- Advanced materials group Haydale Graphene Industries said it expected to miss market expectations by posting another pre-tax annual loss.

Revenue for the year through June, excluding grant income of around £0.85m, would be around 15-20% above the £3.0m generated last financial year.

However, the rise was still below market expectations and the company said losses were expected to be broadly in line with last year.

Cash at 31 May was £5.6m.

'The group has made significant progress during the year, however it has been difficult to predict the rate at which its patented state-of-the-art technologies will gain commercial traction at scale,' Haydale said.

'The business has suffered in the second half 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.'

At 2:52pm: [LON:HAYD] Haydale Graphene Industries Plc share price was -17.9p at 78.6p

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