Directa Plus PLC (AIM:DCTA, OTC:DTPKF), the producer of graphene nanoplatelets-based products, has been trading in line with expectations in 2022.
An acceleration in growth is expected in the second quarter, lasting into the second half of the year, the company said in a results statement covering 2021.
The board said it remains comfortable with current revenue forecasts for the full year and added that it is awaiting the final decision on the award of a significant tender in Romania for its Environmental Remediation services, which is expected to be communicated shortly and, if awarded, to start in the second half of 2022.
In 2021, product sales and service revenue increased 33.9% to €8.62mln, from €6.43mln in 2020, slightly above market expectations.
Total income (including grants) jumped 39% to €9.45mln from €6.78mln the year before while the underlying loss (LBITDA) narrowed to €1.99mln from €2.62mln.
Cash and cash equivalents at year-end were €11.13mln, up from €7.08mln at the end of 2020.
"I believe that Directa Plus is now at an inflexion point - we are successfully transitioning from a research-focused company into a commercial company with a number of exciting opportunities in our targeted markets. The company operates in fast-changing environment, and it is currently refining its strategic plan to prioritise the verticals with higher potential in terms of commercialisation and financial returns. The fundraise completed in December 2021 will allow us to accelerate growth in the most promising of these areas, where the group continues to build an active pipeline of contract tenders,” said Giulio Cesareo, the chief executive and founder of Directa Plus.