TIDMHAYD
RNS Number : 3942R
Haydale Graphene Industries PLC
01 March 2023
For immediate release 1 March 2023
Haydale Graphene Industries plc
('Haydale', the 'Company', or the 'Group')
Interim Results
Haydale (AIM: HAYD), the global technology solutions group ,
announces its unaudited interim results for the six months ended 31
December 2022 (the 'Period' or 'H1 FY2023').
Financial Highlights
-- Group Revenues increased by 50% to GBP1.78 million (H1 FY2022 GBP1.19 million);
-- Adjusted Operational expenses of GBP3.02 million (H1 FY2022:
GBP2.55 million) reflecting prior year investment in
capability;
-- Adjusted operating loss for the Period of GBP1.89 million (H1
FY2022 GBP1.75 million); and
-- Cash at Period end of GBP2.97million (31 December 2021: GBP3.84 million).
-- Successful fund raise of GBP5.14 million (Net) in September 2022.
Operational Highlights
-- Sales of biomedical inks achieved in Europe with advanced
trials being conducted by several parties which include electronic
blood glucose reader compatibility tests.
-- One tonne of functionalised graphene powder supplied to
leading cycle tyre manufacturer Vittoria Spa with more orders
anticipated in the current period.
-- Strong growth in US revenues with an anticipated rebound in
Silicon Carbide powder sales alongside expanding sales of blanks
and finished tools;
-- Developed a prototype underfloor heating solution with the
potential to replace higher voltage electric or water based floor
heating systems in residential buildings.
Commenting on the interim results, Keith Broadbent, Chief
Executive Officer of Haydale, said:
" We are pleased to see revenues increase by 50% in the Period
and currently remain on track to meet expectations for the
financial year. Our operational focus remains on those products
that should deliver revenue growth within the short to medium term.
This strategy is supported by the Group's installed manufacturing
capacity that can deliver functionalised nanomaterials to our
customers on an industrial scale at a consistent quality and at a
market acceptable price. We believe that the patented HDPlas(TM)
plasma treatment provides a superior, highly tuneable and
environmentally friendlier solution to the graphene challenge than
other processes and this is being validated by our customers.
We are also pleased to see the rebound in our US sales and
expect to see continued growth in our cutting tool business in the
North American automotive and aerospace sectors in H2 FY2023. The
continued progress of our US business will support reduced monthly
cash burn and may create the opportunity to secure additional
capital facilities for the Group".
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO Tel: +44 (0) 1269 842 946
Mark Chapman, CFO
www.haydale.com
finnCap (Nominated Adviser & Broker)
Julian Blunt/Edward Whiley, Corporate
Finance Tel: +44 (0) 20 7220 0500
Andrew Burdis, ECM
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.
Chief Executive's Report
Overview
The Group has seen solid progress in its core graphene and nano
particle operations in the UK supported by a strong rebound in its
US sales.
Within the graphene and nano materials side of our operations,
we have continued to concentrate on our focus products, those that
we believe are most likely to deliver revenue within the short to
medium term. Specific development of our core ink, elastomers and
composite products has also resulted in further enhancement of our
core functionalisation technology which has led to several new
patent applications being submitted in the Period.
We have continued the optimisation process for the HT1400
industrial scale plasma reactor that was commissioned in April
2022. Our installed capacity has, amongst other customers, proved
invaluable in our supply of one tonne of functionalised nano
material for Vittoria Spa in the Period.
Revenue increased by 50% in the Period to GBP1.78 million (H1
FY2022 GBP1.19 million) driven by a strong recovery at the Group's
US operation. Silicon Carbide whisker ("SiC") sales to a long term
customer in East Asia recommenced after a hiatus of nearly 18
months and were supported by expanding sales of blanks and finished
tools (together "Tools").
