK supercar company Briggs Automotive Company
("BAC") to develop a graphene enhanced body panel that delivers
significant weight saving to the BAC Mono single seat road car;
-- Set up and commissioning of composite pipe testing facility
at Haydale Composite Solutions ("HCS") to enable the development
and approval of graphene enhanced polymer pipes for the oil and gas
industry;
-- An additional five new R&D grant awards worth over
GBP350,000 to accelerate development of new products enhanced by
the incorporation of functionalised graphene and other nano
materials;
-- Second patent application from the Swansea University
pipeline agreement, this time in wearable heated apparel aimed at
high performance material for elite sports.
Commenting on the results Ray Gibbs, CEO of Haydale, said:
"This has been another busy period for the Group. We have been
successful in raising funds to commercialise our technology, with a
major focus on producing enhanced composite materials, especially
in meeting market needs for resins capable of delivering high
performance electrical conductivity, improved thermal heat
management and light-weighting opportunities. Our acquisition of
leading composite consultants, EPL (renamed "HCS"), in November
2014, is now showing significant progress with the recent launch of
three new products and impressive enhanced properties of Huntsman's
Araldite(R) resins. During the period we have invested significant
internal resources in R&D in the advanced composite arena, and
especially focussed on improving the Huntsman epoxy resin. We have
achieved an impressive 380% increase in thermal conductivity
(essential for rapid heating and cooling of composites such as
tooling), 70% increase in fracture toughness (impact resistance)
and taking the resin from being electrically inert to conductive
(used for anti-static requirements on electronic housings). We are
looking for our investment in R&D to generate IP and provide
anticipated greater commercial benefits in future periods.
We are delighted to now have in place a complete supply chain
for delivery of graphene enhanced commercial composite products -
being a number of unfunctionalised nano-material suppliers, the
market leaders in supply of quality epoxy resins (Huntsman), the
producer of the intermediate composite products known as prepregs
(SHD Composites Limited) all utilising Haydale's patented
dispersion technology. Crucial to Haydale is that sales are
expected to be generated by each of the supply chain partners'
existing routes to market and their respective extensive global
customer bases
The next 12 months will be an exciting time for the Group as we
anticipate driving material revenues to the Group from the high
levels of focussed investment we have made and continue to
make."
For further information please contact:
Haydale Graphene Industries plc +44 (0) 1269 842 946
John Knowles, Chairman
Ray Gibbs, Chief Executive Officer
Cairn Financial Advisers LLP
(Nomad) +44 (0) 20 7148 7900
Tony Rawlinson/Emma Earl
Cantor Fitzgerald Europe (Broker) +44 (0) 20 7894 7000
David Foreman
David Banks
Will Goode
Hermes Financial PR
Trevor Phillips +44 (0) 7889 153 628
Chris Steele +44 (0) 7979 604 687
Chief Executive Officers Report
Introduction
I am delighted to present the Group's second set of interim
results since the Company's Admission to trading on AIM. There have
been a number of key events in the period, not least entering
collaborative agreements with key supply chain partners in the
composite markets (e.g. Huntsman) and the significantly
oversubscribed placing and open offer to raise GBP6.0 million
before expenses ("Funding") that demonstrated the full backing of
our shareholder group in our strategy of focussed investment on
advanced composite materials and functional inks.
Commercial Progress
Haydale Composite Solutions ("HCS")
The Funding, to which the Group's Directors and key management
contributed GBP0.4 million, corresponded with our decision to
accelerate the deferred consideration payable in respect of the
acquisition of HCS. As has been demonstrated by the strong progress
made by HCS with Huntsman in particular, we are pleased to have
welcomed and fully integrated Gerry Boyce and his team at HCS into
the Group. HCS has had an active period, winning new grants and
commercial business which provides excellent visibility over future
income. Importantly, an increasing proportion of HCS's order book
now consists of graphene and nano material enhanced composite
projects.
