Directa Plus PLC said that it expects to underperform against market expectations as it posted a larger interim loss, citing shorter term headwinds and an extended timeline for the award of a substantial tender for its subsidiary Setcar, which deals with the decontamination of industrial plants and environmental services.
The Company said pretax loss widened to €2.5 million in the first half of 2024, from €1.9 million a year ago. Revenue fell 26% to €3.4 million from €4.6 million. Employee benefit expenses increased to €2.3 million from €2.2 million. Costs for raw materials and consumables decreased to €1.5 million from €2.2 million.
Looking ahead, Chief Executive Officer Giulio Cesareo said: "Despite these shorter-term impacts, we are seeing increasing traction in graphene technology and its applications globally and I am confident we have the right strategy and team in place to capture this growing market demand. Bolstered by the successful capital raise in the half, with a more efficient organizational structure, we are well positioned to make specific investments in new commercial and technical capabilities and to deliver on the large pipeline of opportunities, in particular in Romania where the board remains confident that the tender will be finalized in the coming months."
