Directa Plus signs G+ deal with Alfredo Grassi, reports narrowed interim loss

Directa Plus recently announced a new contract to supply its G+ graphene to Alfredo Grassi, an Italian manufacturer of protective clothing, workwear, and uniforms. The supply contract is expected to generate revenue of EUR600,000 (over $700,000 USD) for Directa over the next year and a half.

Directa reported a pretax loss of EUR2.1 million (around $2.5 million USD) for the half year to the end of June, narrowed from a loss of EUR3.8 million the prior year, on revenue of EUR278,492, down from EUR403,303. Directa attributed the fall in revenue to a reduction in volumes into the bicycle tyre segment. Directa highlighted it had 20 active customers in the period, however, compared to 11 in the first half of 2016.

"During the first six months of 2017, we have built strongly on the foundations we established last year. We have continued to deepen our engagement with existing and potential customers, particularly through the launch of our Advanced Development Area and our proven ability to produce consistent G+ materials at scale. Our greater market knowledge is serving us well and more customers have launched further end-products incorporating G+," said Chief Executive Officer Giulio Cesareo.

"As a result of the commercial progress made during the first half, we anticipate a much stronger second half of the year, where we expect to report more than double the revenues achieved in the first half of the year. However, the company is taking a prudent approach regarding the timing of concluding certain sales in the textile and environmental segments and therefore expect this will have a consequential impact on expectations for the full year," Cesareo said.