The Directors believe the most important development for the
Group was management's decision at the beginning of the period
under review to focus on developing graphene and nano enhanced
composites with only a small number of potential world leading,
"best in class", commercial partners. Graphene has the potential to
enhance a large number of applications across a wide variety of
markets, so our decision to focus on specific partners in defined
sectors was not taken lightly. This strategy culminated in the
announcements made in September 2015 and October 2015 of entering
into collaborative agreements with Huntsman and Scott Bader,
respectively, for the development of graphene enhanced resins. Both
partners have the sales force to create the demand pull for
enhanced performance resins on a global basis. The potential
worldwide market size for graphene enhanced resins is estimated to
be $29.9 billion p.a. by 2017 (Lucintel), of which Transparency
Market Research expects the global epoxy market to be $10.5bn
(2020). Our focus on tooling and adhesive epoxies provides an
addressable market of approximately $4.5bn.
To date, HCS has been the Group's major contributor of revenues.
The immediate effect of our focus on internally developing graphene
enhanced resins, was to allocate experienced teams from both our
Loughborough and Ammanford sites, together with the required
equipment and financial resources, which would otherwise have been
working on discrete projects for third parties and delivering
additional short term revenues to the Group. Not only has this
taken fee earning staff onto internally generated longer term
investment projects, but we have also dedicated a plasma reactor to
supply the functionalised carbon materials for mixing with the
relevant resins. We estimate that the use of a dedicated team has
meant reduced consulting and related third party revenues in the
six months to 31 December 2015 of up to GBP400,000. This strategy
of sacrificing short term revenue in favour of potentially
significantly higher longer term higher quality revenues will mean
that any intellectual property generated by the work will be owned
by the Group and available
(MORE TO FOLLOW) Dow Jones Newswires
March 22, 2016 03:01 ET (07:01 GMT)
for future licensing and royalty generation.
As a result of the internal development programme, the Group has
gained valuable know how on the variables within the complete
masterbatch process that dramatically affect performance outcomes
of the resins. We anticipate that these initial findings will be
able to be applied across the range of polyester, epoxy and other
resins, and has a "read across" into the even larger thermoplastic
market.
The immediate work on the resins has been with Huntsman
Araldite(R) resins, primarily due to their position as the market
leader in certain high performance epoxies. We are significantly
encouraged by the feedback and analytical work of the Huntsman
team, as evidenced by Huntsman's own announcements of the progress
made at the worlds' largest composite trade show, JEC, in Paris in
early March 2016 where David Hatrick the Huntsman European
Technical Director commented:
"We are making good progress in the initial stages of our
collaborative development with Haydale and have been impressed with
the improvements delivered in thermal and electrical conductivity
in particular. This work is the platform for development of a range
of new graphene enhanced Araldite(R) resins which will be targeted
at the industrial composites, automotive and aerospace markets. The
next stage of development will focus on demonstration of these
resins in carbon fibre composites manufactured with a range of
typical processes used by our end customers. In parallel, we look
forward to extending our relationship further with Haydale to
maximise the commercial potential of this exciting new
technology."
Our efforts have been to fast track the work and our
achievements have been impressive where we have achieved a 380%
increase in thermal conductivity (essential for rapid heating and
cooling of composites such as tooling), 70% increase in fracture
toughness (impact resistance) and taking the resin from being
electrically inert to conductive (used for anti-static requirements
on electronic housings). We believe that Huntsman will seek to
extend our relationship further and aim to maximise the commercial
potential of this exciting new technology.
In addition, we have invested in a world class pipe testing
facility at HCS's Loughborough facilities that is available for
external customers and will be used for long term durability
testing of graphene reinforced thermoplastic pipes for the oil and
gas industry. Pleasingly, since announcing the pipe testing
facility, HCS has received expressions of interest from a number of
leading third parties interested in utilising the facility with a
view to jointly developing a next generation graphene enhanced
polymer pipe.
We should not lose sight of the ongoing day-to-day composite
consulting and testing business at HCS, which generated grant and
commercial income of GBP0.6 million in the half year period under
review. There are a number of projects coming to fruition offering
substantial future collaboration and revenue potential, and which
we hope to announce shortly. The traditional business at HCS
provides global cross selling opportunities of the advanced
materials being developed within the Group.
Resources
We have made excellent progress on the resin projects as
outlined above. As with many small businesses that operate in
global marketplaces (we have less than 50 staff world-wide), we
continue to manage resource constraints in the short term that has
meant focussing on certain key projects offering the highest
probability of revenue opportunities and particularly those in the
unregulated markets, where early adoption is key. This has been
evidenced with our announcement at JEC of a tie up with UK supercar
company Briggs Automotive Company ("BAC") where we have developed a
graphene enhanced body panel that delivers significant weight
saving to the BAC Mono single seat road car. This project,
demonstrated the applicability of graphene to the global automotive
sector. In this case the panel mass was reduced by approximately
20% with no loss of strength, providing clear implications for
vehicle efficiency and performance if applied vehicle-wide. The
global automotive industry represents a sector of extensive
opportunity for Haydale, and we have opened discussions with a
number of major corporations as a direct result of our JEC
announcement and demonstration.