The focus on improving operational capability alongside the
increase in production capacity led to strategic investment in the
wider Haydale team in FY 2022. In H1 FY2023 we are seeing the full
year effect of this with a 18.6% increase in Adjusted
Administrative expenses in the Period. The Group's adjusted
operating loss for the Period was GBP1.89 million (H1 FY2022
GBP1.75 million).
Commercial Operations
UK
The UK has made consistent progress towards commercialising its
proprietary technology in the Period and has continued to focus on
the inks (biosensor, heater and conductive), elastomers and
composites that we believe have a shorter commercial time horizon
and can deliver a sustainable financial return.
Inks
Our biomedical ink products are gathering momentum, and we have
secured small scale sales to the UK based subsidiary of a global
leader in the glucose monitoring and diabetes management field, as
well as several customers in East Asia. We are pleased that our
functionalised graphene inks have demonstrated consistent
performance uplifts against existing carbon based inks in initial
trials. Customers are now performing advanced testing and are
looking to ensure compatibility with their blood glucose
readers.
For context, the global blood glucose test strips market size
was $12.31 billion in 2021 and is poised to grow at a CAGR of 6.2%
to reach $21.16 billion by 2030[1]. Population aging, obesity, and
unhealthy lifestyle are the main factors contributing to this
market growth. Small disposable plastic blood glucose test strips
play a critical role in assisting people to monitor and control
their diabetes.
Academic and commercial laboratories have shown that the
electrically conductive properties of our HDPlas(R) functionalised
graphene, improved the accuracy and responsiveness of the ink
within the test strips when compared to the existing products on
the market. Furthermore, our next generation product uses less
metallics and will be environmentally friendlier than current
inks.
Haydale has the installed capacity to produce circa 25 tonnes of
biomedical inks per annum to a consistent and high quality
standard, and at a competitive cost versus current suppliers. We
anticipate that capacity could be substantially increased, as
required, with a projected return on future investment of under one
year.
Our biomedical inks are also potentially capable of detecting a
wide variety of other conditions. Our work with the Wales Kidney
Research Unit at Cardiff University on a urinary electrochemical
sensor has the potential to replace costly and invasive PCR based
methods and to enable more timely intervention. The diagnostic
potential of our functionalised powder inks, utilising microRNA to
detect a wide range of conditions, has been recognised by The
Engineer, a respected magazine focusing on technological
innovation, which shortlisted the parties in the 2023 'Collaborate
to Innovate Awards' category.
Haydale has been working with Cadent to develop graphene based
heater inks to generate low power hot water in off grid situations.
This work programme has now advanced to the development of a
demonstrator, and the parties are discussing further projects.
Haydale has also been working to enhance the conductivity and
printability of its heater inks for use in caravans and other
mobile platforms and underfloor heating situations. The Group has
recently developed a prototype distributed heating solution with
the potential to replace high voltage electric or water based under
floor heating systems in residential buildings. Haydale heater ink
can be printed onto various substrates and using low voltage
battery or solar energy could, when fully developed, effectively
heat domestic buildings as part of a wider sustainable energy
ecosystem. We have received interest from a number of energy
utilities and are currently investigating the cost of developing a
prototype for field testing, with a view to having a commercial
offering with a certified energy rating value. Against the backdrop
of the global energy crisis, discussions on this potentially ground
breaking technology continue apace.
Elastomers
Through several feasibility studies, Haydale demonstrated the
capacity of functionalised masterbatches to deliver enhanced
elastomer performance. Our work in this field has kickstarted our
collaboration with Vittoria Spa ("Vittoria"), the leading Italian
bicycle tyre manufacturer which has pioneered the use of graphene
in high performance tyres. Haydale's functionalised nanomaterial
has been proven to create substantial improvements in grip,
puncture resistance, rolling drag and durability. During the period
the Group was excited to continue our collaboration by supplying
one tonne of functionalised graphene nanomaterials to Vittoria. The
parties expect more orders to follow in H2 FY2023 as Vittoria
expand the use of the material to other high performance tyre
offerings. The applicability of this technology to the wider tyre
market and also to other sectors is being explored with the
anti-static non marking properties of our functionalised elastomer
products receiving interest from a supplier to the medical
sector.
