Haydale Graphene Industries PLC on Tuesday reported a narrowed half-year loss as revenue jumped.

The Carmarthenshire, Wales-based technology solutions company said pretax loss narrowed 16% to £2.5 million in the six months to December 31 from £3.0 million a year prior.

Revenue climbed 38% to £2.5 million from £1.8 million. Administrative expenses remained flat at £4.0 million. Cost of sales increased 26% to £1.1 million from £841,000.

Looking ahead, Chief Executive Officer Keith Broadbent said: ‘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 the second financial half which we expect to deliver as we move through the rest of financial year 2024’.

Haydale Graphene shares rose 9.9% to 0.50 pence each on Tuesday afternoon in London.

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