The recruitment during the period of former Cytec technical
Director, Ebby Shahidi, to head up our Aerospace and Defence
division, has paid immediate dividends winning two collaborative
research projects awarded and managed by the National Aerospace
Technology Exploitation Programme ("NATEP") for aircraft lightning
strike protection worth in aggregate GBP180,000 to the Group over
an 18 month period. Importantly, these longer term revenue
opportunities in regulated markets, such as aerospace, are being
funded largely by a consortium of multinational organisations,
whereby Haydale does not expend significant internal resources.
However, the benefits to the Group are that we are able to
demonstrate our technical capabilities to multi-billion dollar
businesses who can see the read across of graphene and other nano
enhanced materials to other parts of their own organisations and
specifically those which do not require many years of testing and
certification. We are confident of securing other near-term
projects in these areas with these consortium partners.
The ever increasing need to ensure that we have the capability
to scale up our operations in order to deliver on the quantities of
functionalised nano materials that we anticipate our customers will
be requiring in the not too distant future, has meant we have
concentrated significant efforts on processing controls surrounding
the plasma reactors. Whilst already done in part, this crucial work
stream is an essential building block in the continued scale up of
the treatment process for all of the gasses we use. In particular,
our Technical Director, Dr Chris Spacie, together with his
commissioning team, has successfully delivered and installed a HT60
R&D reactor at the UK based Centre for Processing Innovation
("CPI"). The use of the reactor in a purpose built Graphene
laboratory at CPI is a super "shop window" for our enabling
technology to help the CPI in their quest to overcome innovation
challenges and develop next generation products and processes. The
team has responsibility for delivering reactors and for ensuring
successful installation, monitoring and maintenance of all existing
and future units in our planned centres of excellence.
The benefits of grant funded work can be demonstrated at our
Ammanford site where two significant projects on bio-medical
sensors have significantly increased our knowledge and capability
in the use of graphene based carbon conductive inks to improve
performance metrics The sensor market is a rapidly growing and
accessible market for the Group with significant Far East
opportunities under development likely to offer relatively short
term as well as sustainable longer term revenue returns.
With a view to fully integrating the Loughborough and Swansea
sites, Gerry Boyce has been appointed as the Group's UK managing
director, responsible for the operational performance across both
sites. Gerry is part of the Executive Committee that executes the
Group's approved annual budgets and strategic plan through
operational management and control.
Electronic Inks
We have previously reported the grant award for two bio-medical
sensor ink projects. Both are progressing well and should lead to
the development of commercial products at the end of the process in
approximately 12-18 months' time. One of the projects is using a
screen printed process to develop an intelligent sensor that
measures diabetes levels in blood samples, while the second, an EU
grant funded project, is for a general pathogen detection unit on a
reel to reel system run by Fraunhofer and other consortium
partners. This work has established a base level of competence in
the Group and allowed us to expand our offering.
We have recently collaborated with a Taiwanese quality ink
supplier in East Asia who has, with our materials and their binder,
achieved excellent results. Discussions are progressing over a
formal collaboration where they use our functionalised materials
across a suite of their existing inks and coatings products. This
is expected to result in a gradual build-up of "ink" sales through
our partner, where we are aiming to seek sales in non-regulated
commercial ink markets that offer near term revenues in the Far
East. We will have the right to market, sell and distribute these
inks in Europe and the USA.
In addition, the Haydale ink has been supplied for evaluation to
a Far East customer looking to replace an existing biomedical
sensor application; and, we expect volume sales of this material to
commence in 2017 subject to regulatory approvals. Similar
discussions are taking place with another collaboration partner in
a different territory in the region. The aim of both collaborations
is to produce a screen printing ink that can compete on quality and
price with current market offerings.
