Haydale Graphene Industries PLC saw its shares fall 9.5% on Wednesday morning after the advanced materials company cautioned that project delays will impact its results for the year to 30 June 2023.
The company said a number of projects which had been expected to start this month have been delayed until the first quarter next year.
Haydale expects revenue for full-year 2023 to beat market expectations, with a strong US performance offsetting a slower UK business, while gross profit is forecast to be in line with market estimates.
But LBITDA is expected to remain unchanged on the previous year due to a rise in costs following investment in capability and operational capacity, the company noted, adding that it has implemented cost-cutting measures which are expected to reduce overheads next year.
The pace of trading seen this year is expected to continue into financial year 2024, but with slower revenue growth than previously indicated, Haydale said.
CEO Keith Broadbent said Haydale’s transition from a research and development organisation to a commercial operation continues with the outlook for the company remaining “very positive".
The company said year-end net cash is expected to be broadly neutral compared to last year, adding that it is looking into raising additional capital based on the performance of its US business.
At 9.50am, shares were 9.5% lower at 0.95p