Haydale, an Ammanford-headquartered advanced materials company, has increased full-year revenues as well as registered smaller losses after a challenging year. In the year to 30 June 2019, revenue rose to £3.47m from £3.4m, with the company’s adjusted operating loss dropping to £4.18m from £4.88m before restructuring costs of £350,000 in the year prior.
The initial growth in the company’s US business has been valued at £500,000, following a total of $1.5m (£1.19m) investment in capital equipment. The company also revealed it had achieved annualised cost savings of £1.6m to date.
“The year under review has been a challenging one for Haydale. At management level, we have recruited a new executive team lead by Keith Broadbent, who was promoted from chief operating officer to chief executive in March 2019, and Laura Redman-Thomas, who joined as our chief financial officer in December 2018,” said David Banks, non-executive chairman of Haydale.
“At an operational level, we have streamlined the business and rationalised our cost base, created a rigorous product and commodity analysis with subsequent clear focus, both inwardly and outwardly, introducing best manufacturing procedures and processes, created a group sales force and refinanced the business with the fundraising announced in March.”
Following the end of the period, the advanced materials company revealed it has received two orders totalling $1.3m (£1.03m) for ceramic blanks from two cuttings tool companies, one US-based and one Japan-baseed.
The company expects this to be an area of growth for the future.
“Since production commenced in June this year, the team has worked closely with new and existing customers to ensure the product is of the highest quality. We are now able to produce high quality sintered ceramic blanks in industry expected quantities,” said Tom Quantrille, president and chief executive of Haydale Technologies in the US.
“As Haydale takes a more commercial focus, it is great to see the reward from these two customers. We are looking forward to seeing significant growth in this area and receiving more blanks orders in the near term,” added Keith Broadbent, Haydale chief executive.