Composites
The Group recently announced its new graphene enhanced epoxy
pre-preg tooling material. A two year field trial at Prodrive, the
tier 1 automotive supplier, demonstrated that our material
delivered extended tooling life, improved surface quality and
increased thermal conductivity. The prolonged tooling life should
deliver substantial cost savings to users mainly in the automotive
and aerospace sectors, with the move to the new tools requiring no
process adjustments. The product was formally launched in H2 FY2023
with our graphene masterbatch being used to manufacture stronger
and lighter composite sea kayaks for Norwegian paddle sport brand,
Norse Kayaks.
Other UK
Haydale has continued to collaborate with High Tech Systems Ltd
on the development, 'real world' testing and optimisation of its
boron nitride enhanced thermal fluid, Hi-Therm(TM). By enhancing
the thermodynamic properties of water, Hi-Therm(TM) has the
potential to reduce the energy required to heat buildings and could
demonstrate the positive impact that thermally efficient and
effectively dispersed nanomaterials could have on reducing energy
use.
North America
Revenue at our US SiC and tool manufacturing facility has
rebounded in the Period. The Group has recommenced sales with a key
customer in East Asia after an 18 month post pandemic hiatus and
has also seen meaningful sales of its Tools in the Period.
We reported that our North American operation had started to see
demand for its Tools revive in the last quarter of FY2022. We are
pleased to report that this momentum has increased and during the
Period we have added a number of major customers and are now seeing
consistent monthly growth in Tools supplied into the North American
automotive and aerospace sector. We have signed distribution
contracts covering the important North-East Corridor and the West
Coast and these distributors are working alongside the sales team
to promote our Tools. We are confident that we will be able to
continue to increase both our user base and the range of tooling
geometries that we are supplying to existing customers. We also
consider that the wider developments within the ceramic cutting
tool sector should allow us to build a significant tooling business
that will broaden our strategic options for this unit.
During the pandemic we stated that we were to look to diversify
beyond our traditional markets, and in the last two years have
signed two non-exclusive sales agreements with Chinese companies
and entered into less formal trading arrangements with several
others. Whilst progress has been slower than expected, with the
recent relaxation in China's zero covid policy, we anticipate more
sales to China in the medium term.
The Company agreed an exclusive UK distribution contract for
CeramycGuard(TM) in 2020. Haydale continues to work closely with a
number of UK water utilities and wider concrete infrastructure
parties and was pleased to recently announce a trial by United
Utilities at its Oldham wastewater facility. We are hopeful that
the six month trial will demonstrate the long term cost savings
that the service life extension shown by CeramycGuard(TM) can
deliver to concrete assets. We expected to receive DWI 31 (Clean
Water) Accreditation during the Period, but due to delays outside
of our control we are still awaiting the final evaluation, and now
anticipate a decision during the current period. Whilst clean water
accreditation is important in securing sales of CeramycGuard(TM),
we continue to focus on the substantial wider market which includes
sewage treatment facilities, bridges, car parks and other concrete
structures.
Asia Pacific "APAC"
Our Thailand business unit is working on some exciting research
projects, one of which is looking at the commercial feasibility of
using functionalisation to upcycle waste products for use in
battery and other applications. Further to the letter of intent
with Graphene Creations, an associate company of Vittoria, referred
to in our Annual Report released in October 2022, we are still
assessing the merits of combining our technical knowledge and
resources with their contacts within the Thai industrial community,
and we anticipate that the parties will reach a decision on whether
to proceed shortly.
We have made positive progress in South Korea and are working
with several parties at an early product development stage. We
anticipate that some of these collaborations will transition into
material supply contracts in the current period and, specifically
that our earlier work with NeoEnpla on their biodegradable barrier
plastic bags suitable for the food industry, will afford more
opportunities in the medium term. iCraft has now confirmed that it
will refocus on its core operations and we remain in constructive
dialogue with them in respect of their contractual obligations.
