TIDMHAYD
RNS Number : 9440B
Haydale Graphene Industries PLC
06 October 2022
For immediate release 6 October 2022
Haydale Graphene Industries plc
('Haydale', the 'Company', or the 'Group')
Final Results
Haydale (AIM: HAYD), the global advanced materials group, is
pleased to announce its full year results for the year ended 30
June 2022 ("FY22").
Operational Highlights:
- Good progress scaling up operations to take advantage of current commercial opportunities
-- Successfully commissioned the larger HT1400 plasma reactor
which is delivering a significant increase in functionalisation
capacity to allow production to move to an industrial level in
FY23
- Positive progress in the energy, heating and power storage sectors
-- Exclusive supply agreement with High Tech Solutions Limited
to manufacture a thermal fluid, HiTherm(R) , initially for domestic
heating systems. Ahead of contractual volumes at the financial
year-end
-- Working with Cadent and the Energy Innovation Centre to
develop graphene ink-based heaters for a low power water heater
prototype
-- Signed a memorandum of understanding with Viritech Ltd for
collaboration on the delivery of advanced hydrogen powertrain
solutions for the automotive, aerospace, marine and distributed
power industries
- Working in the glucose monitoring and diabetes management
sector to develop a biomedical ink that improves the speed and
accuracy of test
- Signed a contract with Vittoria Spa, the leading cycle tyre
manufacturer, for the supply of one tonne of functionalised
graphene nanomaterial
- Focused development of our patented HDPlas(R) process with key achievements including
-- liquid doping technology that allows graphene to be dosed
with microscopic levels of metals to enhance the conductivity and
resistivity of our functionalised inks
-- Using graphene inks to develop underfloor heating solutions
that may offer an energy efficient, cost effective and easy to
install underfloor heating system
Financial Highlights
- Revenue at GBP2.90 million (FY21: GBP2.90 million) - robust
performance given pull forward of GBP1.22m silicon carbide and
GBP0.4m one-time reactor sale in prior year
- Investment in sales, marketing, quality assurance and
production capability saw adjusted administrative expenses increase
by 17% to GBP5.52 million (FY21: GBP4.72 million)
- Adjusted operating loss increased by GBP1.16 million to
GBP3.33 million (FY21: GBP2.17 million)
- Cash outflow from operations increased by GBP1.59 million
(101%) to GBP3.17 million (FY21: GBP1.58 million)
- GBP5.51 million fundraising completed post period end with
138.8 million warrants issued yielding up to a further GBP2.8
million when exercised
Commenting on the results David Banks, Non-executive Chair of
Haydale, said:
'The clear priorities remain to commercialise our cutting-edge
functionalisation technology. The progress we have made during the
year and the opportunities that we are seeing gives us confidence
that we are on a steady path to more widespread adoption of our
technology and the benefits, both performance and environmental,
that it can bring.
The Directors remain mindful that the economic backdrop remains
uncertain and that risks that could impinge on our operations
persist. However, the solid progress made in our core business
during the year continues to reinforce the Directors' belief that,
whilst navigating the new industrial landscape will remain
challenging and forward momentum is unlikely to be smooth, the
Company is moving in the right direction.'
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO Tel: +44 (0) 1269 842
Mark Chapman, CFO 946
www.haydale.com
finnCap (Nominated Adviser & Broker )
Julian Blunt/Edward Whiley, Corporate Finance Tel: +44 (0) 20 7220
Andrew Burdis, ECM 0500
Notes to Editors
Haydale is a global technologies group and service provider that
facilitates the integration of graphene and other nanomaterials
into the next generation of industrial materials and commercial
technologies. With expertise in graphene, other nanomaterials and
Silicon Carbide, Haydale is able to deliver improvements in
electrical, thermal and mechanical properties, Haydale has been
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 or
Twitter: @haydalegraphene
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "will" or the negative of those, variations or
comparable expressions, including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the Company's future growth, results of operations,
performance, future capital and other expenditures (including the
amount, nature and sources of funding thereof), competitive
advantages, business prospects and opportunities. Such forward
looking statements re ect the Directors' current beliefs and
assumptions and are based on information currently available to the
Directors.
A number of factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements including risks associated with vulnerability to general
economic and business conditions, competition, environmental and
other regulatory changes, actions by governmental authorities, the
availability of capital markets, reliance on key personnel,
uninsured and underinsured losses and other factors, many of which
are beyond the control of the Company. Although any forward looking
statements contained in this announcement are based upon what the
Directors believe to be reasonable assumptions, the Company cannot
assure investors that actual results will be consistent with such
forward looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward looking statements. Subject to
any continuing obligations under applicable law or any relevant AIM
Rule requirements, in providing this information the Company does
not undertake any obligation to publicly update or revise any of
the forward looking statements or to advise of any change in
events, conditions or circumstances on which any such statement is
based.
chair's statement
Introduction
I am pleased to present Haydale Graphene Industries Plc's
("Haydale", the "Group" or the "Company") full year audited results
to 30 June 20 22 (" FY22 ").
T he Group continued to make positive progress during the year
on its journey to delivering sustainable commercial revenues.
During H2 FY22 we saw positive sales development, especially within
the UK operations, and we anticipate that this momentum will
continue into the current financial year.
Summary financials
Commercial revenue for FY22 of GBP2.90 million (FY21: GBP2.90
million) remained in line with the prior year which was a robust
performance given the exceptional support that we received from our
largest customer in FY21. Gross profit marginally reduced to
GBP1.75 million (FY21: GBP1.98 million) delivering a gross profit
margin of 60.0% (FY21: 68.2%) broadly in line with prior year.
Other operating income for the year of GBP0.44 million (FY21:
GBP0.58 million) was lower than the prior year but this reflected
the GBP0.14 million federal support received by our US subsidiary
in FY21. Adjusted administrative expenses increased by GBP0.80
million (16.9%) to GBP5.52 million (FY21: GBP4.72 million). Total
Administrative Expenses were GBP7.24 million (FY21: GBP6.11
million). Loss for the year was GBP4.81 million (FY22: GBP3.41
million).
Operational Highlights
The Group made good progress towards its longer-term goals in
the year. The priorities of delivery of commercial revenue,
focussed investment in our physical and human capacity and
development of our technology remains central to our strategy.
