Haydale Graphene Industries PLC Sales Representation Agreement and Trading Update (1347N)
28 Januar 2021 - 8:00AM
UK Regulatory
TIDMHAYD
RNS Number : 1347N
Haydale Graphene Industries PLC
28 January 2021
RNS
For immediate release 28 January 2021
Haydale Graphene Industries plc
('Haydale' or the 'Group')
Sales Representation Agreement for Silicon Carbide Sales in
China and Taiwan, Trading Update and Notice of Interims
Announcement
Haydale, (AIM: HAYD), the global advanced materials group, is
pleased to announce that it has signed a sales representation
agreement ("the Agreement") with Qinhuangdao ENO High-Tech Material
Development Co., Ltd., ("ENO"). The Agreement is for an initial
period of two years and allows ENO to act as a sales representative
for Haydale's ceramic and silicon carbide products in China
(including Hong Kong) and Taiwan.
Under the Agreement, ENO expects to buy a minimum of $300,000 of
product from Haydale within the first year of the agreement
increasing to $500,000 in the second year. The first order under
the Agreement for $23,000 has been received by Haydale for
immediate shipment.
ENO is a high-tech enterprise in the field of new materials in
China. The company specialises in the development, production, and
sales of a wide portfolio of high-performance ceramic powders. The
products are widely sold in the fields of electronics, oil,
metallurgy, automotive, and aviation and Haydale's ceramic products
will complement ENO's current offering.
Keith Broadbent, Haydale CEO, said: "We are pleased to announce
this agreement and believe the new market opportunities offered by
ENO will provide solid commercial prospects for our ceramic and
silicon carbide products within these markets."
Trading Update and Notice of Interim Results
As previously announced, the Group has been impacted by the
general industrial slowdown caused by Covid-19 and especially the
markedly reduced demand in the global aerospace sector, which has
led to depressed sales of the Silicon Carbide whiskers and ceramics
manufactured at our US facility. The Directors have sought to
replace the reduced order pattern from US customers by engaging
with new markets and this agreement with ENO is an important
development in the extension of our trading footprint.
Despite the challenges posed by the pandemic, the Group's
performance has remained resilient in H1 FY21. Whilst the recently
enhanced restrictions extant in several key markets increases the
economic uncertainty, notably around the medium-term recovery of
air traffic, the Directors anticipate that performance will be
broadly in line with their expectations and the continuing focus on
streamlining its cost base will lead to a reduced Adjusted
Operating Loss for the year.
Haydale expects to announce its unaudited interim results for
the half year ended 31 December 2020 on 24 February 2021 and
further guidance will be given at this time.
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 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
- Ends -
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO Tel: +44 (0) 1269 842 946
Gemma Smith, Global Head of Marketing
Arden Partners plc (Nominated Adviser
& Broker)
Ruari McGirr / Paul Shackleton / Tel: +44 (0) 20 7614 5900
Ben Cryer
Notes to Editors
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
through its state-of-the-art functionalisation. Haydale has granted
patents for its technologies in Europe, USA, Australia, Japan and
China and operates from five sites in the UK, USA and the Far
East.
For more information please visit: www.haydale.com
Twitter: @haydalegraphene
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