Grant Funded Projects
Haydale has been working on a number of grant funded projects in
the Period. We highlight two projects that are focused on reducing
the barriers to wider commercial adoption of graphene and which
recognise our expertise in the characterisation of graphene.
- Iso GScope - a project led by the National Physical
Laboratory, aims to validate and standardise measurement and
characterisation methods for graphene in powders and liquid
dispersions used in industrial applications. By overcoming the
"what is my material?" barrier by creating well-characterised
graphene structures, the project should facilitate the wider
adoption of graphene by industry; and
- Accords - an Horizon Europe project, with Haydale playing a
key role in developing imaging techniques to characterise 2D
materials to make the process of selection easier. This is the
first time that an extensive programme will look to standardise the
characterisation of 2D materials with the aim of adoption by
standardisation bodies such as ISO. This will also be an important
milestone in defining the safe use of nano materials as industry
continues to adopt this technology at speed.
As previously set out, the Company only seeks to focus on grant
projects that have a clear commercial pathway or add significantly
to the Group's knowledge bank. The projects detailed are practical
examples of this ethos as are the other grants and awards that we
have worked on in the Period.
Business Investment
Haydale made a significant investment in FY2022 in expanding its
manufacturing capacity. The new HT1400 plasma reactor, alongside
ancillary equipment, has significantly increased the Company's
functionalisation and ink handling capacity. During the Period
Haydale has continued to optimise the new reactor and the
technologies, such as liquid dosing, which the new reactor has
enabled. As signposted, full year capital expenditure will be
significantly less than the prior year and we anticipate that spend
will remain muted for the medium term.
In tandem with the investment in physical capacity, the Company
has focussed on raising the operational capability across our
sites. This process commenced during FY2022 and identified the need
for additional skills and resources in key functional areas and the
requirement for more robust operating systems to provide a solid
foundation for growth. The Directors are pleased that this
investment is now being rewarded with the increase in US sales, and
also the positive feedback from customers who are seeking graphene
partners who can meet their volume requirements without
compromising quality assurance standards. Although this investment
increased our overheads in FY2022 and also in this Period, the
strategy has been both necessary and, with respect to the US
operation, has started to bear fruit. We do anticipate that the
operational capability now in place is sufficient to deliver the
anticipated revenue growth and that cost growth should reduce going
forwards.
Unaudited Financial Results
The Group's recognised commercial income in the Period was
GBP1.78 million (FY H1 2022 GBP1.19 million).
During FY2022, the Directors increased the operational
capability of the business to ensure it had appropriate resource to
achieve its strategic objectives. In this Period we are seeing the
impact of that investment and Total Adjusted Administrative
Expenses increased to GBP3.02 million (H1 FY2022 GBP2.55
million).
The Group's adjusted operating loss was GBP1.89 million (H1
FY2022 GBP1.75 million) and the Loss before taxation was GBP3.38
million (H1 FY2022 GBP2.46 million). As noted below, the Loss
before Taxation was adversely impacted by fund raising costs and
increased non cash share based payment expenses relating to the
warrants issued. Capital expenditure in H1 FY2023 was GBP0.16
million (H1 FY22: GBP0.02 million).
The Group's net assets at 31 December 2022 were GBP9.86 million
(31 December 2021: GBP9.30 million). The Group's borrowings
marginally increased by GBP0.05 million during the Period to
GBP1.37million at the Period end (30 June 2022: GBP1.32 million).
Cash at the Period end was GBP2.97 million (30 June 2022:
GBP3.84million). Negative operating cash flow before working
capital changes was GBP1.84 million (H1 FY2022 GBP1.71 million). A
negative working capital movement of GBP1.28 million (H1 FY2022
GBP0.14 million) meant that Cash Used in Operations was GBP(3.12)
million (H1 FY2022 GBP(1.58) million).
