LONDON (Alliance News) - Applied Graphene Materials PLC said Wednesday its interim loss deepened marginally after revenue performance disappointed, despite operational progress remaining strong.
For the six months ended January, pretax loss at the graphene maker deepened to GBP2.4 million from GBP2.3 million the year prior. Revenue remained immaterial, falling to GBP26,000 from GBP54,000 the year before.
Cash balances fell to GBP8.2 million from GBP12.0 billion the year before.
"I am pleased with the progress achieved over the last six months, albeit that the timing of certain revenues is behind our previous expectations and look forward to the future with confidence as we focus on increasing the momentum in the business", Chief Executive Officer Adrian Potts said.
"We continue to make positive progress with providing robust technology solutions for our key focus market of coatings technology," Potts added.
"Whilst the pace of such progress is not always as rapid as we would like, this is reflective of the intensity, breadth and depth of engagement with multiple customers and the length of time it often takes to formulate a solution and then test it," Potts continued.
During the period, Applied Graphene emphasised it finalised the terms of its Hycote product launch with James Briggs Ltd, continued to scale-up trials with Applied Nano Systems, and saw its Airbus Space & Defence qualification nearing completion with a first order commitment nearing.
"This can often last six months or more in the case of an iterative effort," Potts explained. "We are determined to provide robust, repeatable graphene-based technical solutions in conjunction with our customers as a key means of securing long term business opportunities and creating line-of-sight to revenue."
Shares in Applied Graphene were 1.5% lower at 32.00 pence on Wednesday.
