(Alliance News) - Applied Graphene Materials PLC said Wednesday its annual loss deepened on rising costs, whilst the realisation of revenue was slower than originally anticipated.
For the year ended July, pretax loss at the graphene maker widened to GBP4.8 million from GBP4.5 million the year prior. Revenue remained largely immaterial, edging lower to GBP50,000 from GBP77,000 the year before.
Profit performance was hurt by a rise in cost of sales to GBP472,000 from GBP250,000 the year prior.
"This year we have continued to consolidate our industry-leading IP in the integration of graphene into coatings, in collaboration with our commercial partners," Applied Chief Executive Adrian Potts said. "Our dispersion technology is critical to building the strong technical foundations that will support the success and long-term sustainability of our business."
"As announced, revenue development this year has been slower to materialise than expected. The route to launch graphene-enhanced products takes time to realise full potential," Potts added. "The restructuring process we are implementing will re-align our business to focus on our core dispersion technology and will reduce our cost base to sustain the business while we focus on achieving conversion of our pipeline."
"Our commercial momentum continues to build, and we have been pleased to announce progress on a number of partnerships, as well as product launches by Alltimes Coatings, and James Briggs which are on schedule for this calendar year," Potts continued. "Meanwhile, we are also progressing a large number of collaborations with customers under non-disclosure agreements, and look forward to updating the market on these in due course."
Shares in Applied Graphene were 5.6% lower at 17.00 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
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