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Haydale Graphene Industries PLC on Monday announced a fresh strategic focus, and a new chief executive, after identifying its efforts are currently spread too thin. The developer of materials using graphene and other nanomaterials plans to target the most ‘profitable customer segments and geographic regions’. Haydale has identified the highest potential product and service offerings as those for enabling carbon reduction, including its underfloor heating, printed transfers, and carbon capture products and related services. The selected revenue streams will offer ‘strong diversification across market segments, characterised by robust demand and significant growth potential,’ the firm said in a statement. The UK business has been reorganised to focus primarily on two key business lines: heating ink-based energy efficiency products and carbon capture, it added. Initiatives aimed at targeting ‘significant and readily available cost savings’ have begun. These will help mitigate the current rate of cash burn. These include headcount reductions, the renegotiation of underperforming contracts, closure of the subsidiary office in Thailand and consolidation of the UK offices to a single site at the group’s South Wales headquarters. The actions taken are intended to bring forwards the point at which the group can generate sufficient monthly cashflow to sustain itself, which was previously expected to occur in the second half of financial 2026. Simon Turek, who joined the board in November, and is a representative of Quidos Technologies Ltd, an 18% shareholder in the company, will become chief executive from January 1, 2025. In addition, Haydale has sold its South Korean-based subsidiary, Haydale Technologies (Korea) Co Ltd to its local director, Minon Kim. HTK is currently a distributor of Haydale products serving the south-east Asia region. The sale was completed for the nominal sum of £1, plus the write off of remaining inter-company debt owed to Haydale, of around £300,000. Shares in Haydale were 8.9% higher at 0.14 pence each in London on Monday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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