(MORE TO FOLLOW) Dow Jones Newswires
March 22, 2016 03:01 ET (07:01 GMT)
We are exploring other applications for sensors and especially
in the defence sector where Haydale has been engaged by a Tier 1
defence contractor to evaluate the sensor opportunities that can be
delivered by its graphene ink. Potential enhancement to adhesion
and energy absorption characteristics are also under evaluation for
military markets; potential weight reduction for structures is also
attracting interest. We see the sensor market as a significant
opportunity where for example, sensors for the automotive market
alone was estimated in 2014 by Markets and Markets to be valued at
approximately $20 billion, while BCC Research estimated the global
sensor market to be worth $95bn in 2015. The Group's exclusive
collaboration agreement with the Welsh Centre for Printing and
Coating (WCPC) has already resulted in a patent applied-for
pressure sensor and latterly a wearable heated material patent
application which is aimed at the sports apparel market. Both of
these areas are growing in size. The pressure sensor market is
estimated by Markets and Markets to be worth $9.5billion by 2020.
Following a recent exhibition at the world mobile congress in
Barcelona, we received a significant amount of interest in our
sensor technology, driven in the main by the huge $150bn Internet
of Things (IOT) opportunity. The IOT is aimed at linking a RFID (a
Radio Frequency Identification Device) with a receiver of the
information (a sensor). Both devices emanate from a printed
conductive ink. We continue to work with WCPC on the IOT
opportunity and a range of inks and coatings to meet the market
needs for recyclable conductive printed materials.
Intellectual property
We continue to add to our intellectual property base, with both
know-how and granted patents. In the period under review, we were
delighted to receive confirmation from the European Patent Office
("EPO") of the decision to grant a European Patent to Haydale
("European Patent"). This European Patent is the key process patent
underlying the Company's proprietary functionalisation treatment
and is one of a number arising from the families of patent
applications surrounding the Group's plasma process. The European
Patent significantly strengthens Haydale's patent portfolio, where
corresponding patents have been granted elsewhere, including China
and Australia.
Crucially, the European Patent is not limited to graphene or
carbon materials but also covers all nano particles. Whilst
Haydale's immediate focus remains on the commercialisation of
graphene and other nano carbons, the granting of the European
Patent means that the Haydale process can be extended in Europe to
a wide range of alternative materials thereby further expanding the
opportunities and applications available to the Group using our
HDPlas(R) functionalisation process. Furthermore, the receipt of
the European Patent allows the Group to grant licences of its
plasma process to graphene producers or applications houses
throughout Europe.
Our internally funded R&D work on epoxy resin has resulted
in a new level of know-how and understanding of crucial elements in
the production of resin masterbatch. In particular we now know that
the type of materials used, the mix ratios, functionalisation types
and levels, coupled with mixing and dispersion techniques are all
critical elements in achieving desired performance. It is this
knowledge, which is not disclosed, that defines our capability as a
leading provider of solutions to the composite and ink industries.
Our belief is that once in a masterbatch it would be virtually
impossible to "reverse engineer" the formulation.
Overseas Expansion
Far East
Our initial focus overseas has been the Far East. The demands
from potential customers for a local presence and their
requirements for a rapid turnaround response led us to set up a
sales and marketing office is Seoul, South Korea, during the
period, from where we employ a dedicated salesman through our newly
created wholly owned subsidiary, Haydale Technologies Korea. The
intention is to develop and then manage the key accounts in Korea
that we've established over the last 12 months through our regular
sales and marketing trips to the region (such as playing a leading
role in the organisation of the UK Graphene Pavilion at the 2015
Nano Korea exhibition). Of these key accounts, five are proving to
be very active. Repeat orders are becoming more regular, and we
understand customers are conducting pilot production trials in
order to establish repeatability and consistency of supply before,
we anticipate, they move to requiring commercial volumes. Within
the region, we are still seeing much use of Carbon Nanotubes (CNTs)
in a variety of applications. Our functionalisation process of CNTs
remains a major added value driver and enabling technology as the
market moves towards using hybrid materials where those treated
CNTs are mixed with our functionalised GNPs.
We have learnt that one crucial aspect of the purchasing cycle
of our Far Eastern customers is the need to respond quickly with
functionalised samples and test data - which is not always possible
from the UK due to competing priorities. Accordingly, we are
currently assessing the viability of setting up a dedicated inks
and functionalisation processing operation to support the Far East
sales and marketing efforts, the added advantage of which it would
free up the Ammanford site for dedicated service of the UK and
European sphere of activities. This assessment has also led to the
possibility of several government backed development projects in
the region and strengthened our R&D capability which we will
market as a paid for service in the region.
