LONDON (Alliance News) - Applied Graphene Materials PLC Tuesday said its pretax loss widened in its first half as revenues fell and costs increased as the company developed towards commercial production.
The graphene production company, which joined AIM in November, said its pretax loss widened to GBP1.2 million for the six months ended January 31 from GBP398,887 the previous year.
The company said its revenues fell 69% to GBP1,529 from GBP4,750 as it supplied trial quantities of graphene to commercial partners.
Applied Graphene also said its first year operating expenses almost tripled to GBP1.2 million from GBP403,746 due to investment in overheads including headcount and business infrastructure at the company to support its anticipated future growth and the development of the business.
The company raised GBP11 million in November upon listing and has since added multiple customer collaborations and trial contracts in 2014.
Applied Graphene shares were down 4.5% to 456.26 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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