Haydale announced that the company's revenues for FY2018 (which will end on June 2018) are expected to be around 15-20% higher the revenues generated in FY2017 (£3.0 million). This excludes grant income of around £0.85 million in FY2018.
This is lower than what the company expected earlier, and the company's loss will be about the same as in FY2017. At the end of May 2018, Haydale had £5.6 million in cash and equivalents.
Haydale's management says that while significant progress was made in 2018, the rate of its commercial traction is difficult to predict. In the second half of FY2018, the business suffered from a combination of timing differences of recognising revenue before the financial year end, longer than anticipated lead times by customers to reach commercial volumes and, to a lesser extent, by unfavourable currency movements.
Haydale also reports that it anticipated securing a major contract to supply a company in Taiwan with bespoke graphene inks for the manufacture of test strips for the diabetes medical market. Haydale seems less positive about this project now but it remains in discussions with the company in Taiwan over both existing and future development products.