Haydale Graphene Industries expects full year results to be in line with market forecasts following a 67% increase in income for the six months to the end of December.
The group said it was on track with its strategy and trading was in line with market expectations for the year to the end of June.
Haydale said it had created two strategic business units with respective senior management teams to drive sales and realise geographic potential, which had led to an uptake in sales and commercial opportunities.
- 67% increase in unaudited group income for the six months ended 31 Dec to approximately £2.49m delivered via:
* Advanced Materials SBU income of £1.3m generated (six months ended 31 Dec 2016: £0.8m);
* Resins, Polymers and Composites SBU income of £1.2m generated (six months ended 31 Dec 2016: £0.7m)
- Group order book of £4.75m at 31 Dec 2017 (30 Jun 2017: £5.4m)
- Completion of a successful fundraise in October, raising £8.6m (net of expenses) providing Haydale with the necessary cash resource to drive the Group's sales and growth initiatives
Chief executive Ray Gibbs said: 'We have seen a strong start to this financial year and I am particularly pleased with the increased traction and commercial sales that the group has seen over the period Haydale's decision to operate through SBUs with dedicated, experienced management teams is bearing fruit with revenues being generated in our key markets and geographies.
'Overall the group is on track with its strategy and trading is in line with market expectations for the full year.
'Our recent successful fundraise has enabled the company to build on ongoing improvements in the first half of the year and continue the strategic investment in people, technology and our significant value add processes globally.
'We continue to focus on market ready, next generation products to our expanding international customer base, in areas that will deliver sustainable growth in order to deliver shareholder value.'
At 8:13am: (LON:HAYD) Haydale Graphene Industries Plc share price was +3p at 113.5p