Applied Graphene Materials flags loss in line with expectations

(ShareCast News) - Specialty graphene materials producer Applied Graphene Materials posted a trading update on Friday, ahead of the announcement of its full year results for the year ended 31 July.The AIM-traded firm said its overall loss before tax for the year remained in line with the board's expectations.Net cash was reported at approximately £7.7m at the year end."The group recently announced that it has been able to demonstrate a six-fold improvement in barrier and anti-corrosion properties through the use of its own improved graphene material formulation at low loading levels in anti-corrosion coatings," the board said in a statement."This has already resulted in one accelerated product development programme that is expected to lead to the launch of a new range of primers in early 2017 and is expected to give rise to other opportunities in due course."The board remains pleased with the operational and commercial progress achieved, and a full update will be provided at the time of the announcement of the group's full year results," it explained.Applied Graphene Materials will report results for the year ended 31 July on 17 October.