During the year we successfully commissioned the new HD-Plas(R)
HT1400 plasma reactor which allows us to manufacture functionalised
nanomaterials on an industrial scale. In tandem with bringing that
capacity on stream we continued to invest in our technical
development and submitted a patent for the use of liquid doping
technology which will allow us to extend the scope of the
enhancements we can bring to products such as our conductive inks.
We looked to further strengthen our teams across all Group sites
and invested in sales, marketing, quality and production resource
to ensure that we are in a position to scale up our operations
safely and effectively.
The principal trading impact on the Group of Covid-19 since
early 2020 has been the slowdown in the global aviation sector
which has reduced demand for the SiC and the ceramic cutting tools
produced by our US facility. In H2 FY22 we saw demand for these
products begin to recover, and our finished tools are gaining
commercial traction within the North American aerospace and
automotive sectors.
Staff
I would like to thank the executive management team who continue
to drive the difficult transition from an R&D focused
organisation to a sustainable commercial operation. I would also
like to thank our staff for their continued resilience and
flexibility, and it is through their endeavours that we have been
able to make the progress that we have in the year.
Funding
On 12 September 2022 , the Company completed an equity placing
and open offer raising GBP 5.51 million (gross) and I would like to
welcome our new shareholders and to thank our existing shareholders
for their continued support, especially so against the backdrop of
a more turbulent economic landscape.
Outlook
During the year we made significant investments in both our
functionalisation capacity and in the wider team that allows us to
deliver sustainable revenues for the Company. With the fundamental
building blocks in place, the Board remains confident that the
Company will be able to take advantage of the commercial traction
it is seeing.
David Banks
Chair
5 October 2022
STRATEGIC REPORT
The financial year ended 30 June 2022 ("FY22") has seen the
Group deliver a resilient performance in the year against a
turbulent economic backdrop and the directors are pleased to report
that the commercial progress accelerated in the second half of the
year within the core graphene and other nano particle operations in
the UK. Revenue has been impacted by the slower than anticipated
recovery from the pandemic at the Group's US operation and this has
weighed on the overall financial performance in the Year.
The Group continues to transform itself from a research and
development organisation into a manufacturing business focussed on
commercialising its portfolio of technology and securing profitable
outcomes. In the latter part of the year the Company successfully
commissioned a larger plasma reactor that, when fully optimised,
will deliver a significant increase in our functionalisation
capacity and provide the means to move production to an industrial
level.
UK & Europe
The UK division made robust progress towards commercialising its
proprietary technology in the year. Total sales (excluding reactor
sales of GBP0.40 million in the prior year) increased by GBP0.46
million (89%) on FY21. Functionalised product sales (goods)
increased by 270% over the prior year and project and other
consultancy revenues (services) grew by 19% on a like for like
basis.
Product Sales & Consultancy Services
Haydale has been working in the energy, heating and power
storage sectors for a number of years. Geopolitical events and
closer to home severe weather incidents, when set against the
backdrop of the UK Government's net zero carbon strategy, have
brought an increased urgency to this work. In January 2022 the
Company signed an exclusive supply agreement to manufacture a
thermal fluid ("Hi-Therm(R) ") for High Tech Solutions Limited.
Haydale is using its patented plasma functionalisation technology
to enhance the thermal conductivity and dispersion of boron nitride
in ionised water. Controlled environment tests that maintain a
constant heating temperature have shown that the thermodynamic
properties of Hi-Therm(R) deliver up to a 30 per cent energy saving
compared with energy required to heat untreated water. Initial
sales of Hi-Therm(R) have been ahead of contractual volumes and
whilst the product is still in a development stage, we anticipate
that it will represent a significant step forward in the
commercialisation of thermally efficient nanomaterials in the
energy sector.
Haydale has also been working with Cadent and the Energy
Innovation Centre to develop graphene ink-based heaters to generate
low power hot water in off-grid situations where customers are left
without the means to economically heat water for an extended period
of time. The most recent example was Storm Arwen which brought
widespread disruption to the UK and resulted in over one million
customers losing power. Approximately 40,000 customers were without
supply for more than three days and nearly 4,000 customers were off
supply for over a week. The aim of this commercial 15 month project
with Cadent is to develop an operational Graphene ink-based heater
prototype that would provide cost effective and timely relief in
these situations.
The graphene inks used in this solution are flexible enough to
be printed onto multiple substrates such as metals, plastics,
fabrics, and glass. The Company is working to develop this
technology into underfloor heating which may be able to offer an
energy efficient, cost-effective and easy to install system that
can be used to supplement domestic heating systems. Whilst still at
an early stage, the prototypes are demonstrating considerable
promise as part of an array of solutions that may improve the
energy efficiency and reduce the CO(2) impact of heating commercial
and domestic buildings. In addition to this application, we are
also working with a caravan and motorhome customer with a variation
of this heating ink.
Biomedical Inks
We continue to develop our biomedical sensor inks and, in
particular, our work during the year with a leader in the glucose
monitoring and diabetes management sector on the refining of a
bespoke ink has been productive. Haydale's patented plasma
functionalisation process allows for the introduction of new
chemical substances to the surface of advance materials enabling
biomedical inks to have an improved catalytic and electro chemical
response. Our tests show that the additions enhance the downstream
accuracy of response to analytes and the speed of result. We have
collaborated closely with this customer to ensure that the quality
control at our Ammanford site meets the stringent requirements for
medical products and we are also looking to commence internal tests
to validate the shelf life and longer-term efficacy of the
product.
Whilst at a less advanced commercial stage, we have worked with
a number of other business and academic parties to explore the
wider potential for our sensor inks in the field of medical
diagnostics. Of particular note in this area is our work with the
Wales Kidney Research Unit at Cardiff University to develop a
urinary electrochemical microRNA sensor for rapid detection of
problems with newly transplanted kidneys. The sensor can
potentially accelerate issue detection without the need for an
invasive biopsy and potentially opens up a wider and exciting
opportunity for the monitoring or detection of other diseases.
Haydale was pleased to have directly input into the work of one of
the award winners at the Kidney Research UK MedTech Competition
earlier this year.
