REG - Haydale Graphene Ind - Interim Results
12/03/2024 07:00
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RNS Number : 4126G Haydale Graphene Industries PLC 12 March 2024
For immediate release 12 March 2024
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 2023 (the
'Period' or 'H1 FY24').
Financial Highlights
· Group Revenues increased by 38% to £2.47 million (H1 FY23
£1.78 million);
· Adjusted Administrative expenses of £3.26 million (H1 FY23:
£3.02 million) primarily reflecting inflationary rises and the strengthening
of capability to support forecast growth;
· Adjusted operating loss for the Period of £1.61 million (H1
FY23 £1.89 million);
· Cash at Period end of £3.3 million (31 December 2022: £2.97
million);
· Successful fund raise of £5.1 million (Gross) in October
2023; and
· Cost savings plan in progress to further hone operations.
Operational Highlights
· Welsh Government support for partnership with Hydratech secured
in December 2023 to further develop energy efficient graphene based thermal
transfer fluid;
· Progress being made on projects with Petronas under a 2.5 year
collaboration agreement, with site visit to Haydale's Ammanford site made in
November 2023;
· In discussion with other multi-national companies for plasma
functionalisation services;
· Cadent: Delivery of working prototype of water heater / shower
for use by their vulnerable customers and next phase being discussed. A
second project to develop an over the radiator assembly commenced in the
Period; and
· US Silicon Carbide operations progressing with 51% revenue
increase on prior year; lower than anticipated tooling sales offset by strong
powder sales. Additional sales resource secured and additional manufacturer
representative agreements are under negotiation to reinforce and accelerate
tooling sales in H2. Collaboration agreement with a leading European tooling
manufacturer agreed and first UK sales achieved. New US website now live and
discussions with Far East partner progressing.
Commenting on the interim results, Keith Broadbent, Chief Executive Officer of
Haydale, said:
"We continue to make strides in boosting our key customer commercial progress
on the functionalisation powder element of our business. We are also pleased
with the continuing development of the prototypes with Cadent and the
opportunities that these will bring both commercially and to their vulnerable
customers. Our focus on underfloor heating and thermal fluid is a direct
support to the wider push for Net Zero, and we continue our progress there
with discussion with potential end users underway. Our US business related
revenues continue to grow, albeit tooling sales are not responding as quickly
as we had planned; we have therefore taken action to reinforce sales resource
to drive the planned increase in tooling sales in H2 which we expect to
deliver as we move through the rest of FY24".
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO Tel: +44 (0) 1269 842 946
Patrick Carter, CFO
www.haydale.com (http://www.haydale.com)
Cavendish (Nominated Adviser & Broker)
Julian Blunt/Edward Whiley, Corporate Finance
Andrew Burdis, ECM
Tel: +44 (0) 20 7220 0500
Notes to Editors
Haydale is a global technologies group and service provider that facilitates
the integration of graphene and other nanomaterials into the next generation
of industrial materials and commercial technologies. With expertise in
graphene, other nanomaterials and Silicon Carbide, Haydale is able to deliver
improvements in electrical, thermal and mechanical properties. Haydale has
been granted patents for its technologies in Europe, USA, Australia, Japan and
China and operates from five sites in the UK, USA and the Far East. For more
information please visit: www.haydale.com (http://www.haydale.com) or X:
@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.
Chief Executive's Report
Overview
The Group revenues have grown 38% to £2.47 million compared with H1 of last
financial year, reflecting continued growth in both Haydale's nanomaterial
based operations in the UK and its US based silicon carbide powder and tooling
business.
Within the nanomaterial operations, we have continued to concentrate on plasma
functionalisation for third party clients. This is initially undertaken
through a proven iterative development process to achieve specific performance
criteria with successful trials expected to lead to longer term commercial
supply arrangements. We have made solid progress in the Period on projects
being undertaken for Petronas, who visited our site at Ammanford in November
2023. We are in discussions with two other large multinational companies to
provide similar services.
We are also progressing positively on the commercialisation of our own
strategic products based on our plasma functionalised core products. Of
particular note is our energy efficient, graphene based thermal transfer fluid
being developed with Hydratech and our underfloor heating application, both of
which are supported by the Welsh Government. Likewise our collaboration with
Cadent is going well with working prototypes of portable, battery powered
shower and water heater units delivered and another initiative under way for
an over-the-radiator heating application.