Europe
We continue to enhance our strategic partnerships in Europe
where we work with key supply partners, including Graphite
Kropfmühl, a subsidiary of AMG Advanced Metallurgical Group N.V.
Our intention is to open a European centre of excellence with our
plasma reactors in situ close to potential customers, where the
need is to have a development partner with sales reach and
crucially a supply chain for use across our target markets.
USA
Our intention, during the current financial year, was to
establish a centre of excellence in Buffalo, New York. However,
having allocated one of our reactors to the UK resins team during
the period, we have yet to install a unit into the USA. We continue
to be optimistic on the USA as a major market for development
potential, and expect to establish a presence there during the
current calendar year. We have concluded that, as we set up a
commercial operation in the USA, there will be a need for a
dedicated operations and technical director to support the business
development initiatives underway. In that regard we have appointed
a part time business development consultant who has established a
range of strong sales opportunities that will be evaluated. The
newly announced SHD prepregs collaboration can, together with a
portfolio of new conductive inks, enable us to commence marketing
of this product in the USA.
Financial Results
Total income in the period, which comprised both commercial
revenues from third parties and grants, was up more than 60% on the
same period last year at GBP0.8 million. The Group's forward order
book at the period end stood at over GBP1.5 million, providing
excellent visibility on future income.
During the period, we recognised part of the sale proceeds of
the sale of a HT60 reactor to the CPI. The balance of that sale,
approximately GBP0.1m will be recognised over the remainder of the
2016 calendar year. Further reactor sales are expected during
calendar 2016, not least the sale of a HT60 and a HT200 to our
recently announced supply partner, Graphite Kropfmühl, for EUR0.6
million in aggregate.
We invested heavily in our own development projects in the
period where R&D expenditure, all expensed during the period,
amounted to GBP0.5 million. We also increased our head count from
33 to 44 during 2015. Expenditure on capital equipment, namely
additional reactor capacity, pipe testing capabilities and also
expansion of the Ammanford site during the six month period was
GBP0.5 million. Loss after taxation for the period was GBP1.9
million, up from GBP1.5 million in the prior period, reflecting the
additional internal development costs and the costs of expansion.
Cash at the period end was GBP5.0 million.
The oversubscribed placing and open offer to raise GBP6.0
million before expenses during the period demonstrated the high
levels of commitment and support from our shareholders. The funds
raised have largely been allocated to internal investment projects
on resins, increasing our processing capacity and on overseas
expansion, particularly in the Far East. Whilst revenues from these
investment areas are not expected in the immediate future, we are
anticipating material commercial income to be generated in the next
financial year, in particular from the sales of our graphene
enhanced prepregs and ultimately significant sales of graphene
enhanced resins.
Outlook
The Group has a clear strategy through to profitability, with a
focus on composite materials in unregulated markets using key
established routes to market. We now have a composite supply chain,
being a number of raw material producers, the surface
functionalisation provider, the resin supplier, and a producer of
rapid turnaround prepregs where all can prime the market with value
added products.
The innovative resin work our team are conducting has confirmed
our earlier technical assertion that the immediate future for
graphene is as an enabling material for use either in isolation or
in combination with a second nano particulate, thus creating a
hybrid product. By establishing centres of excellence in
territories close to the supply chain and the addressable markets,
we can develop our plasma technology and the unique mixing/curing
know-how that we believe places us in a unique position to deliver
these high performance advanced materials into billion dollar
markets.
(MORE TO FOLLOW) Dow Jones Newswires
March 22, 2016 03:01 ET (07:01 GMT)
The strengthening of our intellectual property portfolio through
additional know-how and granted patents provides us with the
opportunity to sell or licence our reactor technology to our global
marketplace safe in the knowledge that we are protected and a key
target for the remainder of 2016 is the sale or licencing of our
reactor technology.
