Directa Plus hikes forecasts after strong December

27th Feb 2023 16:26

(Sharecast News) - Graphene specialist Directa Plus upgraded its expectations for the full year in a trading update on Monday, after a strong performance in the final month of 2022.

The AIM-traded company had said on 2 December that it expected revenue for the year to be at least €10m, notwithstanding the fulfilment of orders totalling €2m being deferred into the new financial year due to supply chain issues.

Subject to its audit, the group said it now expected revenue for 2022 to be at least €10.8m, as a result of a strong December, and representing a 25% increase on the prior year.

The board said that momentum had continued into 2023, with current trading in line with market expectations and robust growth across all verticals supported by a "strengthening pipeline" of potential opportunities.

It said its current order book for delivery this year stood at €8.8m, giving the directors confidence in the company's continued growth.

"We made significant progress in 2022, fuelled by several contract wins and an increasingly supportive market backdrop as large supply chains increasingly look to incorporate our graphene into products to enhance performance and to provide more sustainable solutions," said founder and chief executive officer Giulio Cesareo.

"This year, we have demonstrated that our G+ technology has the ability to sit at the heart of a range of sectors and serve customers globally.

"The company has entered 2023 in a solid position, building on momentum from the end of the prior year."

Cesareo said the firm's focus was now on developing its core verticals to be able to generate significant product demand and higher recurring revenue from customers.

"With an expanding network of customers and partners, a record order book and a strong balance sheet, I am confident in the group's ability to deliver on its growth ambitions for the year ahead."

Directa Plus said it would announce its audited results for the year ended 31 December on 10 May.

At 1556 GMT, shares in Directa Plus were up 8.86% at 86p.

Reporting by Josh White for Sharecast.com.