Our US business has seen lower than anticipated tooling sales offset by strong
sales to its established SiC whisker and particulate customers. We have taken
action to reinforce sales channels and resource to support its tooling
products which we expect to start coming through in H2.
The potential for the business as a whole has been recognised by its
acceptance onto the UK Government supported Innovate Edge programme to support
the Company with its innovation led scale-up growth journey.
The Group's Adjusted Administrative Expenses have increased by 7.6% to £3.26m
(H1 FY23 £3.02m) reflecting inflationary rises, reduction in US production
expenditure recovery and a planned reinforcement of the team to deliver the
forecast growth.
The Group's adjusted operating loss for the Period was £1.61 million (H1 FY23
£1.89 million).
Commercial Operations
Nanomaterials
UK
The UK has made a good start to the financial year with continued growth in
the sales of materials and products produced through its proprietary HDPlas
plasma functionalisation technology, concentrating on its established product
range of inks (heating and sensor), composites and elastomers.
Plasma functionalised powder sales
The value of the Group's HDPlas proprietary and patented technology to plasma
functionalise nanomaterials avoiding alternative, more pollutive wet
chemistry methods, is starting to be understood as a driver to help companies
reduce their environmental footprint as well as achieve performance benefits,
especially in the waste recycling space. We are seeing continued interest in
plasma functionalisation from raw material manufacturers who are looking to
extend the effectiveness and range of the applications that their particular
material can address.
Following a period of positive iterative development working with our core
clients in this area, Petronas (Graphene) and Saint Gobain (Boron Nitride),
and their end customers, we have successfully demonstrated that we can
functionalise their nano-materials to improve performance, which has led to
further work being secured. New opportunities are being explored for similar
services with two other multinational companies. Of particular note, following
the signing of a 2.5 year collaboration agreement with Petronas in August
2023, we hosted a technical team delegation over a three-week period to
demonstrate our processes and explore a number of initiatives where plasma
functionalisation could have a material impact on the effectiveness of their
material in application.
Plasma functionalised product sales
Heating
Capitalising on the superior thermal properties of graphene and supported by
grant funding from the Welsh Government, Haydale is working in collaboration
with Liquitherm Technologies Group (trading as Hydratech), a leading
specialist company with expertise in the formulation and manufacture of
performance thermal transfer fluids. The target is to develop a graphene
based thermal fluid with enhanced heat transfer properties that can be used in
domestic and commercial heating and cooling systems and thereby reduce energy
bills.
The development of our low power, underfloor heating product is advancing
following specialist electrical engineering advice that has now led to an
operational prototype system in a demonstration room. We are in discussions
with a number of potential partners who could potentially act as sales
channels to help us take the product to market.
Cadent
Our collaborations with Cadent have led to the production of working
prototypes of low power, portable shower and water heater units utilising our
heater ink, which are now being taken to the next phase of commercial
development. We are also working on the development of a low powered
over-the-radiator room heater and discussing a number of other initiatives
that can be rolled out to meet Cadent's statutory obligations to its 4 million
"at risk" customers in off-gas situations. Once developed, certain of these
products will also be made available to the other gas and energy distribution
companies who could also adopt our technology to support their vulnerable
customers. These products may also have a resonance in the outdoor leisure
market.
.
Sensors
Our biomedical sensor ink is continuing to perform well in longer term tests
with a leading manufacturer of glucose and diabetes testing devices and we are
exploring other medical applications with other partners. However, the process
to secure regulatory approval will take an extended period. The non-medical
device testing, initially for chlorine in water, is likewise proceeding with
our industry partner and we understand will not require regulatory clearance.
Elastomers
The Group has continued to deliver commercial volumes of plasma functionalised
materials to Vittoria for use in their performance bicycle tyres and next
stage developments are under discussion.
Composites
Our work with Viritech on using plasma functionalised graphene as a barrier
material to potentially use in light weight, hydrogen storage tanks is ongoing
with further stages under discussion. We are also in discussions with a
major defence company for a potential project that combines our composite
expertise and heating ink capability to create de-icing solutions for a number
of end applications.