Elastomers and Other Developments
In December 2020 we secured our first sale of our functionalised
nano-enhanced rubber masterbatch for use in shoes and the Company
continues to progress a number of projects within the leisure
footwear and industrial workwear market. Whilst these projects have
taken longer than anticipated to move out of the feasibility stage,
the work done in this area has been utilised in our collaboration
with Vittoria Spa, the leading premium cycle tyre manufacturer, and
allowed us to move with speed to prove performance enhancements for
functionalised rubber in cycle tyres. We were able to demonstrate
substantial improvements in the grip, rolling resistance, puncture
resistance and durability of their premium tyres and, in July 2022
we announced that we had received our first order for one tonne of
functionalised graphene nanomaterial. Haydale will use its new
HT1400 plasma reactor in order to meet Vittoria's production
requirements.
The four-year agreement with DLYB ([1]) , which commenced in
April 2020, allows them to market Haydale's electrically conductive
graphene-enhanced masterbatch in China and Taiwan. The initial
stages of the contract were reserved for product validation and
although our product has met the initial requirements, further
modification and development has been requested by DLYB. Whilst the
Company is continuing to develop this product line for use with
DLYB and other customers, it is focussing on those products that
can deliver commercial returns more rapidly and, as such, at this
stage we do not anticipate this contract moving to the commercial
phase in the foreseeable future.
Haydale formed part of a dedicated supply chain to deliver a
range of advanced wearable technology to British athletes, at the
Tokyo games in August 2021. The garments benefited from temperature
regulated panels and were designed using Haydale's printed
functionalised graphene ink. The Company remains in discussion with
a customer who can access the wider market but our focus remains on
other graphene ink products that demonstrate a closer commercial
potential.
Sale of Plasma Reactors
In April 2021 Haydale partnered with 401 Tech Bridge, Rhode
Island, US, to provide a HT200 Plasma Reactor and advanced
materials support for their innovation ecosystem. This was the
first sale of a plasma reactor since the year-ended June 2019. As
noted in the prior year report, each approach is appraised on its
merits with the guiding tenet that reactor sales must be
demonstrably in the long-term interests of the Company. To this
end, the Company has not made any reactor sales in the year under
review.
Collaboration with ProMake Limited
On-going cooperation with ProMake (renamed Atomi Limited post
year end) continues to progress positively in a number of
directions including the previously noted SynerG 3D printing
filament, biomedical inks and more recently on developing cleaner,
smarter concrete formulations. The Public Health England National
Microbiology Framework has not progressed at this time, although
work is still underway in this arena it has been impacted by
changing UK government priorities.
North America
Revenue at our US SiC and blanks manufacturing facility
continued to be adversely affected by the lingering impact of the
Covid 19 pandemic for much of the year. Reported increases in
civilian aviation traffic took time to filter down the aerospace
supply chain and it was not until the last quarter of FY22 that we
started to see some rebound in demand for our blank tools.
During the year we have looked to drive revenue by expanding our
product offering to include certain geometries of finished cutting
tools. We have contracted with a third-party company who are taking
our blanks and completing the final cut, grind and tool preparation
to enable Haydale to sell a finished tool. By taking control of end
user sales, we have created a direct dialogue with a number of
important aviation customers, and it has also allowed us to extend
our sector coverage into the automotive market where we have
achieved finished tool sales post year end. We have seen sales of
finished tools in both areas post year end and anticipate that, as
general demand grows, this will be a key driver for growth within
this business unit. We are following a dual distribution strategy
to maximise our coverage with a combination of direct to customer
sales and indirect sales through well represented distributors and
consolidators. During the year we made an agreement with a large US
carbide tool distributor to sell our tools in a number of states on
the west coast of the country and we are currently in discussions
to give non-exclusive rights to distribute our growing range of
tools to selected midwest industrial states.
East Asian Sales
In January 2021 Haydale announced an agreement with Qinhuangdao
ENO High-Tech Material Development Co., Ltd ("ENO") which allowed
it to act as a non-exclusive sales representative for Haydale's
ceramic and silicon carbide products in China (including Hong Kong)
and Taiwan (the "Territory") for an initial period of two years
ending December 2022. Despite the continuing lock downs and other
restrictions that are impacting manufacturers and impeding new
business development we have seen sales progress in the year
although not to the extent anticipated.
During the year Haydale signed a sales representation agreement
with Hainan Hongshida Information Technology Co., Ltd.,
("Hongshida"). The agreement is for an initial period of two years
and allows Hongshida to act as a non-exclusive sales representative
for Haydale's ceramic and silicon carbide products in the
Territory. First year sales to February 2023 were agreed to be
limited and, as expected, we did not receive any orders from
Hongshida during the year. Outside of these contracts, Haydale is
actively collaborating with a number of other parties that may
extend our market penetration in East Asia and may also offer some
reciprocal product that will expand our offering in the North
American market. We remain of the view that the potential for this
business unit's products in East Asia is significant and, whilst
results have been less than we would have hoped for to date, we
continue to believe that the prognosis is positive.
European Blanks Sales
We continue to make progress with potential European customers
and, whilst we remain optimistic that we will secure further sales
within this territory, we have recognised that this will take
longer than expected and we have therefore adjusted our cost base
with our European Sales Manager moving onto a commission basis
during H2 FY22.
Product Diversification
As previously noted, the Company has also diversified beyond its
traditional product range and agreed exclusive distribution
arrangements for the UK market for CeramycGuard(TM), a one stop
solution that can be used in new concrete applications and also
renews and restores old or partly decaying concrete in-situ in
certain applications as well as preventing water loss. Earlier this
year, CeramycGuard(TM) won the 'Materials Application of the Year'
category at the prestigious British Engineering Excellence Awards
and was recognised for its ability to significantly extend the
surface life of concrete assets and its potential to reduce the
anthropogenic impact of cement usage.
Haydale continues to work closely with a number of UK water
utilities, other water facility management companies and more
general civil engineering contractors who require a solution to
concrete degradation. Post year end the Group employed a sales
manager to specifically drive sales of CeramycGuard(TM), and this
has led to some early positive results. Whilst there is a
substantial wider market for this product, we believe that Drinking
Water Inspectorate 31 (Clean Water) accreditation is important to
securing sales of this product within the water industry and,
despite delays outside of our control, we are working towards
results by the end of 2022.
Historic Sales
Historically this division has been dependent on SiC whisker
sales to two long term customers and, as previously noted, we saw
very different responses to the pandemic from these customers. The
business received a commitment from its largest customer to
underpin the SiC whisker volume by increasing its short-term order
patterns during FY21. This was on the understanding that this would
likely see a significant reduction in sales through FY22 and FY23.
