The period saw the producer and supplier of graphene-based products continue to grow strongly in its key selected industry sectors, securing important new contracts and new intellectual property rights, it told investors in its half-year report.
Revenue rose to €2.81mln in the six months to the end of June 2020, up from €894,693 in the first half of last year. Revenue from the group's textiles division declined to €0.54mln from €0.82mln, with the coronavirus pandemic affecting demand. On the plus side, the division’s Co-mask anti-bacterial and anti-viral mask is seeing “significant and growing customer interest”, having received to date orders worth more than €400,000.
The underlying loss (EBITDA) in the first half of 2020 was little changed at €1.47mln, from €1.45mln the previous year. The loss before tax was €2.49mln, compared to a loss of €1.78mln the year before.
Cash at the end of June stood at €7.49mln, down from €10.9mln at the end of 2019, was in line with management’s expectations.
"During the period we have made strong advances across our key industrial verticals, with significant contract wins for Setcar and material progress in the commercialisation of the Gipave with our partner, Iterchimica,” Giulio Cesareo, the founder and chief executive officer (CEO) of Directa Plus said in the statement.
"Our strategy of partnering with leading Italian and European industrial partners to bring G+ graphene-enhanced products to existing markets is working well. In addition, new collaboration agreements with globally recognised product design partners, often backed by leading multinational manufacturers, demonstrate that we have a strong pipeline of additional research and development options.
"The development of our new Co-mask from concept to production and sale in just a few months is something of which I am personally particularly proud. The recently announced testing showing the mask's efficacy against SARS-CoV-2 proves that our efforts have been worthwhile and that we can help fight against Covid-19 and its effects. Directa Plus Co-Mask™ now offers end users an upgrade from the basic functionality of a normal face mask, going beyond simply filtering droplets to providing antiviral qualities, improved thermal comfort and improved environmental sustainability,” Cesareo added.
The CEO of Directa Plus said the company hopes to return “to a more normal way of working soon” but in any event remains well-positioned for further success.