Asia Pacific
Our presence in the Asia Pacific region has acted as a gateway to a number of
key clients including Petronas and Vittoria, serviced out of the UK. We
continue to operate those locations as front-end sales offices and are looking
for further routes to market in these areas.
Silicon Carbide ("SiC") Powders and Tooling
Revenue at our US SiC and tool manufacturing facility has remained solid with
51% growth recorded against comparable sales in H1 FY23, with sales of powder
proving particularly strong over the past six months.
We previously reported our investment in the infrastructure to move up the
value chain into the manufacture and sale of SiC and ceramic tooling, and a
plan has also been put in place to reinforce our sales capability by
strengthening the in-house US sales team in strategic areas. As previously
reported, we have put together a US manufacturer's representative and
distributor network with four manufacturer representatives signed in the
Period, in addition to the two signed previously and more under negotiation.
This has now been supplemented by a cutting tool catalogue detailing
geometries of the parts we can supply and a US operation specific website
(www.haydalecuttingtools.com (http://www.haydalecuttingtools.com) ) which went
live in January 2024.
We have recently entered into an agreement with a distributor to sell our
tooling products on a white labelled basis in the UK and Europe and testing
with potential clients is now underway. Initial heads of terms have also been
agreed with a potential Asia based partner who can sell our products within
China to their existing client base as well as supply us with non-SiC tooling
to expand the range of products we are able to offer and provide manufacturing
capacity if required.
These initiatives are starting to deliver tooling sales, albeit at a slower
pace than we had hoped. However, on the back of these actions, we remain
optimistic of the US growth potential and believe the longer-term growth
opportunities could be substantial.
The Company continues to offer CeramycGuard™, a penetrative concrete
application containing the Company's silicon carbide, to protect concrete and
extend its service life by repelling water. External testing to date has
helped refine the parameters under which the treatment needs to be applied in
order to achieve the proven benefits and we are working with other potential
clients to prove the product which we anticipate could lead to its adoption
for use in certain deregulated markets.
Business Investment
We are still finding new ways to optimise the HT1400 industrial scale plasma
reactor to increase efficiency, annual capacity and range of surface chemistry
treatments available. As part of this wider process and to improve
efficiency, Haydale has invested in a Scanning Electron Microscope to bolster
its capability to analyse the outcome of its functionalisation processes
without being dependent on third party support.
In the US, to support the growth in SiC cutting tools, we have also commenced
implementation of an MRP system which will streamline processes, enhance
information flow, improve decision making and ease the administrative burden
on the team.
In addition to the actions taken in the US to bolster the sales team, as noted
above, in the UK we have strengthened our technical teams, specifically in
quality control and the sales team in terms of marketing and functional
inks. A significant proportion of the costs associated with these hires have
been offset against savings from a planned restructuring of the team.
Unaudited Financial Results
The Group's recognised commercial income in the Period was £2.47 million (H1
FY23 £1.78 million).
Adjusted Administrative Expenses increased to £3.26 million (H1 FY23 £3.02
million), as a result of inflationary rises, reduction in US production
expenditure recovery and a planned reinforcement of the team to deliver the
forecast growth.
The Group's adjusted operating loss was £1.61 million (H1 FY23 £1.89
million) and the Loss before taxation was £2.53 million (H1 FY23 £3.01
million). Capital expenditure in H1 FY2024 was £0.03 million (H1 FY23:
£0.16 million).
The Group's net assets at 31 December 2023 were £9.14 million (30 June 2023:
£6.97 million). The Group's borrowings marginally increased by £0.02
million during the Period to £1.39 million at the Period end (30 June 2023:
£1.37 million). Cash at the Period end was £3.30 million (30 June 2023:
£1.38 million). Negative operating cash flow before working capital changes
was £1.76 million (H1 FY23 £1.84 million). A negative working capital
movement of £0.33 million (H1 FY23 £1.28 million) meant that Cash Used in
Operations was £(2.08) million (H1 FY23 £(2.70) million).
On 14 September 2023, 138,757,816 warrants issued as part of the prior year
fund raise expired.
The Company raised £5.1 million (gross) via the issue of 1,012,609,000 new
ordinary shares in October 2023 at an issue price of 0.5 pence each (the "Fund
Raise"). As at 31 December 2023, and at the date of this announcement, the
Company had 1,798,462,051 ordinary shares in issue.
