The 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.
For immediate release
16 April 2020
Haydale Graphene Industries plc
('Haydale', the 'Company', or the 'Group')
The impact of Covid-19 on the Group's business is still being assessed by the Directors but the Group has already seen a general slowdown in a number of its markets. This downturn is more pronounced in the Group's US division where demand for its Silicon Carbide blanks has been indirectly affected by the severely reduced demand for global aviation which has compounded the on-going impact of the slowdown at one of the major US manufacturers. The aerospace sector had responded to this sharp decline with the temporary suspension of production or reduced time working in many manufacturing facilities in the US. Recently, the indefinite extension of some of these temporary closures has increased the level of business uncertainty in the US and has now made it likely, in the current environment, that the overall Group will fall markedly short of its trading expectations.
The economic impact of COVID-19 is evolving daily, but the Directors can report that whilst the Group's facilities are operational, they have put in place a range of measures based on governmental advice in the relevant jurisdictions, to mitigate the impact of coronavirus on our colleagues, customers and operations. The Directors are taking advantage of applicable national support schemes in both the UK and US and will continue to take the appropriate action to ensure that they protect the business during these unprecedented times. The Group has sufficient reserves to adequately manage the anticipated impact of COVID-19 and the Directors are taking prudent steps to preserve its cash position.
The Board considers that the long-term outlook remains very much unchanged and believe that Haydale's proprietary technology and its capacity to functionalise nano materials continues to deliver confidence in the prospects of the Group.
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO
Tel: +44 (0) 1269 842 946
Gemma Smith, Head of Marketing
Arden Partners plc (Nominated Adviser & Broker)
Ruari McGirr / Paul Shackleton / Ben Cryer
Tel: +44 (0) 20 7614 5900
Notes to Editors
Haydale is a global technologies group and service provider that facilitates the integration of graphene and other nanomaterials into the next generation of industrial materials and commercial technologies. With expertise in graphene, silicon carbide and other nanomaterials, Haydale is able to deliver improvements in electrical, thermal and mechanical properties, as well as toughness. Haydale has been granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from five sites in the UK, USA and the Far East. For more information please visit: www.haydale.com or Twitter: @haydalegraphene
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