As expected, during the year we have not made any sales to this
customer, but we anticipate that sales will resume in FY23 when
their inventory levels are brought into balance. We were pleased to
reach a settlement with our second largest historical whisker
customer over the contractual dispute which adversely impacted
revenue in the prior year. The settlement with the US group, which
sells silicon carbide tools and wear resistant solutions, secures
revenue in both FY22 and FY23 at which point the five-year contract
dated September 2018 will come to an end. In FY22 this customer
accounted for GBP0.58 million/20.1% of total group revenue and we
expect a similar level of revenue in FY23.
Asia Pacific
Our operation in Thailand was instrumental in securing the first
orders from Vittoria for functionalised graphene powder for use in
cycle tyres. As announced in July, Vittoria and Haydale have agreed
to investigate the possibility of producing functionalised graphene
in Thailand and a Letter of Intent was signed post year end between
Haydale and Vittoria's co-owned Thai nanotech subsidiary, Graphene
Creations Limited, that will allow the parties to assess the merits
of combining Haydale's technical expertise with Graphene Creations'
market access. This assessment is on-going but should reach a
conclu sion during the current year. Outside of this, Haydale. is
actively collaborating with a number of well-known international
operations who have shown interest in the potential applications of
our product range and the team continues to search for
opportunities for the commercialisation of graphene and other
nanomaterials into various industries.
Our sales office in South Korea did not meet our expectations
this year. The three-year exclusive agreement with iCraft has
delivered on the contractual requirement of three tonnes by the end
of year two but, subsequent to the year end, we have been informed
that it is reviewing its on-going involvement in the nanomaterial
sector. We are maintaining a proactive dialogue with iCraft to
ensure that it understands its contractual obligations with respect
to the final year of the contract. Outside of iCraft, we have
started working with a number of new customers and we hope to be
able to leverage these opportunities in the current year to improve
the financial performance of this sales office.
Focussed R&D investment
The HDPlas(R) functionalisation process continues to be the
cornerstone of the Group's offering underpinning its future growth
prospects. During the year, good progress has been made with
several new and different treatments enabling more tuneable and
enhanced offerings to meet customers' requirements. This
manipulation enables a much greater range of graphene and other
nanomaterial treatments and facilitates potential improvements in
dispersion and mechanical strength, electrical conductivity and
thermal conductivity. Amongst other developments, Haydale has:
-- Developed liquid doping technology that allows for graphene
to be dosed with microscopic levels of metals which allows us to
markedly enhance the conductivity and resistivity of our next
generation functionalised inks This lower level resistivity
potentially allows our inks to replace silver, copper and aluminium
etch in certain metal antenna elements of the growing RFID and NFC
sectors and provides a cost effective and environmentally
friendlier application. Existing 'tags' are generally single use
and as such are consigned to landfill after use. Haydale
functionalised inks are manufactured using a clean process and
there is reduced waste to landfill on disposal. Subsequent to the
year end this work has directly led to a collaboration with a
leading supplier of digital identification solutions who is
investing in the RFID of the future; and
-- Haydale was awarded funding to develop hydrogen fuel storage
tanks by the Advanced Propulsion Centre in 2020 and this work
directly led to the signing of a memorandum of understanding with
Viritech Limited in September 2021. Haydale has subsequently worked
on two projects to deliver advanced hydrogen powertrain solutions
for the automotive, aerospace, marine and distributed power
industries and we continue to provide consulting engineering
support services, including type IV and V pressure vessel design
and material science analysis.
The core thread running through our continued investment in
R&D is the focus on creating and maintaining technological
advantage where we see a clear commercial pathway. Whilst the
gestation period for some of these developments is defined by long
product life cycles, we are focussing on areas such as our
biosensor inks and other functionalised inks which can be delivered
to market in a shorter time horizon. It remains core to our
strategy that we invest for the long term whilst taking advantage
of the numerous short-term commercial applications presented by our
technology.
Grant Funded Projects
Collaboration on grant funded projects has continued over the
last twelve months with the continued emphasis that only projects
that have a clear commercial pathway or add significantly to the
Group's knowledge bank on applications are undertaken. Whilst we
give priority to commercial projects, this does not diminish the
importance of grant funded work in support of the R&D
investment made by Haydale. Grants received were from either UK or
European quasi-governmental bodies and 'promoting the green
economy' and 'cleantech' were the overarching themes for the
funding awarded in the year. Haydale's involvement in several of
these projects relates to its long-standing expertise in a number
of fields and amongst other projects awarded in the year, the
following commenced:
-- HiBar Film 2 - the project aims to develop the next
generation of high barrier films for food packaging using HDPlas(R)
plasma functionalisation through the redesign of multilayer films
into 100% recyclable and compostable mono-material solutions for
the food industry. Key project deliverables are intended to reduce
the environmental impact of packaging plastics and offer more
sustainable barrier solutions to combat food waste. We are already
seeing commercial spin offs from this work with the South Korean
customer, NeoEnpla; and
-- Anti-Counterfeiting technology - Haydale was awarded a
SMARTCymru grant, part-funded by the European Regional Development
Fund, to further develop PATit, its anti-counterfeiting technology
that uses graphene-enhanced, high-performance conductive inks and
proprietary software codes for brand and security protection that
is non-copiable and does not require expensive printing processes
or electronic chips (NFC/RFID). PATit aims to provide a mass market
anti-counterfeiting technology that addresses the current market
need for secure low-cost anti-counterfeiting technologies.
This structured approach to development is facilitating the
internal learning experience and creating potential products to fit
with the organic growth momentum at the centre of our strategic
drive.
During the year the Company successfully completed the European
Space Agency ("ESA") demisable fuel storage project and Haydale was
encouraged to apply for further ESA funds to develop proof of
concept with phase 2 funds being approved at the end of the
financial year. Haydale was awarded funding to develop hydrogen
fuel storage tanks by the Advanced Propulsion Centre in FY21 and
this work has led to commercial projects for the development of
type IV and type V hydrogen storage tanks in FY22 with partners
such as Viritech Ltd.
Increasing Production Capacity at Ammanford
Haydale has consistently increased its capacity to functionalise
graphene ahead of the production curve at its Ammanford facility.
