“The next six to twelve months should be an exciting time for the group, which we believe now has the customer engagement, geographic reach, engineering solutions capability and product know-how to create material change in the group's future revenues," said the chief executive.
Revenues rose by two-thirds in the six months to December to £2.49mln with commercial/non-grant income 85% higher at £2.04mln.
Losses for the half year to December were up slightly at £2.74mln (£2.62mln).
Gibbs said Haydale had been investing heavily in its Taiwanese operation following October’s £9.3mln fundraise, formulating ink samples to potential customers' specifications for the US$15bn self-monitoring blood glucose market.
“We are hopeful of securing several meaningful orders and supply agreements from this key strategic market and plan to move to a 10,000 sq ft facility by the end of this financial year,” he added.
Haydale recently split its operations into two distinct divisions: Advance Materials and Resins, Polymers and Composites.
Since the half year, Advanced Materials has picked orders worth £500,000 and agreed to collaborate with Japanese group Graphene Platform to target Asia’s printed electronics market.
RPC, meanwhile, has won grant–funded contracts worth £600,000 and completed a second trial of its graphene-enhanced gas pipe for Flowtite. Results of this trial are expected by the end of June.
Cash was £8mln at the period end.
Ed Stacey, an analyst at the research firm Capital Network, also reckons Haydale and its technology base have reached a “tipping point”.
“The nano-materials market is transitioning from a concept technology to commercial applications [and] Haydale specialises in the integration of nano-materials into commercial and industrial technologies,” explains Stacey.
“We argue that this is a good position to occupy within the value chain – exposed to end market growth but not exposed (negatively) to the likely future price compression in raw graphene or other nano-materials.”
At 114p, Haydale is currently valued at just over £32mln.