Outlook
We believe our proprietary plasma functionalisation process, which offers a
highly tunable and more environmentally friendly solution to the main issue
affecting wider graphene adoption, is gaining traction in the wider
nanomaterial market. As next stage adopters start to look for partners, our
strategic relationships with the Graphene Engineering Innovation Centre and
similar institutions having access to our reactors give third party
reassurance as to the efficacy of our technology. Our track record of
solving clients' problem statements to achieve specific performance goals, and
our ability to deliver commercial volumes of plasma functionalised powders,
inks and masterbatches, are all proving invaluable in securing new
opportunities.
We are pleased to see revenues increase by 38% in the Period. Whilst US
tooling sales for H2 have started slower than planned the actions taken to
reinforce sales channels and resource are expected to deliver as we move
through the rest of FY24. The Board remains confident in the significant
potential for the Group at this time and, whilst the path to commercial
success depends on timing of a number of initiatives being realised, the
foundations are in place to achieve success.
Keith Broadbent
Chief Executive Officer
12 March 2024
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
For the six months ended 31 December 2023
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2023 31 Dec 2022 30 Jun 2023
£'000 £'000 £'000
REVENUE 2,466 1,782 4,301
Cost of sales (1,060) (841) (1,911)
Gross Profit 1,406 941 2,390
Other operating income 237 195 377
Adjusted Administrative expenses (3,257) (3,023) (6,260)
Adjusted operating loss (1,614) (1,887) (3,493)
Adjusting administrative items:
Share based payments income/(expenses) 42 (257) (589)
Depreciation and amortisation (757) (727) (1,552)
Impairment - - (531)
Restructuring costs (35) - -
(750) (984) (2,672)
Total administrative expenses (4,007) (4,007) (8,932)
LOSS FROM OPERATIONS (2,364) (2,871) (6,165)
Finance costs (164) (138) (407)
LOSS BEFORE TAXATION (2,528) (3,009) (6,572)
Taxation 136 182 407
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS (2,392) (2,827) (6,165)
Other comprehensive income:
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations (21) (22) (341)
Remeasurements of defined benefit pension scheme 147 260 702
TOTAL COMPREHENSIVE LOSS FOR THE YEAR FROM CONTINUING OPERATIONS
(2,266) (2,589) (5,804)
Loss per share attributable to owners of the Parent
Basic (£) and Diluted (£) 2 (0.01) (0.01) (0.01)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at 31 December 2023
Unaudited Unaudited Audited
31 Dec 2023 31 Dec 2022 30 Jun 2023
£'000 £'000 £'000
ASSETS
Non-current assets
Goodwill 1,059 1,131 1,059
Intangible assets 1,350 1,300 1,386
Property, plant and equipment 5,260 7,265 5,915
7,669 9,696 8,360
Current assets
Inventories 1,603 1,996 1,733
Trade receivables 1,019 904 564
Other receivables 332 595 446
Corporation tax 542 187 406
Cash and bank balances 3,300 2,971 1,378
6,796 6,653 4,527
TOTAL ASSETS 14,465 16,349 12,887
LIABILITIES
Non-current liabilities
Bank loans (1,106) (1,357) (1,363)
Pension obligation (422) (1,030) (577)
Other payable (1,649) (2,283) (1,962)
(3,177) (4,670) (3,902)
Current liabilities
Bank loans (283) (11) (11)
Trade and other payables (1,598) (1,709) (1,899)
Deferred income (268) (104) (103)
(2,149) (1,824) (2,013)
TOTAL LIABILITIES (5,326) (6,494) (5,915)
TOTAL NET ASSETS 9,139 9,855 6,972
EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital 16,730 15,717 15,717
Share premium account 35,374 31,912 31,912
Share-based payment reserve 342 501 833
Retained (deficits) (42,933) (38,241) (41,137)
Foreign exchange reserve (374) (34) (353)
TOTAL EQUITY 9,139 9,855 6,972
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the six months ended 31 December 2023
Unaudited Unaudited Audited
Six months Six months Year
ended ended ended
31 Dec 2023 31 Dec 2022 30 Jun 2023
£'000 £'000 £'000
Cash flow from operating activities
Loss after taxation (2,392) (2,827) (6,165)
Adjustments for:-
Amortisation of intangible assets 186 145 335
Depreciation of property, plant and equipment 571 584 1,747
Share-based payment (income)/charge (42) 257 589
Profit on disposal of plant and equipment 7 - -
