LONDON (Alliance News) - Applied Graphene Materials PLC said Tuesday it has traded in line with its expectations in its first half, although it noted that some costs will be brought forward into its second half and 2016 as it invests in its customer relationships and front-end engineering design work.
The speciality graphene materials provider said it had ended the half year to end-January with net cash of around GBP6.6 million.
Applied Graphene said it had begun work on the front-end engineering design of a large scale production asset during the half year, and this design work will continue in its second half.
It will be investing in this design work in addition to the investment it has already made in its in-house engineering expertise, but said it expects the cost of this design work to be modest "in the context of the likely overall cost of the construction of a larger production asset."
The company said it had gradually increased the run rates of its production assets during the half year, which it plans to continue in the second half as it continues to make enhancements to its manufacturing and dispersion processes.
Applied Graphene is scheduled to announce its half-year results on March 25.
Shares in Applied Graphene are trading down 2.9% at 184.50 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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