In May 2021 we ordered a new HT1400 HDPlas(R) reactor which has the
potential to increase our capacity to functionalise nanomaterial up
to 90 tonnes per annum depending on factors such as the bulk
density of the material and the specific enhancement required. The
new reactor was delivered on site in March this year and has been
successfully commissioned. Various plasma treatments and
nanomaterials are currently being optimised through the reactor and
this process will continue through FY23. In addition to the new
reactor, Haydale invested to:
-- support the production scale-up and ordered ancillary
machinery to increase our powder handling capacity; and
-- leased a further unit at the Ammanford site and invested in
ink handling facilities that will allow the business to meet the
stringent quality assurance standards required for the production
of bio medical and other functionalised inks.
As noted previously, we believe that the significant capital
expenditure which commenced in FY21 and completed through FY22 will
allow us to meet our production requirements for the foreseeable
future in the UK but we will, where appropriate, look to make
further smaller 'add on' investments as production volumes demand
in order to lower our cost performance ratio further.
Investing in the Group's human capital
Alongside the investment in physical capacity during the year,
the Directors have invested in the human capital across the wider
business and have strengthened the teams across all Group sites and
across the spectrum of sales, marketing, human resources, quality
control and production. Whilst the Group has in the three years to
June 2021 secured substantial savings in its administrative costs,
some of which were specifically linked to the uncertainty
surrounding the length and impact of the Covid-19 pandemic, the
Directors saw the need this year to put in place the building
blocks that will underpin the Group's growth plans. To that end,
administrative costs have increased during the year and the
annualised impact of this investment should see that trend continue
into the next financial year. The cost savings achieved over that
three year period were secured in a timely manner and likewise the
Directors remain prudent when they are increasing the operational
cost base of the business in what have become more turbulent and
changeable economic times.
FUTURE STRATEGIC DIRECTIONS
The clear priorities remain to commercialise our cutting-edge
technology and the progress we have made during the year and the
opportunities that we are seeing gives us confidence that we are on
a steady path to more widespread adoption of our technology and the
benefits, both performance and environmental, that it can
bring.
The Directors remain mindful that the economic backdrop remains
uncertain and that risks that could impinge on our operations
persist. However, the solid progress made in our core business
during the year continues to reinforce the Directors' belief that,
whilst navigating the new industrial landscape will remain
challenging and forward momentum is unlikely to be smooth, the
Company is moving in the right direction.
FINANCIAL REVIEW
Statement of Comprehensive Income
In the year under review, the Group's principal areas of income
were sales of specialty inks, fluids and graphene enhanced
composites and associated consultancy services from the UK and APAC
operations and sale of SiC fibres, whiskers, particulate and blanks
from the US operation. The Group's revenue for the year ended 30
June 2022 of GBP2.90 million (FY21: 2.90 million) was consistent
with the previous year. Revenue derived from product sales
increased by GBP0.43 million during the year but this was offset by
the reduction to reactor sales of GBP0.40 million (See Note 3 -
Segmentation Analysis).
Other operating income, which is principally grant funded
projects, was GBP0.44 million (FY21: GBP0.58 million). The Group
received GBP0.06 million (FY21: GBP0.14 million) from US Covid
Government Support packages and this is included in Other Operation
Income. Excluding US Government support other operating income was
comparable with the prior year.
The Group's Gross Profit, which excludes Other Operating Income
declined marginally to GBP1.75 million (FY21: GBP1.98 million)
delivering a Gross Profit margin of 60% (FY21: 68%).
Adjusted Administrative Expenses increased by GBP0.80 million
(17.0%) to GBP5.52 million (FY21: GBP4.72 million). Total
administrative expenses for the year were GBP7.24 million (FY21:
GBP6.11 million). During the year the Group took the decision to
impair the residual intangible assets relating to its 2015
acquisition of Innophene Co Ltd (now Haydale Technologies Thailand
Limited) and the non-cash charge of GBP0.38 million is included in
total administrative expenses.
The Loss from Operations was GBP5.06 million (FY21: GBP3.56
million). Finance costs, which include interest payable on the
Group's debt, for the year were GBP0.19 million (FY21: GBP0.21
million).
The Group continued to direct resource to research and
development with the focus for that investment on products and
process that could develop into sustainable and profitable revenue
streams. R&D spend for the year was GBP1.45 million (FY21:
GBP1.02 million ([2]) ), of which GBP0.34 million was capitalized
(FY21: GBP0.26 million). During the year the Group claimed R&D
tax credits of GBP0.43 million (FY21: GBP0.36 million) and it is
expected that this claim will be received during the current
financial year.
Total comprehensive loss for the year, including the GBP0.38
million non-cash charge for the impairment of intangible assets,
was GBP4.54 million (FY21: GBP3.57 million).
The loss per share for the year was GBP0.01 (FY21: GBP0.01
loss).
Statement of Financial Position and Cashflows
As at 30 June 2022, net assets amounted to GBP7.05 million
(2021: GBP6.76 million), including cash balances of GBP1.19 million
(2021: GBP1.64 million). Other current assets increased to GBP3.26
million at the year-end (2021: GBP3.00 million) and this was mainly
related to the increase in inventory of GBP0.11 million at the US
facility during the year. Current liabilities reduced to GBP2.28
million as at 30 June 2022 (2021: GBP2.78 million) due principally
to the reduction in Bank Loans repayable within 12 months.
The Right of Use Asset in respect of its leased premises
increased to GBP2.70 million (FY21: GBP2.58 million) due to renewed
leases in the UK. The Right of Use Liability which is split between
Current and Non-Current Liabilities similarly increased to GBP2.92
million (FY21: GBP2.74 million). These movements were non-cash
items and did not impact the cash outflow in the year. The Company
will amortise these balances over the remaining life of the leases
which varies across the sites.
The Group's US Pension Obligations of GBP1.36 million (FY21:
GBP1.03 million) has increased in the year due to a combination of
negative movements on investments and exchange rate movements.
Net cash outflow from operating activities before working
capital movements for the year increased to GBP3.42 million (FY21:
GBP2.04 million), the principal contributing factors being the Loss
before Taxation of GBP4.81 million (FY21: GBP3.41 million). Cash
used in Operations increased by GBP1.59 million in the year to
GBP3.17 million (FY21: GBP1.58 million). The Group received a
R&D tax credit inflow of GBP0.37 million in the year (FY21:
GBP0.39 million). Net cash used in operating activities increased
to GBP2.80 million (FY21 GBP1.19 million).
