Shares in Haydale Graphene Inds PLC (LSE:HAYD, OTC:HDGHF, FRA:6HG) jumped 44% to 0.0065p after the advanced materials and clean-technology group reported a sharp rise in revenue, reflecting its first full quarter as an enlarged business.
The AIM-listed company said revenue for the six months to 31 March rose 463% to £2.25 million, up from £400,000 a year earlier.
The increase reflected the first contribution from the acquisition of SaveMoneyCutCarbon, known as SMCC, completed alongside a restructuring and fundraise in January.
Gross profit climbed 325% to £850,000, though gross margin narrowed to 37.9% from 50.9%, reflecting a revenue mix now weighted towards programme delivery, installation and services.
The company reported an adjusted operating loss of £1.16 million, wider than the £680,000 loss a year earlier, as it absorbed SMCC operating costs and invested in the enlarged structure.
Net assets rose to £14.64 million from £1.3 million, including goodwill and intangible assets recognised on the SMCC deal.
Cash stood at £3.36 million at the period end, following the January fundraise.
Haydale, which makes graphene-based materials, said SMCC gave it customer access, a national installer network and a platform to commercialise its proprietary technologies.
The board said it remained focused on meeting current full-year market expectations and reaching positive earnings within about 12 months of the acquisition.
The company pointed to several post-period agreements, including a multi-year water-efficiency deal with Wave Utilities and a national roll-out by Lloyds Banking Group across its smaller business customers.
Chief executive Simon Turek said the half marked a transition from restructuring into execution.
He said opportunities sourced through so-called Impact Partners were on average about five times larger than those won directly, at around £150,000 each.
Turek added that a graphene-enabled cooling fluid being tested in data centres could become a major new pillar of the group alongside its JustHeat heating product
