Haydale plc AIM:HAYD
- Incorporated
- United Kingdom
- Chief executive
- Simon Turek
- Employees
- 45
- Reports in
- GBP
- Companies House
- 07228939
Read straight from the annual reports
0.3p at close on 8 Oct 2026 · 11 reported years, 2015–2025
| Line | FY201506/15 | FY201606/16 | FY201706/17 | FY201806/18 | FY201906/19 | FY202006/20 | FY202106/21 | FY202206/22 | FY202306/23 | FY202406/24 | FY202509/25 | FY2026unreported |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||
| Gross profit | — | |||||||||||
| Operating profit | ||||||||||||
| Adjusted operating profit | — | — | — | |||||||||
| Exceptional items | — | — | — | |||||||||
| Net finance cost | ||||||||||||
| Profit before tax | ||||||||||||
| Tax charge | ||||||||||||
| Profit for the year | ||||||||||||
| EBITDA | ||||||||||||
| Basic EPS | ||||||||||||
| Diluted EPS | ||||||||||||
| Dividend per share | — | — | — | — | — | — | — |
GBP millions, negatives in brackets. Per-share lines in pence, share counts in millions. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated. The share price above is drawn to the same columns: each close sits over the financial year it fell in.
11 years, at a glance
Dashed: Operating margin, in % on its own scale — read its shape, not its height against the bars.
Haydale makes graphene-based materials, mainly for its JustHeat range of energy-saving heating products. This report covers a longer, 15-month period to 30 September 2025. Revenue fell to £2.5m from £4.8m in the previous year, and the loss after tax widened to £9.0m from £6.1m. During the period the company sold or closed loss-making businesses in the US and Asia, leaving a single site in Wales. Getting rid of them cost a one-off £3.3m, which makes the loss look bigger. The company also cut its running costs sharply. It ended the period with £1.7m in cash and £1.8m of borrowings, after raising £4.9m from shareholders. No dividend was paid. After the year end it bought SaveMoneyCutCarbon, an energy-efficiency business, and raised more money from shareholders. Management expects a big jump in revenue in the coming year. It also expects to make a profit before interest, tax and some accounting charges within about a year of that purchase. The auditor warned that the company might need more money to keep going if trading falls short, and that this money is not guaranteed.
JustHeat graphene heater-ink based underfloor heating products, sold via third-party distributors/channel partners (e.g. Interfloor, NMC)
Sale of JustHeat underfloor heating mats utilising proprietary plasma functionalised graphene heater ink through distributors; formalised arrangements with Interfloor (flooring) and NMC (coving/skirting)
page 11Plasma functionalisation (HDPlas) services/reactor leasing to third parties
Lease of bespoke plasma reactors with licensing for use of the patented HDPlas process for specific applications; support services to third-party clients
page 11Strategic reduction in lower-margin legacy revenue and focus on proprietary JustHeat/thermal fluid products
Group maintained 57% gross margin despite revenue reduction, with continuing operations delivering 63% gross margin (FY24: 50%), a 13% increase, reflecting strong pricing and quality of underlying opportunity
page 6Cost base reset
Deep cost reduction exercise reduced run-rate costs by 69% as at the end of the financial period; adjusted administrative expenses from continuing operations reduced 17% on a like-for-like monthly basis
page 8£3.3m charge: Loss on disposal of subsidiaries (US silicon carbide tooling business, South Korea and Thailand offices)
page 34The enlarged Group enters 2026 with certified proprietary products, a materially reduced fixed cost base, and an integrated national delivery platform... the Board expects a step-change in reported revenue in FY26 compared to FY25.
page 418 December 2025: Company issued 417,883,894 new Ordinary Shares in satisfaction of the Convertible Loan Note and rolled-up interest following conversion
page 72Auditor (Crowe U.K. LLP) issued an unqualified ('true and fair') opinion but drew attention to a material uncertainty related to going concern: forecasts to September 2027 indicate that, under reasonably possible downside scenarios, additional working capital may be required (not assured) to support bringing JustHeat to market at scale, which could cast significant doubt on the ability to continue as a going concern; the opinion was not modified in respect of this matter. Key Audit Matters: (1) accounting/disclosure for disposal of overseas entities (£3.3m loss on disposal), (2) impairment of parent company investments in subsidiaries and intercompany debtors (£1.2m additional provision), (3) revenue recognition cut-off.
page 29- Failure to hit sales targets for disruptive new JustHeat and other products given uncertain early-adoption dynamicsp.12
- Scaling to meet demand / supply-chain constraints limiting ability to fulfil JustHeat orders on timep.12
- Cost of goods remaining higher than target (notably silver ink price volatility), putting gross margin goals at riskp.12
- Critical mechanical failure at the Ammanford facility, as HDPlas heater-ink production cannot currently be outsourcedp.12
Read from C000604-AR-2025-ch.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Companies House (10)
FY2026Next report expected 23 Feb 2027