Capital expenditure in the year, excluding the IFRS 16
adjustments, was GBP1.00 million (FY21: GBP0.22 million).
Capital Structure and Funding
As at 30 June 2022, the Company had 510,335,691 ordinary shares
in issue (2021: 425,279,798). No options were exercised into
ordinary shares during the year (FY21: none).
The Group repaid borrowings of GBP0.84 million during the year
under review (FY21: GBP0.22 million), which almost wholly related
to the Group's commercial US borrowing facilities which have now
been fully repaid.
The Company received the remaining GBP0.30 million of a GBP1.1
million UKRI Innovation Loan during the year to support scale up
capital expenditure in the UK. The US operation secured a loan
through the COVID-19 Economic Injury Disaster Loan scheme of $0.20
million (GBP0.14 million). The net result was that the Group's
total borrowings at the year-end were GBP1.35 million (2021:
GBP1.73 million), of which GBP1.18 million was in the UK and the
balance in the Group's US subsidiaries. The UKRI Innovation loan
has a quarterly liquidity covenant until April 2024. There are no
financial covenants extant in respect of the UK bounceback loan of
GBP0.04 million (FY21: GBP0.05 million) or the Group's US
borrowings.
Post Balance Sheet Event
On 12 September 2022, the Company raised GBP5.51 million (gross)
through the placing, open offer and subscription of 275,516,784 new
Ordinary Shares at 2.00 pence per share. The funds raised will be
principally used to fund the general working capital needs of the
business. Following the close of the Open Offer, the Company issued
a total of 138,758,392 Warrants to the subscribers of New Ordinary
Shares. These warrants are exercisable at a value of 2.00 pence per
share in the period to 12 September 2023.
Key Performance indicators
The Group has historically reported financial metrics of
revenues, gross profit margin, adjusted operating loss, cash
position and other metrics as its key performance indicators and
these are set out below.
FY22 (GBPm) FY21 (GBPm)
------------- -------------
Revenue 2.90 2.90
Gross profit margin 60% 68%
Adjusted operating loss (3.33) (2.17)
Cash position 1.19 1.64
Borrowings 1.35 1.73
During the year under review, management also used a sales
tracker, a non-financial performance metric to monitor the revenue
pipeline of the business. The sales tracker monitors the number of
accredited leads and assigns a probability of revenue realisation
to those leads.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2022
Year ended Year ended
30 June 30 June 2021
Note 2022 GBP'000
GBP'000
REVENUE 3 2,901 2,903
Cost of sales (1,156) (924)
------------ ---------------
Gross profit 1,745 1,979
Other operating income 4 442 575
------------------------------------------------------- -------- ------------ ---------------
Adjusted Administrative expenses (5,520) (4,724)
------------ ---------------
Adjusted operating loss (3,333) (2,170)
Adjusting administrative items:
Share based payment expense (39) (119)
Depreciation and amortisation (1,308) (1,271)
Impairment (375) -
------------ ---------------
(1,722) (1,390)
------------ ---------------
Total trading administrative expenses (7,242) (6,114)
------------ ---------------
LOSS FROM OPERATIONS (5,055) (3,560)
------------ ---------------
Total administrative expenses (7,242) (6,114)
LOSS FROM OPERATIONS (5,055) (3,560)
Finance costs (187) (211)
LOSS BEFORE TAXATION 5 (5,242) (3,771)
Taxation 433 363
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (4,809) (3,408)
Other comprehensive income:
Items that may be reclassified to profit
or loss:
Exchange differences on translation of
foreign operations 374 (368)
Items that will not be reclassified to
profit or loss:
Remeasurements of defined benefit pension
schemes (109) 208
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
FROM CONTINUING OPERATIONS (4,544) (3,568)
Loss for the year attributable to:
Owners of the parent (4,809) (3,408)
Total comprehensive loss attributable
to:
Owners of the parent (4,544) (3,568)
Loss per share attributable to owners
of the Parent
Basic (GBP) 6 (0.01) (0.01)
Diluted (GBP) 6 (0.01) (0.01)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2022
Company Registration No. 0722893 30 June 30 June
2022 2021
GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 1,131 1,341
Intangible assets 1,312 1,174
Property, plant and equipment 7,579 6,622
10,022 9,137
Current assets
Inventories 1,515 1,328
Trade receivables 667 715
Other receivables 646 595
Corporation tax 427 364
Cash and bank balances 1,186 1,644
4,441 4,646
TOTAL ASSETS 14,463 13,783
LIABILITIES
Non-current liabilities
Bank loans 1,341 844
Pension Obligation 1,356 1,026
Other payables 2,440 2,370
5,137 4,240
Current liabilities
Bank loans 11 885
Trade and other payables 2,199 1,719
Deferred income 68 180
2,278 2,784
TOTAL LIABILITIES 7,415 7,024
TOTAL NET ASSETS 7,048 6,759
EQUITY
Capital and reserves attributable to
equity holders of the parent
Share capital 10,207 8,505
Share premium account 31,912 28,820
Share-based payment reserve 244 250
Foreign exchange reserve (12) (386)
Retained losses (35,303) (30,430)
TOTAL EQUITY 7,048 6,759
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2022
Share-based
payment Foreign
Share Share reserve Exchange Retained Total Equity
capital premium GBP'000 Reserve losses GBP'000
GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2020 6,804 27,764 131 (18) (27,230) 7,451
Comprehensive Loss for
the year
Loss for the year - - - - (3,408) (3,408)
Other comprehensive
loss - - - (368) 208 (160)
Total Comprehensive
loss 6,804 27,764 131 (386) (30,430) 3,883
Contributions by and
distributions to owners
Recognition of
share-based payments - - 119 - - 119
Issue of ordinary
share capital 1,701 1,276 - - - 2,977
Transaction costs
in respect of
share issues - (220) - - - (220)
At 30 June 2021 8,505 28,820 250 (386) (30,430) 6,759
Comprehensive Loss for
the year
Loss for the year - - - - (4,809) (4,809)
Other comprehensive
loss - - - 374 (109) 265
Total comprehensive
loss 8,505 28,820 250 (12) (35,348) 2,215
Contributions by and
distributions to owners
Recognition of
