Haydale Graphene Industries PLC Trading Update (8091J)
April 16 2020 - 2:00AM
UK Regulatory
TIDMHAYD
RNS Number : 8091J
Haydale Graphene Industries PLC
16 April 2020
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ('RIS'), this inside information is now considered to be in
the public domain.
For immediate release 16 April 2020
Haydale Graphene Industries plc
('Haydale', the 'Company', or the 'Group')
Trading Update
The impact of Covid-19 on the Group's business is still being
assessed by the Directors but the Group has already seen a general
slowdown in a number of its markets. This downturn is more
pronounced in the Group's US division where demand for its Silicon
Carbide blanks has been indirectly affected by the severely reduced
demand for global aviation which has compounded the on-going impact
of the slowdown at one of the major US manufacturers. The aerospace
sector had responded to this sharp decline with the temporary
suspension of production or reduced time working in many
manufacturing facilities in the US. Recently, the indefinite
extension of some of these temporary closures has increased the
level of business uncertainty in the US and has now made it likely,
in the current environment, that the overall Group will fall
markedly short of its trading expectations.
The economic impact of COVID-19 is evolving daily, but the
Directors can report that whilst the Group's facilities are
operational, they have put in place a range of measures based on
governmental advice in the relevant jurisdictions, to mitigate the
impact of coronavirus on our colleagues, customers and operations.
The Directors are taking advantage of applicable national support
schemes in both the UK and US and will continue to take the
appropriate action to ensure that they protect the business during
these unprecedented times. The Group has sufficient reserves to
adequately manage the anticipated impact of COVID-19 and the
Directors are taking prudent steps to preserve its cash
position.
The Board considers that the long-term outlook remains very much
unchanged and believe that Haydale's proprietary technology and its
capacity to functionalise nano materials continues to deliver
confidence in the prospects of the Group.
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO Tel: +44 (0) 1269 842 946
Gemma Smith, Head of Marketing www.haydale.com
Arden Partners plc (Nominated Adviser
& Broker)
Ruari McGirr / Paul Shackleton / Tel: +44 (0) 20 7614 5900
Ben Cryer
Notes to Editors
Haydale is a global technologies group and service provider that
facilitates the integration of graphene and other nanomaterials
into the next generation of industrial materials and commercial
technologies. With expertise in graphene, silicon carbide and other
nanomaterials, Haydale is able to deliver improvements in
electrical, thermal and mechanical properties, as well as
toughness. Haydale has been granted patents for its technologies in
Europe, USA, Australia, Japan and China and operates from five
sites in the UK, USA and the Far East. For more information please
visit: www.haydale.com or Twitter: @haydalegraphene
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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