REG - Haydale Graphene Ind - Final Results
06/10/2022 07:01
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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(®), 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(®) 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 £2.90 million (FY21: £2.90 million) - robust
performance given pull forward of £1.22m silicon carbide and £0.4m one-time
reactor sale in prior year
- Investment in sales, marketing, quality assurance and production
capability saw adjusted administrative expenses increase by 17% to £5.52
million (FY21: £4.72 million)
- Adjusted operating loss increased by £1.16 million to £3.33
million (FY21: £2.17 million)
- Cash outflow from operations increased by £1.59 million (101%) to
£3.17 million (FY21: £1.58 million)
- £5.51 million fundraising completed post period end with 138.8
million warrants issued yielding up to a further £2.8 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 842 946
Mark Chapman, CFO
www.haydale.com (http://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 (http://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 identified 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 reflect 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 2022 ("FY22").
The 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 £2.90 million (FY21: £2.90 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 £1.75 million (FY21: £1.98 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 £0.44 million (FY21:
£0.58 million) was lower than the prior year but this reflected the £0.14
million federal support received by our US subsidiary in FY21. Adjusted
administrative expenses increased by £0.80 million (16.9%) to £5.52 million
(FY21: £4.72 million). Total Administrative Expenses were £7.24 million
(FY21: £6.11 million). Loss for the year was £4.81 million (FY22: £3.41
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® 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 £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 £0.40 million
in the prior year) increased by £0.46 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(®)") 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(®) deliver up to a 30 per cent
energy saving compared with energy required to heat untreated water. Initial
sales of Hi-Therm(®) 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 (#_ftn1) )), 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™, 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™ 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™,
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 £0.58 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
conclusion 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(®) 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® 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® 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 £2.90 million (FY21: 2.90 million) was
consistent with the previous year. Revenue derived from product sales
increased by £0.43 million during the year but this was offset by the
reduction to reactor sales of £0.40 million (See Note 3 - Segmentation
Analysis).
Other operating income, which is principally grant funded projects, was £0.44
million (FY21: £0.58 million). The Group received £0.06 million (FY21:
£0.14 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 £1.75 million (FY21: £1.98 million) delivering a Gross Profit
margin of 60% (FY21: 68%).
Adjusted Administrative Expenses increased by £0.80 million (17.0%) to £5.52
million (FY21: £4.72 million). Total administrative expenses for the year
were £7.24 million (FY21: £6.11 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 £0.38 million is included in total administrative
expenses.
The Loss from Operations was £5.06 million (FY21: £3.56 million). Finance
costs, which include interest payable on the Group's debt, for the year were
£0.19 million (FY21: £0.21 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
£1.45 million (FY21: £1.02 million(( 2 (#_ftn2) ))), of which £0.34
million was capitalized (FY21: £0.26 million). During the year the Group
claimed R&D tax credits of £0.43 million (FY21: £0.36 million) and it is
expected that this claim will be received during the current financial
year.
Total comprehensive loss for the year, including the £0.38 million non-cash
charge for the impairment of intangible assets, was £4.54 million (FY21:
£3.57 million).
The loss per share for the year was £0.01 (FY21: £0.01 loss).
Statement of Financial Position and Cashflows
As at 30 June 2022, net assets amounted to £7.05 million (2021: £6.76
million), including cash balances of £1.19 million (2021: £1.64
million). Other current assets increased to £3.26 million at the year-end
(2021: £3.00 million) and this was mainly related to the increase in
inventory of £0.11 million at the US facility during the year. Current
liabilities reduced to £2.28 million as at 30 June 2022 (2021: £2.78
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 £2.70
million (FY21: £2.58 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 £2.92 million (FY21: £2.74 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 £1.36 million (FY21: £1.03 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 £3.42 million (FY21: £2.04 million), the principal
contributing factors being the Loss before Taxation of £4.81 million (FY21:
£3.41 million). Cash used in Operations increased by £1.59 million in the
year to £3.17 million (FY21: £1.58 million). The Group received a R&D
tax credit inflow of £0.37 million in the year (FY21: £0.39 million). Net
cash used in operating activities increased to £2.80 million (FY21 £1.19
million).
Capital expenditure in the year, excluding the IFRS 16 adjustments, was £1.00
million (FY21: £0.22 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 £0.84 million during the year under review
(FY21: £0.22 million), which almost wholly related to the Group's commercial
US borrowing facilities which have now been fully repaid.
The Company received the remaining £0.30 million of a £1.1 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 (£0.14 million). The net result was
that the Group's total borrowings at the year-end were £1.35 million (2021:
£1.73 million), of which £1.18 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 £0.04 million (FY21: £0.05 million) or
the Group's US borrowings.
Post Balance Sheet Event
On 12 September 2022, the Company raised £5.51 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 (£m) FY21 (£m)
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 2022 30 June 2021
Note £'000 £'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 (£) 6 (0.01) (0.01)
Diluted (£) 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
£'000 £'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 reserve
£'000 Foreign Exchange Reserve
Share Share premium £'000 Retained losses Total Equity
capital £'000 £'000 £'000
£'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
£'000 £'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, Central & Eliminations
UK & Europe North America Asia Pacific £'000
£'000 £'000 £'000 Consolidated
£'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, Central & Eliminations
UK & Europe North America £'000 Asia Pacific £'000
£'000 £'000 Consolidated
£'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
£'000 £'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, £0.73 million (25%) (2021: £1.2 million (42%)) of the Group's
revenue depended on a single customer. During 2022 £0.58 million (20%) (2021:
£0.41 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 £2.46 million (85%) of the Group's revenue (2021:
£2.43 million or 84% (including Reactor sales)) and revenue from services was
£0.31 million (11%) (2021: £0.34 million or 12%).
Dis-aggregation of revenues
The split of revenue by type: 2022 2021
£'000 £'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 £'000 Asia Pacific £'000 TOTAL
£'000 £'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 £'000 Asia Pacific TOTAL
£'000 £'000 £'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
£'000 £'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
£'000 £'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
£'000 £'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
£'000 £'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
£'000 £'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 (£) and Diluted (£) (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 (#_ftnref1) Dalian YiBang Technology Company Limited ('DLYB')
(#_ftnref2) (2) Based on calculations submitted to HMRC for the R&D tax
credit.
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