LONDON (Alliance News) - Applied Graphene Materials PLC Monday reported a widened pretax loss for its most recent financial year, as a result of investment it made in operations.
The speciality graphene materials producer posted a pretax loss of GBP4.0 million for the year to end-July, widened from a pretax loss of GBP2.7 million a year before, mostly as a result of higher operating expenses. It produced revenue of GBP101,000, up from GBP18,000, as a result of supply trial quantities of graphene to its commercial partners.
Applied Graphene attributed its widened loss to a full year effect of investments it made in its production and overheads in the previous year, including in its headcount and business infrastructure, as well as costs that had been planned for future years that were brought forward.
"Excellent progress has been made during the period. We increased and strengthened partnerships with customers, including global brand names in each of our three core market segments. Our plans to expand our production capacity reflect both the considerable traction the business is achieving and our confidence in the breadth of opportunity in the graphene market, where we aim to become a global leader," said Chief Executive Officer Jon Mabbitt in a statement.
"Our expertise and value added collaborations with customers in support of their specific individual requirements, positions Applied Graphene Materials to respond to the evolving graphene market and the group remains well placed to meet the growing global appetite for graphene," Mabbitt added.
Shares in Applied Graphene were down 11% at 211.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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