The Company raised GBP5.14 million (net) via the issue of
275,526,784 new ordinary shares in September 2022 at an issue price
of GBP0.02 each (the "Fund Raise"). As the Fund Raise was done at
the nominal value of the ordinary shares, costs of GBP0.36 million
associated with the Fund Raise have been included in the Profit
& Loss rather than the Share Premium account. As at 31 December
2022, and at the date of this announcement, the Company had
785,852,475 ordinary shares in issue.
The Company also issued 138,758,392 Warrants to subscribers in
the Fund Raise granting rights to subscribe for 1 additional
Ordinary Share for each Warrant held in the ratio of 1 Warrant for
every 2 New Ordinary Shares issued. The Warrants are exercisable at
a price of 2 pence per Ordinary Share within one year of issue.
Outlook
We believe our functionalized graphene is at the forefront of
the fourth industrial revolution in nanoparticle science. It makes
materials lighter, stronger and more conductive and can provide the
environmentally friendlier solution that many of our customers
require. Haydale's patented technology enables the Company to
consistently manufacture industrial volumes of graphene and other
nano materials to provide an enhanced end product at competitive
prices. Whilst its uses are manifold our focus remains on the inks,
composites and elastomers where the route to market, speed of
adoption and overall market size are such that the business is able
to deliver short term revenue growth and sustainable long term
returns.
We are pleased to see revenues increase by 50% in the Period and
currently remain on track to meet expectations for the financial
year. The Board remains confident in the significant potential for
the Group at this time and, moreover, believes that the foundations
are now in place that will facilitate the rapid scale up of the
business and allow it to realise its potential.
Keith Broadbent
Chief Executive Officer
28 February 2023
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the six months ended 31 December 2022
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2022 31 Dec 2021 30 Jun 2022
Note GBP'000 GBP'000 GBP'000
REVENUE 1,782 1,191 2,901
Cost of sales (841) (583) (1,156)
Gross Profit 941 608 1,745
Other operating income 195 194 442
Adjusted Administrative expenses (3,023) (2,549) (5,520)
Adjusted operating loss (1,887) (1,747) (3,333)
Adjusting administrative items:
Share based payments income/(expenses) (257) 25 (39)
Depreciation and amortisation (727) (618) (1,308)
Share issue costs (371) - -
Impairment - - (375)
(1,355) (593) (1,722)
Total trading administrative expenses (4,378) (3,142) (7,242)
LOSS FROM TRADING (3,242) (2,340) (5,055)
Total administrative expenses (4,378) (3,142) (7,242)
LOSS FROM OPERATIONS (3,242) (2,340) (5,055)
Finance costs (138) (118) (187)
LOSS BEFORE TAXATION (3,380) (2,458) (5,242)
Taxation 182 182 433
LOSS FOR THE YEAR FROM CONTINUING
OPERATIONS (3,198) (2,276) (4,809)
Other comprehensive income:
Items that may be reclassified
to profit or loss:
Exchange differences on translation
of foreign operations (22) 13 374
Remeasurements of defined benefit
pension scheme 260 30 (109)
TOTAL COMPREHENSIVE LOSS FOR THE
YEAR FROM CONTINUING OPERATIONS (2,960) (2,233) (4,544)
Loss per share attributable to owners
of the Parent
Basic (GBP) and Diluted (GBP) 2 (0.01) (0.01) (0.01)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 31 December 2022
Unaudited Unaudited Audited
31 Dec 2022 31 Dec 2021 30 Jun 2022
GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Goodwill 1,131 1,341 1,131
Intangible assets 1,300 1,209 1,312
Property, plant and equipment 7,265 6,564 7,579
9,696 9,114 10,022
Current assets
Inventories 1,996 1,343 1,515
Trade receivables 904 347 667
Other receivables 595 629 646
Corporation tax 187 546 427
Cash and bank balances 2,971 3,840 1,186
6,653 6,705 4,441
TOTAL ASSETS 16,349 15,819 14,463
LIABILITIES
Non-current liabilities
Bank loans 1,357 1,311 1,341
Pension obligation 1,030 1,035 1,356
Other payable 2,283 2,463 2,440
4,670 4,809 5,137
Current liabilities
Bank loans 11 8 11
Trade and other payables 1,709 1,622 2,199
