Directa Plus reports solid start to financial year
By Josh White
Date: Monday 07 Apr 2025
(Sharecast News) - Directa Plus reported a robust start to the 2025 financial year in an update on Monday, with first-quarter revenues rising 40% year-on-year to €2m.
The AIM-traded graphene-based products specialist said the performance was underpinned by contract renewals across its environmental and textiles divisions, including agreements with Grassi, Ford Otosan, Cummins and Metchem.
It said its order book now stood at around €7m, supported by a healthy pipeline of new opportunities.
The firm also highlighted a $1.5m framework agreement announced in February by its subsidiary Setcar with Midia International to provide offshore tank cleaning and waste disposal services in the Black Sea.
Group cash stood at €4m at the end of March.
For the 2024 financial year, Directa Plus said it was expecting to report audited revenue of €6.7m, down from €10.53m in 2023, and an adjusted EBITDA loss of around €3.6m, in line with market expectations.
Full-year results were scheduled for release in mid-May.
The company said it had implemented operational improvements expected to deliver €0.5m in annualised cost savings in 2025, with further efficiencies being targeted.
At Setcar, where Directa Plus took majority control in 2024, restructuring measures had included headcount reduction, as well as the appointment of a new general manager and a planned sales director to strengthen commercial capabilities.
At its Lomazzo production facility, the group said it was undertaking a remodelling of its production line to increase productivity and flexibility while reducing costs.
It said the plant had substituted nitrogen for argon gas in the process, delivering immediate cost and sustainability benefits.
The research and development team had also been expanded to support innovation across both near-term applications and longer-term strategic verticals.
Directa Plus said it was continuing to explore new commercial avenues in environmental remediation, textiles, asphalts, tyres, batteries and paints.
It said it had launched a joint research and development initiative with Nant G Power aimed at developing new battery materials, with the potential for a broader collaboration if the initial phase proves successful.
"We are working with determination to recover the ground lost in 2024 and to bring the group back to its expected growth path," said founder and chief executive officer Giulio Cesareo.
"At the same time, we are moving decisively on two key fronts; first, the significant reorganisation of Setcar, including the appointment of a new general manager, a new sales director, and the addition of new executives within the group, will allow us to capture new business opportunities and eliminate inefficiencies."
Cesareo said that secondly, the company was redesigning the layout of the Lomazzo plant to enhance production flexibility and achieve "significant" cost reductions.
"This lays the foundation for the Group to build momentum which is already evident from the new wins and renewals in the first quarter of 2025, providing confidence in the success of our strategy."
At 1042 BST, shares in Directa Plus were up 3.99% at 6.5p.
Reporting by Josh White for Sharecast.com.
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