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Haydale lifts sales by 67% in latest half year

Orders outstanding at the half-year amounted to £4.75mln.

Haydale Graphene Industries PLC  (LON:HAYD)  has reported a sharp pick-up in sales helped by the separation of its business into two units.

Revenues rose by 67% to £2.49mln (£1.49mln) in the half year to December.

This comprised £1.3mln (£0.8mln) from advanced materials, one of the new businesses, and £1.2mln (£0.7mln) from resins and composites, the other new unit.

Orders outstanding at the half-year end amounted to £4.75mln.

Ray Gibbs, chief executive, said the group had seen increased traction over the half year, which had been helped by the decision to split the business into two divisions.

READ: Haydale takes next step in commercialisation of its anti-counterfeiting technology

In advanced materials, sales of its silicon carbide micro fibres rose 45% to £1.14mln, with the number of customers for its US operation doubling.

In resins, the company will run a second trial in February for graphene-enhanced pipes for Flowtite, while National Grid has placed a second order for gas transit inspection covers.

Longer term, Gibbs says a number of potential customers in the Far East have put vendor codes in place for its inks and coatings, which is usually an indicator of sales in the future.

There is huge potential in medical sensors also in the Far East.

Shares rose 15% to 127p.

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