Setcar Update

RNS Number : 9856B

Directa Plus PLC

14 October 2020

 

14 October 2020

Directa Plus plc

("Directa Plus" or the "Company")

Setcar update

Directa Plus (AIM: DCTA), a leading producer and supplier of graphene nanoplatelets based products for use in consumer and industrial markets, is pleased to provide an update on the integration and current trading of Setcar SA ("Setcar"), the Company's 51%-owned environmental remediation business acquired in November 2019.

In the 10 months following the acquisition of Setcar, the business is delivering significantly improved results compared to previous years, despite the headwinds caused by the Covid-19 pandemic.

Highlights

· Sales for the period 1 January 2020 to 1 October 2020 increased to €3.0m (equivalent previous period: €2.6m)

· 132 new contracts have been signed since 1 January 2020

· Since the start of 2020, Setcar has participated in 77 tenders for new business, of which 32 were awarded to Setcar, with a further 9 still under evaluation by the potential customers

· Contracted order book is expected to generate revenue of €4.0m during 2021 and €3.0m during 2022

· Post-acquisition integration continues to progress well and the Company continues to invest to reshape the Setcar business to ensure better growth opportunities.

Giulio Cesareo, Chief Executive of Directa Plus, added: "We are delighted with the performance of Setcar. Since acquiring the company, our strategy has been to capture new high potential business opportunities leveraging on our patented Grafysorber® technology and we are now working to expand Setcar's product offer with the addition of our other G+ products.

This success is a reflection of the growing strength of Directa Plus in the Environmental vertical.

The outstanding work of Setcar's team, led by our COO, Razvan Popescu, has delivered these excellent results even in the current global economic situation.

The foundations for further growth in the coming few years are clearly laid, and we look forward to growing with Setcar."

For further information please visit http://www.directa-plus.com/ or contact:

Directa Plus plc	[phone]
Giulio Cesareo, CEO
Marco Ferrari, CFO
Cenkos Securities plc (Nominated Adviser and Joint Broker)	[phone]
Neil McDonald Pete Lynch
N+1 Singer (Joint Broker)	[phone]
Rick Thompson Phil Davies
Tavistock (Financial PR and IR)	[phone]
Simon Hudson, Edward Lee

About Directa Plus

Our focus is principally on the two sectors in which we have strong commercial advantage through developed and launched products and a technological lead: environmental (based on our Grafysorber® product) and textiles (based on our G+ products).  In addition, we will continue to pursue opportunities in elastomers and composites (including tyres and asphalt), also using our G+ products.  All our products are hypoallergenic, non-toxic and sustainably produced.

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