StockMarketWire.com - Haydale Graphene Industries' total income increased over 100% year-on-year to £3.9m (2016: £1.92m) but after-tax losses widened to £4.75m from £3.64m.
The group also announced that it intended to raise £6m, before expenses, through a placing of 5,000,000 new ordinary shares at a price of not less than 120p apiece with new and existing shareholders.
It said the funds raised would be used for general working capital and the development of commercial opportunities.
The group said total income for the year to the end of June was generated from a mixture of silicon carbide sales (eight and a half month's contribution from ACM, acquired in mid-October 2016), advanced composite consulting contracts, reactor sales and grant income.
Chief executive Ray Gibbs said: 'This has been a year of considerable developments at Haydale as the Group has moved from being R&D focused to a commercial entity with focus on repeatable revenues of our advanced materials in both Graphenes and our specialist Silicon Carbide micro fibre product.
'We are at the inflexion point in our evolution having built a global presence serving locally the key markets of the Far East and USA.
'We have grown total income by 100% and with the recent overseas investments and emphasis on increasing sales, we look at the current financial year with much optimism having built the foundations for the Group to achieve its long term strategic objectives.'
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