Directa Plus PLC not intending to let the coronavirus pandemic stall its

(), the provider of graphene-based products, has said revenues so far in 2020 have been nearly three times higher than 2019’s levels.

Year-to-date revenues clocked in at €1.8mln, the company revealed as it posted its results for the period-ended December 31, 2019.

Revenues for the whole of 2019 were €2.63mln, up from €2.25mln in 2018, while total income, including grants, rose to €2.81mln (2018:€2.50mln).

The underlying loss (LBITDA) narrowed to €2.71mln from €3.24mln in 2019, while the group’s loss before tax was cut to €3.43mln from €3.96mln.

Cash and cash equivalents at the end of 2019 rose to €10.91mln from €5.50mln a year earlier, which Directa Plus said provided it with the financial capacity to support its growth ambitions and to withstand, at least until the end of 2021, the uncertainties and challenges created by the coronavirus (COVID-19) pandemic.

The company, which has a graphene manufacturing facility in northern Italy, said it has been able to maintain production and remain effective as a business through remote working during the pandemic; nevertheless, because of heightened uncertainty caused by the pandemic, it has withdrawn guidance for the current year.

Directa Plus has been dedicating research & development efforts to find ways to help alleviate the spread of COVID-19 and there are indications that there may be an anti-viral effect that can be used by applying graphene to fabric.

“As such, we have been working on a new project, Emergency COVID, which uses graphene in the production of medical devices such as masks, gloves and gowns to provide enhanced prevention properties that could make an important contribution in the easing of restrictions in the second phase response to the pandemic,” the company said in its results statement.

“Without question 2019 was a landmark year for the group in so many respects with the group making great strides in our textile and environmental remediation verticals, as well as in the global asphalt market and with the acquisition of Setcar,” declared Giulio Cesareo, the founder and chief executive officer of Directa Plus.

Directa Plus acquired 51% of Romanian waste management and decontamination services business Setcar in the final quarter of 2010 for €4.1mln.

“We have a strong order book and attractive prospects including in, but not limited to, the COVID-19 related personal protective equipment markets. With this in mind, our COVID-19 scenario planning base case revenues, albeit a reduction against initial expectations, nonetheless show a notable near trebling of revenue for the year,” Cesarea said.

“We have a robust balance sheet with year-end net cash of €10.9mln that provides us with the financial capacity therefore to support our growth ambitions and to…