Directa Plus Plc (LON:DCTA), a producer and supplier of graphene-based products for use in consumer and industrial markets, saw its revenues increase strongly in 2016, but has warned that it expects a significant reduction in anticipated revenues for 2017.
For the year ended 31 December 2016, the AIM-listed group said revenue from graphene sales - which excludes Mobile Decontamination Units (MDU) - increased by 89% to €0.74mln, up from €0.39 in 2015.
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But looking ahead, the firm said “deepening engagement with existing and potential customers to provide more comprehensive solutions will mean timeframe to adoption will be up to 12 months longer than previously anticipated. “
It added: “As a result, and together with the now expected slowdown in volumes in 2017 into tyre segment and the time required to conclude the ongoing discussions on rental or sales of MDUs, the Group now expects a significant reduction in anticipated revenues for 2017.”
Directa, which raised €12.8mln when in floated on AIM last May, saw its adjusted loss after tax increase to €4.1mln for 2016, up from a €1.7mln loss in 2015.
Significant year for Directa Plus
Giulio Cesareo, chief executive officer of Directa Plus, said: "This was a significant year for Directa Plus because of the progress we made throughout the period.
“We gained new customers and those customers who we have been working with closely over the past year launched products with G+ inside them that were well received by the consumer.”
The firm said it had 17 active customers at the year-end in 2016, up from 7 a year earlier, with the total number of patents granted up to 14 from 12.
In early trading, Directa lost nearly a quarter of its value, dropping 22p lower to 68.5p, falling below the 75p per share level they floated at nearly a year ago.