Haydale Graphene to develop kit for British olympians

Haydale Graphene Industries PLC (LON:HAYD) has been chosen to help develop high performance kit for British athletes training for the 2020 Olympic Games.

The English Institute of Sport will use Haydale and its long-term partner the Welsh Centre for Printing and Coating at Swansea University to incorporate graphene coatings into a range of clothing for elite performers.

Production is then expected for garments for use both in training and in competitions in the run-up to 2020.

Haydale also released results for the year to June, where total turnover rose to £4.2mln (£3.9mln) with commercial sales 13% higher at £3.4mln.

Sales were expected to be higher but delays to product shipments and longer than anticipated lead times on some contracts affected the final number.

Losses for the year were £6.1mln (£5.3mln).

David Banks, interim executive chairman, said overall progress for the group this year has been solid, but it was disappointed not to achieve the revenue growth it anticipated. 

“We enter FY19 with cautious optimism.

“The recently announced five-year SiC contract extension with an existing cutting tool customer has provided even more sales visibility for our US operation and our steadily increasing graphene ink sales to several print houses for the bio-medical sensor market is an encouraging start to the financial year.”

Story by ProactiveInvestors