share-based payments - - 39 - - 39
Share based payment
charges - lapsed
options - - (45) - 45 -
Issue of ordinary
share capital 1,702 3,401 - - - 5,103
Transaction costs
in respect of
share issues - (309) - - - (309)
At 30 June 2022 10,207 31,912 244 (12) (35,303) 7,048
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 30 June 2022
Year Year
ended ended
30 June 30 June
2022 2021
GBP'000 GBP'000
Cash flow from operating activities
Loss after taxation (4,809) (3,408)
Adjustments for:-
Amortisation and impairment of intangible
assets 607 176
Depreciation of property, plant and
equipment 1,076 1,096
Profit on disposal of plant and equipment
and F&F 8 78
Share-based payment charge 39 119
Finance costs 188 211
Pension - (employer contribution)/net
interest expense (92) 47
Taxation (433) (363)
Operating cash flow before working
capital changes (3,416) (2,044)
(Increase)/decrease in inventories (187) 384
(Increase) in trade and other receivables (4) (90)
Increase in payables and deferred income 435 174
Cash used in operations (3,172) (1,576)
Income tax received 371 383
Net cash used in operating activities (2,801) (1,193)
Cash flow used in investing activities
Purchase of plant and equipment (996) (220)
Purchase of Intangible Assets (340) (260)
Net cash used in investing activities (1,336) (480)
Cash flow used in financing activities
Finance costs (63) (95)
Finance costs - right of use asset (125) (116)
Payment of lease liability (548) (591)
Proceeds from issue of share capital 5,103 2,977
Share capital issues costs allocated
against share premium (309) (220)
New bank loans raised 454 800
Repayments of borrowings (842) (219)
Net cash flow from financing activities 3,670 2,536
Effects of exchange rates changes 9 (42)
Net (decrease)/increase in cash and
cash equivalents (458) 821
Cash and cash equivalents at beginning
of the financial year 1,644 823
Cash and cash equivalents at end of
the financial year 1,186 1,644
Abbreviated notes to the final results statement
1. General information
Haydale Graphene Industries plc is a public limited company
incorporated and domiciled in England and Wales and quoted on the
AIM Market, hence there is no ultimate controlling party.
2. Significant accounting policies
Basis of preparation
The Group consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards,
International Accounting Standards and Interpretations as adopted
by the UK (collectively "IFRSs") and with the requirements of the
Companies Act 2006.
The Group's financial statements have been prepared under the
historical cost convention.
The consolidated financial statements are presented in sterling
amounts.
Amounts are rounded to the nearest thousands, unless otherwise
stated.
The financial information contained in this announcement does
not constitute the Group's statutory accounts for the year ended 30
June 2022 but is derived from those accounts which have been
audited and which will be filed with the Registrar of Companies in
due course.
The auditors' report on the Annual Report and Financial
Statements for the year ended 30 June 2022 was unqualified, did not
draw attention to any matters by way of emphasis and did not
contain a statement under s498(2) or s498(3) of the Companies Act
2006.
The 2022 Annual Report will be made available on the Company's
website for the purposes of the AIM Rules for Companies on 6
October 2022.
Going concern
The Directors have prepared and reviewed detailed financial
forecasts of the Group and, in particular, considered the cash flow
requirements for the period from the date of approval of the 2022
financial statements to the end of October 2023. These forecasts
sit within the Group's latest estimate and within the longer-term
financial plan, both of which have been updated on a regular basis.
The Directors are also mindful of the impact that the other risks
and uncertainties set out in the Annual Report may have on these
estimates and in particular the speed of adoption of new
technology.
As part of this review the Directors have considered several
scenarios based on various revenue, cost and funding
sensitivities.
Revenue
Various sensitivities have been applied to forecasted revenue
including a stress test scenario which reduces forecasted revenue
by circa 25 per cent, to the point where the Group would breach its
available cash resources at in December 2023. With respect to this
'stress test' the Group has greater than 30 per cent of that
sensitised revenue within forward orders, contractual or some other
form of customer assurance which have a high degree of
certainty.
Cost Mitigation
The Directors have included some limited assumptions regarding
cost savings that might be achievable if the forecast fails to meet
the forecasted or sensitised estimates, and these have been phased
in gradually over the 12-month period to October 2023.
Customer Solvency
As part of this review the Directors have assessed the solvency
of key customers and their ability to deliver on their contractual
or other commitments on the basis of both publicly available
information and taken account of these assessments in our
forecasts. Future revenue related to certain contractual
commitments have been heavily discounted given the lack of
available data and trading history with the Group.
Summary
Therefore, after due consideration of the forecasts prepared,
the sensitivities applied and the Group's current cash resources
after the fund raise in September 2022 and the terms of its debt
facilities, the directors consider that the Company and the Group
have adequate financial resources to continue in operational
existence for the foreseeable future (being a period of at least 12
months from the date of this report), and for this reason the
financial statements have been prepared on the going concern
basis.
3. Segment analysis
IFRS 8 requires operating segments to be identified on the basis
of internal reports about components of the Group that are
regularly reviewed by the chief operating decision maker (which is
the Chief Executive Officer and Chief Financial Officer) as defined
in IFRS 8, in order to allocate resources to the segment and to
assess its performance.
