Haydale Plc Share News (HAYD)

(Sharecast News) - Advanced materials company Haydale said in a trading update on Tuesday that it now anticipated revenues for the year just ended ahead of prior expectations, at around £2.9m.

The AIM-traded firm said gross profit for the 12 months ended 30 June was expected to be about £1.74m, and its EBITDA loss "marginally behind" prior guidance at £3.35m.

Capital Expenditure in the year totalled £1m, and year-end cash stood at £1.19m.

"As previously indicated, the commercial momentum from the second half of the year is expected to accelerate into the new financial year, with both an increased customer and product portfolio contributing to this," the board said in its statement.

"Against this increase, the annualised impact of the investment in sales, marketing, quality and production resources during the 2022 financial year, alongside the inflationary cost pressures we are seeing at our operating units, will partly offset the expected uplift in revenue at the LBITDA level."

Haydale said it anticipated that the current year EBITDA loss would be smaller than 2022, but not to the extent previously expected.

"Notwithstanding this, with the significant increase that the HT1400 has delivered to the group's functionalisation capacity combined with the investment made in human capital the board remains confident that it has the fundamental building blocks in place to take advantage of the commercial traction it is seeing.

"The board remains confident in the medium and longer term prospects for the group."

At 1520 BST, shares in Haydale Graphene Industries were down 7.27% at 5.1p.

Reporting by Josh White at Sharecast.com.