Carmarthenshire-based Haydale Graphene Industries (www.haydale.com) has doubled its revenues in a “year of considerable developments” and has revealed plans to raise £6 million to support further growth.

According to the listed company’s results for the year to 30 June, its total income grew to £3.9 million (from £1.92 million in 2015/16), although its pre-tax losses increased to £5.6 million (from £4 million).

During the year, New York-based Everpower International Holdings invested £3.6 million in Haydale (taking a 9.9% stake), while Haydale acquired Advance Composites Materials for £3.95 million (giving it a base in the USA) and Thailand-based Innophene.

Alongside its financial results, the company also revealed plans to raise £6 million through the equity capital markets for working capital and the development of commercial opportunities.

Chief executive Ray Gibbs said: “This has been a year of considerable developments at Haydale, as the company has moved from being R&D-focused to a commercial entity with a focus on repeatable revenues from our advanced materials in 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.”