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Advanced materials supplier Haydale narrowed its first-half losses as cost cuts offset the lower revenue.
For the six months ended 31 December 2020, pre-tax losses narrowed to £1.93 million from £2.72 million year-on-year, while revenue fell 5% to £1.28 million.
Positive gross margin variance and a focus on operating costs had significantly reduced the group's adjusted operating loss by 34%, the company said.
Looking ahead, the company anticipated the full year revenue to be in line with the prior year, while lower operating costs would lead to a reduced Adjusted Operating Loss at the year end.
'Whilst uncertainty over the medium terms prospects for the aerospace sector remains, the actions taken over the last nine months to extend the company' geographical footprint will provide a robust platform for the company to take advantage of the revival in this sector as it materialises,' it added.
At 8:59am: (LON:HAYD) Haydale Graphene Industries Plc share price was 0p at 3.2p