Applied Graphene losses widen as contract delays limit revenues

(Sharecast News) - Industrial coatings producer Applied Graphene Materials assured investors it has been working to convert several of its 120 commercial engagements into supply agreements after the London-listed outfit turned in another heavy loss on Thursday.Applied Graphene saw revenues drop 33.3% to £200,000 over the year ending on 31 July, while losses widened 4.65% to £4.55m.On a more positive note, adjusted losses per share narrowed 45.65% to 7.5p.Applied Graphene also saw a significant boost to its net cash balance throughout the year as it ended 2018 with £10.4m - a 121% year-on-year improvement.Chief executive Adrian Potts claimed that the adoption of its graphene products by the likes of JBL, Brit Tipp, Airbus and Puraglobe was evidence that customers had begun to recognise the "significant benefits" graphene could offer.However, the CEO did note that it had taken longer than expected to wrap up its supply deals with JBL and Airbus due to both clients' extensive testing regimes.Potts said: "The launch of our Genable product range combined with our test results earlier in the year has been well received across the coatings sector and this has enabled us to accelerate a number of programmes."As of 1420 BST, Applied Graphene shares had picked up 1.86% to 43.80p.