Deferred income 104 76 68
1,824 1,706 2,278
TOTAL LIABILITIES 6,494 6,515 7,415
TOTAL NET ASSETS 9,855 9,304 7,048
EQUITY
Capital and reserves attributable to
equity holders of the parent
Share capital 15,717 10,206 10,207
Share premium account 31,912 31,922 31,912
Share-based payment reserve 501 180 244
Retained (deficits) (38,241) (32,631) (35,303)
Foreign exchange reserve (34) (373) (12)
TOTAL EQUITY 9,855 9,304 7,048
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the six months ended 31 December 2022
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 Jun
2022 2021 2022
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Loss after taxation (3,198) (2,276) (4,809)
Adjustments for:-
Amortisation of intangible assets 145 116 607
Depreciation of property, plant
and equipment 584 502 1,076
Share-based payment (income)/charge 257 (25) 39
Profit on disposal of plant
and equipment - - 8
Finance costs 137 118 188
Pension plan contributions 39 29 -
Pension - net interest expense 3 4 (92)
Share issue costs 371 - -
Taxation (182) (182) (433)
Operating cash flow before
working capital changes (1,844) (1,714) (3,416)
(Increase) in inventories (481) (15) (187)
(Increase)/decrease in trade
and other receivables (185) 333 (4)
(Decrease)/increase in payables
and deferred income (610) (179) 435
Cash used in operations (3,120) (1,575) (3,172)
------------ ------------ ---------
Income tax received 423 - 371
Net cash used in operating
activities (2,697) (1,575) (2,801)
------------ ------------ ---------
Cash flow used in investing
activities
Purchase of property, plant
and equipment (159) (22) (996)
Capitalisation of intangible
assets (132) (151) (340)
Net cash used in investing
activities (291) (173) (1,336)
------------ ------------ ---------
Cash flow used in financing
activities
Finance costs (77) (59) (63)
Finance cost - right of use
asset (60) (60) (125)
Payment of lease liability (296) (241) (548)
Proceeds from issue of share
capital 5,511 5,103 5,103
Share issue costs (371) (300) (309)
New bank loans raised 40 451 454
Repayments of borrowings (26) (887) (842)
Net cash flow from financing
activities 4,721 4,007 3,670
------------ ------------ ---------
Effects of exchange rate changes 52 (63) 9
Net increase in cash and cash
equivalents 1,785 2,196 (458)
Cash and cash equivalents at
beginning of the financial period 1,186 1,644 1,644
Cash and cash equivalents at
end of the financial period 2,971 3,840 1,186
============ ============ =========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Share-based Foreign
Share Share payment exchange Retained
Capital premium reserve reserve profits Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 July 2021 8,505 28,820 250 (386) (30,430) 6,759
Total comprehensive
loss for the period - - - (2,276) (2,276)
Other comprehensive
loss 13 30 43
Recognition of
share-based payments - - (25) - - (25)
Share based payment
charges - Lapsed
options - - (45) - 45 -
Issue of ordinary
share capital 1,701 3,102 - - - 4,803
At 31 December
2021 10,206 31,922 180 (373) (32,631) 9,304
Total comprehensive
loss for the period - - - - (2,533) (2,533)
Other comprehensive
profit 361 (139) 222
Recognition of
share-based payments - - 64 - - 64
Issue of ordinary
share capital 1 (10) - - - (9)
At 30 June 2022 10,207 31,912 244 (12) (35,303) 7,048
Total comprehensive
loss for the period - - - - (3,198) (3,198)
Other comprehensive
loss - - - (22) 260 238
Recognition of
share-based payments - - 257 - - 257
Issue of ordinary
share capital 5,510 - - - - 5,510
At 31 December
2022 15,717 31,912 501 (34) (38,241) 9,855
========== ================ ============= =========== ========== =========
Equity share capital and share premium
The balance classified as share capital and share premium
includes the total net proceeds on issue of the Company's equity
share capital, comprising GBP0.02 ordinary shares. The share
premium account can only be used for bonus issues, to provide for
the premium payable on redemption of debentures or to write off
preliminary expenses, or expenses of, or commissions paid on, or
discounts allowed on, any issues of shares or debentures of the
company.
