Business
Trading update & Notice of results
Trading update & Notice of results.
About this update from Haydale Plc
[{"type":"text","content":"\n \nRNS Number : 9344V Haydale Graphene Industries PLC 03 February 2017 \n\nThe information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n\n\n\n\nFor immediate release\n\n\n3 February 2017\n\n\n\n\n \n \nHaydale Graphene Industries plc\n('Haydale' or the 'Group')\n \nTrading update\nNotice of results\n \nHaydale (AIM:HAYD), the global nanomaterials group, announces the following update on trading for the six months ended 31 December 2016 as well as the prospects of the Group. The Board also announces the anticipated date of announcement of the Company's results for the 6 months ending 31 December 2016.\n \nTrading update\nAs previously announced in the AGM Statement issued on 15 December 2016, the customer sampling process with Huntsman Corporation (\"Huntsman\") for graphene infused Araldite® epoxy resin has taken longer than the Group originally anticipated and, as a result of this, commercial revenues from this agreement are now expected to commence in the first half of the next financial year. In addition, Haydale made a strategic decision to focus on sourcing and securing key collaboration partners at the expense of short term revenue from the sale of reactors to third parties, leading the Board to believe that Group revenue for the current financial year will be below market expectations.\n \nSince the beginning of the current financial year, the Group has secured contracts to develop a number of next generation commercial products worth in excess of £0.6 million over the next 12-18 months. These include: hydrogen storage vessels for Arcola Energy, a leading UK fuel cell system integrator; a novel water filter for the nuclear industry with Sellafield Limited as the commercial partner; a research and development agreement with the Malaysian Government developing a series of enhanced natural rubber products into graphene composite, which are aimed at next stage industrial products; an initial contract secured by Haydale Composite Solutions to design, manufacture and test certain pipes...