LONDON (Alliance News) - Applied Graphene Materials PLC on Wednesday said its pretax loss widened in the first half of its financial year due to higher operating expenses.
The company, which produces graphene materials, said its pretax loss for the six months to the end of January was GBP1.9 million, compared to a GBP1.2 million loss a year earlier. The company produces no revenue.
Applied Graphene said it has seen encouraging feedback from customers and said it has now established a presence in all its target markets.
"Over the last six months we have established a global profile for Applied Graphene Materials through our market development activities. We have extended the scope of our customer engagements in our target markets where our existing partnerships are becoming more advanced and we are seeing appetite from further new potential partners," said Chief Executive John Mabbitt.
"As we progress towards production orders we have successfully increased production volumes over the period whilst maintaining consistent dispersion quality on a larger scale to ensure the best enhancements for our customers," Mabbitt added.
Shares in Applied Graphene were down 6.0% to 158.00 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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