Ray Gibbs
Chief Executive Officer
22 March 2016
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 31 December 2015
Notes Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 Jun
2015 2014 2015
GBP'000 GBP'000 GBP'000
REVENUE 325 388 644
Other income 459 94 831
TOTAL INCOME 784 482 1,475
Administrative expenses
------------------------------------- --------
Research and development
expenditure (496) (435) (559)
Share based payment expense (174) (105) (258)
Other administrative expenses (2,121) (1,509) (3,663)
------------------------------------- -------- ------------- ------------- ----------
(2,791) (2,049) (4,480)
LOSS FROM OPERATIONS (2,007) (1,567) (3,005)
Finance costs (7) (7) (24)
LOSS BEFORE TAXATION (2,014) (1,574) (3,029)
Taxation 97 43 140
LOSS AND TOTAL COMPREHENSIVE
LOSS ATTRIBUTABLE TO OWNERS
OF THE PARENT (1,917) (1,531) (2,889)
Loss per share attributable
to owners of the Company
Basic (GBP) 2 (0.16) (0.14) (0.25)
Diluted (GBP) 2 (0.16) (0.14) (0.25)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2015
Unaudited Unaudited Audited
31 Dec 31 Dec 30 Jun
2015 2014 2015
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 1,443 1,518 1,460
Property, plant and equipment 1,782 1,227 1,576
Investments 117 0 117
3,342 2,745 3,153
Current assets
Inventories 503 185 283
Trade receivables 62 443 257
Other receivables 335 250 277
Corporation tax 218 109 129
Cash and bank balances 5,020 3,951 2,049
6,138 4,938 2,995
TOTAL ASSETS 9,480 7,683 6,148
LIABILITIES
Non-current liabilities
Bank loans - due after one
year 184 338 270
Current liabilities
Bank loans - due within one
year 168 162 162
Trade and other payables 719 855 619
Deferred income 87 29 26
Corporation tax 1 7 8
Provision for contingent consideration 117 793 770
1,092 1,846 1,585
TOTAL LIABILITIES 1,276 2,184 1,855
TOTAL NET ASSETS 8,204 5,499 4,293
EQUITY
Capital and reserves attributable
to equity holders of the parent
Share capital 305 229 229
Share premium account 11,859 6,255 6,254
Share-based payment reserve 484 176 329
Retained (deficits) / profits (4,436) (1,161) (2,519)
Revaluation Reserve (8) - -
TOTAL EQUITY 8,204 5,499 4,293
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 31 December 2015
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2015 31 Dec 2014 30 Jun 2015
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Loss before taxation (2,014) (1,574) (3,029)
Adjustments for:-
Amortisation of intangible
assets 17 18 64
Depreciation of property, plant
and equipment 173 116 288
Share-based payment charge 174 105 258
Loss on disposal of property,
plant and equipment - - 19
Finance costs 7 7 24
Operating cash flow before
working capital changes (1,643) (1,328) (2,376)
(Increase) / decrease in inventories (120) - (98)
Decrease / (increase) in trade
and other receivables 137 (167) (126)
(Decrease) / increase in payables
and deferred income (499) 17 (210)
Cash used in operations (482) (150) (434)
Income tax (paid) / received - (3) 76
Net cash flow from operating
activities (2,125) (1,481) (2,734)
Cash flow used in investing
activities
Purchase of property, plant
and equipment (477) (618) (1,182)
Acquisition of subsidiary - (244) (244)
Finance costs (7) (8) (24)
Net cash flow in investing
activities (484) (870) (1,450)
Cash flow used in financing
activities
Proceeds from issue of share
capital 6,038 125 124
Share issue costs (377) - -
New bank loans raised - 500 500
Repayments of borrowings (81) - (68)
Net cash flow from financing
activities 5,580 625 556
Net increase / (decrease) in
cash and cash equivalents 2,971 (1,726) (3,628)
Cash and cash equivalents at
beginning of the financial
period 2,049 5,677 5,677
Cash and cash equivalents at
end of the financial period 5,020 3,951 2,049
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Share Share Share-based Retained Revaluation Total
capital premium payment profits Reserve GBP'000
GBP'000 GBP'000 reserve GBP'000 GBP'000
GBP'000
At 1 July 2014 225 6,134 71 370 - 6,800
Total comprehensive
loss for the period - - - (1,531) - (1,531)
Recognition of
share-based payments - - 105 - - 105
Issue of ordinary
share capital 4 120 - - - 124
At 31 December
2014 229 6,254 176 (1,161) - 5,498
Total comprehensive
loss for the period - - - (1,358) - (1,358)
Recognition of
share-based payments - - 153 - - 153
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