Share premium account
The share premium account represents the amount received on the
issue of ordinary shares in excess of their nominal value and is
non-distributable.
Share-based payment reserve
The share-based payment reserve comprises the cumulative expense
representing the extent to which the vesting period of share
options has expired and management's best estimate of the
achievement or otherwise of non-market conditions and the number of
equity instruments that will ultimately vest.
Retained profits
The retained profits reserve comprises the cumulative effect of
all other net gains, losses and transactions with owners (e.g.
dividends) not recognised elsewhere.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 31 December 2022
1. Accounting policies
Basis of preparation
The interim financial statements, which are unaudited, have been
prepared on the basis of the accounting policies expected to apply
for the financial year to 30 June 2022 and in accordance with
recognition and measurement principles of International Financial
Reporting Standards (IFRSs) as endorsed by the European Union. The
accounting policies applied in the preparation of these interim
financial statements are consistent with those used in the
financial statements for the year ended 30 June 2022.
The interim financial statements do not include all of the
information required for full annual financial statements and do
not comply with all of the disclosures in IAS34 'Interim Financial
Reporting'. Accordingly, while the interim financial statements
have been prepared in accordance with IFRS they cannot be construed
as being in full compliance with IFRS.
The financial information for the year ended 30 June 2022 does
not constitute the full statutory accounts for that period. The
Annual Report and Accounts for 30 June 2022 have been filed with
the Registrar of Companies. The Independent Auditors' Report on the
Annual Report and Accounts for 2022 was unqualified and did not
include references to any matters which the auditors drew attention
to by way of emphasis without qualifying their report and did not
contain statements under Section 498(2) or 498(3) of the Companies
Act 2006.
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 these
interim financial statements to the end of February 2024. These
forecasts sit within the Group's latest estimate and within the
longer-term financial plan, both of which are updated on a regular
basis. The Directors remain mindful of the impact that the risks
and uncertainties set out on page 9 of the Annual Report and
Accounts for the year ended 30 June 2022 may have on these
estimates.
After due consideration of the forecasts prepared, the Group's
current cash resources, the repayment profile of its debt
facilities, and its ability to potentially access additional debt
and equity funds to further develop the business, 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.
2. Loss per share
The calculations of loss per share are based on the following
losses and number of shares:
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2022 31 Dec 2021 30 Jun 2022
GBP'000 GBP'000 GBP'000
Loss after tax attributable
to owners of the Haydale
Graphene Industries Group (3,187) (2,276) (4,809)
Weighted average number
of shares:
- Basic and Diluted 673,549,438 472,892,608 483,770,289
Loss per share:
- Basic (GBP) and Diluted
(GBP) (0.01) (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.
3. Approval
The 31 December 2022 interim financial statements were approved
by a duly appointed and authorised committee of the Board of
Directors on 28 February 2023.
[1] Strategic Market Research - Global Glucose Test Strip Market
Size - Global Report Analysis 2030
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BLGDDCSDDGXI
(END) Dow Jones Newswires
March 01, 2023 02:00 ET (07:00 GMT)
Haydale Graphene Industr... (LSE:HAYD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Haydale Graphene Industr... (LSE:HAYD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024