- Haydale said Friday first half losses widened and warned of a 'marginal impact' to financial performance in the current year as it implements changes to bring down costs.

The company also said it would appoint COO Keith Broadbent as CEO if shareholders approve its plans to raise about £3.8m gross through the placing of shares.

For the six months ended December 31, the loss before tax increased to £3.47m from £2.74m and revenues fell 20% £1.64m from a year earlie;.

The company plans to issue 190,000,000 at a price of 2p per share to raise approximately £4.0m before expenses.

The funds would be used to fund general working capital, restructuring costs and investment in equipment alongside the delivery of short-term commercial targets, the company said.

The fundraise would be put to a shareholder vote and once approved the company would appoint Keith Broadbent, COO, as CEO of the group, the company said.

'We will continue to implement the management actions already started to re-set the cost base and consolidate the Group's position over the next 6 months with our focus on SiC, functionalised inks and graphene composites,' the company said.

'There will be a marginal impact on sales in the current financial year as the changes are bedded in.

'However, we are recruiting specific sales personnel to deliver on our expected growth over the medium term without adding to the cost base, as we move from R&D to commercial sales.'

We are looking to leverage our significant investment made in our US business to create a stable platform for the Group to enable us to achieve our plan to profitability.'

At 8:36am: [LON:HAYD] Haydale Graphene Industries Plc share price was -9.25p at 2.63p

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