Haydale Graphene reviews operations, appoints new CEO

The AIM-traded firm said the review, initiated by a reconstituted board following the company's £3.1m funding raise in October, identified key areas for improvement, operational streamlining, and resource reallocation.

It said it had decided to focus on two core business lines - heating ink-based energy efficiency products, and carbon capture technology.

Haydale said it had already seen promising results, including the successful trial of underfloor heating systems with a social housing provider and development collaborations with Cadent and other partners for heating solutions.

In carbon capture, Haydale’s proprietary technology had demonstrated its ability to enhance the efficiency of existing materials, aligning with the UK’s net-zero goals.

Haydale said it planned to divest or close underperforming operations, including its US business and non-core assets in South Korea.

The board concluded that expected growth in the US operations was overly optimistic, with divestment expected to eliminate ongoing losses and contribute to profitability in the 2025 financial year.

Further cost-saving measures would include headcount reductions, contract renegotiations, and the consolidation of UK offices to a single site in south Wales.

Simon Turek, who led the business review, had now been appointed chief executive officer, effective 1 January.

Outgoing CEO Gareth Kaminski-Cook would transition to the role of non-executive chairman.

The company said it expected its streamlined operations and strategic focus to accelerate its timeline for achieving sustainable cash flow, now targeted before the second half of the 2026 financial year.

“We are delighted to appoint Simon as CEO - he has demonstrated strategic insight and leadership during the business review, culminating in the development of a clear and actionable plan for the group's future,” said acting executive chair Gareth Kaminski-Cook.

“The board has full confidence that Simon is the right leader to bring forward the group's break-even point and cash generation and act as a catalyst for change.

“We welcome his equity alignment in Haydale and his clear commitment to the business, no better illustrated than in his family's relocation to south Wales.”

At 1007 GMT, shares in Haydale Graphene Industries were up 4.19% at 0.13p.

Reporting by Josh White for Sharecast.com.