Finance costs 164 137 407
Pension plan contributions (86) 39 (180)
Pension - net interest expense (30) 3 -
Taxation (136) (182) (407)
Operating cash flow before working capital changes (1,758) (1,844) (3,674)
(Increase) in inventories 130 (481) (218)
(Increase)/decrease in trade and other receivables (341) (185) 304
(Decrease)/increase in payables and deferred income (115) (610) (503)
Cash used in operations (2,084) (3,120) (4,091)
Income tax received - 423 427
Net cash used in operating activities (2,084) (2,697) (3,664)
Cash flow used in investing activities
Purchase of property, plant and equipment (28) (159) (203)
Capitalisation of intangible assets (150) (132) (421)
Net cash used in investing activities (178) (291) (624)
Cash flow used in financing activities
Finance costs (115) (77) (209)
Finance cost - right of use asset (49) (60) (116)
Payment of lease liability (141) (296) (261)
Proceeds from issue of share capital 5,063 5,511 5,510
Share issue costs (588) (371) (371)
New bank loans raised 21 40 -
Repayments of borrowings (6) (26) (53)
Net cash flow from financing activities 4,185 4,721 4,500
Effects of exchange rate changes (1) 52 (20)
Net increase in cash and cash equivalents 1,922 1,785 192
Cash and cash equivalents at beginning of the financial period 1,378 1,186 1,186
Cash and cash equivalents at end of the financial period 3,300 2,971 1,378
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Share Capital Share premium Share-based payment reserve Foreign exchange reserve Retained profits Total
£'000 £'000 £'000 £'000 £'000 £'000
At 1 July 2022 10,207 31,912 244 (12) (35,303) 7,048
Total comprehensive loss for the Period - - - - (2,827) (2,827)
Other comprehensive income / (loss) - - - (22) 260 238
Recognition of share-based payments - - 257 - - 257
Issue of ordinary share capital 5,510 - - - - 5,510
Share issue costs - - - - (371) (371)
At 31 December 2022 15,717 31,912 501 (34) (38,241) 9,855
Total comprehensive loss for the Period - - - - (3,338) (3,338)
Other comprehensive profit - - - (319) 442 123
Recognition of share-based payments - - 332 - - 332
At 30 June 2023 15,717 31,912 833 (353) (41,137) 6,972
Total comprehensive loss for the Period - - - - (2,392) (2,392)
Other comprehensive loss - - - (21) 147 126
Recognition of share-based payments - - (42) - - (42)
Share based payment charges - Lapsed options - - (449) - 449 -
Issue of ordinary share capital 1,013 4,050 - - - 5,063
Transaction cost in respect of share issue - (588) - - - (588)
At 31 December 2023 16,730 35,374 342 (374) (42,933) 9,139
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 £0.02
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 2023
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 2024 and in accordance with recognition and measurement principles
of UK adopted International Financial Reporting Standards (IFRSs). 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 2023.
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 2023 does not constitute
the full statutory accounts for that period. The Annual Report and Accounts
for 30 June 2023 have been filed with the Registrar of Companies. The
Independent Auditors' Report on the Annual Report and Accounts for 2023 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
June 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 2023 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 Six months ended Unaudited Six months ended Audited
31 Dec 2023 31 Dec 2022 Year
£'000 £'000 ended
30 Jun 2023
£'000
Loss after tax attributable to owners of the Haydale Graphene Industries Group
(2,392) (2,827) (6,165)
Weighted average number of shares:
- Basic and Diluted 1,275,647,324 673,549,438 729,239,439
Loss per share:
- Basic (£) and Diluted (£) (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.
As part of the fund raise on 3 October 2023, the Company's share capital was
restructured to in effect reduce the nominal value of each ordinary share from
2.0 pence to 0.1 pence.
3. Approval
The 31 December 2023 interim financial statements were approved by a duly
appointed and authorised committee of the Board of Directors on 11 March 2024.
A copy of this report is available on the Company's website (www.haydale.com
(http://www.haydale.com) ).
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