For management purposes, the Group is organised into the
following reportable regions:
-- UK & Europe (focussing on functionalisation of nano
materials, high performance ink & master batches, elastomers
and the composites market in Europe);
-- North America (focussing on SiC & blank products for tooling); and
-- Asia Pacific (focusing on sales to the Asian markets)
2022 Adjustments,
UK & Europe North America Asia Pacific Central &
GBP'000 GBP'000 GBP'000 Eliminations Consolidated
GBP'000 GBP'000
REVENUE 984 1,673 244 - 2,901
Cost of sales (356) (670) (130) - (1,156)
Gross profit 628 1,003 114 - 1,745
Other operating
income 373 69 - - 442
Adjusted
administrative
expenses (1,977) (1,648) (525) (1,370) (5,520)
--------------- ----------------- ---------------- -------------------- ----------------
Adjusted operating
loss (976) (576) (411) (1,370) (3,333)
Administrative
expenses
--------------------- --------------- ----------------- ---------------- -------------------- ----------------
Share based
payment
expense (20) (4) 23 (38) (39)
Depreciation &
amortisation (474) (629) (74) (131) (1,308)
Impairment - - (23) (352) (375)
(494) (633) (74) (521) (1,722)
--------------------- --------------- ----------------- ---------------- --------------------
Total administrative
expenses (2,471) (2,281) (599) (1,891) (7,242)
OPERATING LOSS (1,470) (1,209) (485) (1,891) (5,055)
Finance costs (187)
LOSS BEFORE TAXATION (5,242)
Taxation 433
LOSS AFTER TAXATION (4,809)
Additions to
non-current assets 1,533 72 36 - 1,641
Segment assets 4,159 7,225 341 2,738 14,463
Segment liabilities (2,386) (4,486) (114) (429) (7,415)
2021 Adjustments,
UK & Europe North America Asia Pacific Central &
GBP'000 GBP'000 GBP'000 Eliminations Consolidated
GBP'000 GBP'000
REVENUE 923 1,679 301 - 2,903
Cost of sales (311) (379) (234) - (924)
Gross profit 612 1,300 67 - 1,979
Other operating
income 427 148 - - 575
Adjusted
administrative
expenses (1,725) (1,328) (404) (1,267) (4,724)
Adjusted operating
loss (686) 120 (337) (1,267) (2,170)
Administrative
expenses
-------------------- --------------- ------------------- ---------------- ------------------- ----------------
Share based
payment
expense (38) (30) (3) (48) (119)
Depreciation &
Amortisation (376) (679) (67) (149) (1,271)
--------------- ------------------- ---------------- ------------------- ----------------
(414) (709) (70) (197) (1,390)
-------------------- --------------- ------------------- ---------------- ------------------- ----------------
Total
administrative
expenses (2,139) (2,037) (474) (1,464) (6,114)
OPERATING LOSS (1,100) (589) (407) (1,464) (3,560)
Finance costs (211)
LOSS BEFORE
TAXATION (3,771)
Taxation 363
LOSS AFTER TAXATION (3,408)
Additions to
non-current assets 473 1,667 17 - 2,157
Segment assets 3,473 7,398 404 2,508 13,783
Segment liabilities (1,727) (4,697) (194) (406) (7,024)
Geographical information
All revenues of the Group are derived from its principal
activities. The Group's revenue from external customers by
geographical location are detailed below.
2022 2021
GBP'000 GBP'000
By destination
United Kingdom 769 370
Europe 685 104
United States of
America 1,051 739
China 127 135
Thailand 158 136
South Korea 86 165
Japan - 1,207
Rest of the World 25 47
2,901 2,903
During 2022, GBP0.73 million (25%) (2021: GBP1.2 million (42%))
of the Group's revenue depended on a single customer. During 2022
GBP0.58 million (20%) (2021: GBP0.41 million (14%)) of the Group's
revenue depended on a second single customer.
All amounts shown as other operating income within the Statement
of Comprehensive Income are generated within and from the United
Kingdom, EU and the US. These amounts include income earned as part
of a number of grant funded projects in the United Kingdom and EU
and a government grant in the US.
Revenue from goods was GBP2.46 million (85%) of the Group's
revenue (2021: GBP2.43 million or 84% (including Reactor sales))
and revenue from services was GBP0.31 million (11%) (2021: GBP0.34
million or 12%).
Dis-aggregation of revenues
The split of revenue by 2022 2021
type: GBP'000 GBP'000
Services 306 338
Reactor sales (Goods) - 403
Reactor rental 134 134
Goods 2,461 2,028
2,901 2,903
North America
2022 UK & Europe GBP'000 Asia Pacific TOTAL
GBP'000 GBP'000 GBP'000
Services 275 - 31 306
Reactor rental 134 - - 134
Goods 575 1,673 213 2,461
984 1,673 244 2,901
2021 North America
UK & Europe GBP'000 Asia Pacific TOTAL
GBP'000 GBP'000 GBP'000
Services 231 - 107 338
Reactor sales (Goods) 403 - - 403
Reactor rental 134 - - 134
Goods 155 1,679 194 2,028
923 1,679 301 2,903
Services and reactor rental revenues are recognised over time,
whereas goods and reactor sales are recognised at a point in
time.
The group acquired non-current assets during the year, split by
geographical location as detailed below:
Non-current asset additions
2022 2021
GBP'000 GBP'000
By destination
United Kingdom 1,533 473
United States of
America 72 1,667
Thailand 36 17
1,641 2,157
The carrying value of the group's non-current assets split by
geographical location is detailed below:
2022 2021
GBP'000 GBP'000
By destination
United Kingdom 2,732 3,271
United States of
America 7,240 5,749
Thailand 49 116
South Korea 1 1
10,022 9,137
4. Other Operating Income
2022 2021
GBP'000 GBP'000
Grant Income 373 427
Federal Support Schemes 69 148
442 575
There are no unfulfilled conditions attached to the above
income.
5. Loss before taxation
Loss before taxation is arrived at after charging:
2022 2021
GBP'000 GBP'000
Amortisation of intangibles 232 176
Impairment of intangibles 375 -
Depreciation of property, plant and equipment 1,076 1,096
Foreign Exchange 58 (44)
Operating lease rental : plant and machinery 1 1
6. Loss per share
The calculations of loss per share are based on the following
losses and number of shares:
2022 2021
GBP'000 GBP'000
Loss after tax attributable
to owners of Haydale Graphene
Industries Plc (4,809) (3,408)
Weighted average number
of shares:
* Basic and Diluted 483,770,289 408,967,698
Loss per share:
Basic (GBP) and Diluted
(GBP) (0.01) (0.01)
The loss attributable to ordinary shareholders and weighted
average number of ordinary shares for the purpose of calculating
the diluted earnings per ordinary share are identical to those used
for basic earnings per share. This is because the exercise of share
options would have the effect of reducing the loss per ordinary
share and is therefore not dilutive under the terms of IAS 33. At
30 June 2022, there were 48,710,000 (2021: 39,734,928) options and
warrants outstanding. All of the options are potentially
dilutive.
Post year end 275,516,784 of new Ordinary Shares were issued on
13 September 2022, these Ordinary Shares are dilutive. There were
also 138,758,392 Warrants issued on 13 September 2022 and these
Warrants are potentially dilutive.
[1] Dalian YiBang Technology Company Limited ('DLYB')
(2) Based on calculations submitted to HMRC for the R&D tax credit.
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