Ammanford-based Haydale (www.haydale.com) says it is on track, after a strong start to its financial year.

According to its six-month results to December 2017, the company saw a 67% year-on-year increase in its unaudited income — to £2.49 million.

It produces graphene and silicon carbide products for a variety of industries, and it raised £8.6 million in October to drive sales and growth initiatives.

Chief executive Ray Gibbs said: “We have seen a strong start to this financial year, and I am particularly pleased with the increased traction and commercial sales that the group has seen over this period.

“The decision to operate through strategic business units with dedicated management teams is bearing fruit, with revenues being generated in our key markets and geographies.

“Overall, the group is on track with its strategy, and trading is in line with market expectations for the full year.

“Our recent successful fund-raising has enabled the company to build on on-going improvements in the first half of the year and continue the strategic investment in people, technology and our significant value-add processes globally.

“We continue to focus on market-ready next-generation products for our expanding international customer base.”