12 Aug 2016 07:00
12 August 2016
Applied Graphene Materials plc
("Applied Graphene Materials", "the Group" or "the Company")
Period end trading update and notice of results
Applied Graphene Materials plc, the producer of specialty graphene materials, is pleased to provide the following update ahead of the announcement of its full year results for the year ended 31 July 2016.
The overall loss before tax of the Group for the year is in line with the Directors' expectations. Net cash was approximately £7.7 million 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. 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 for the year ended 31 July 2016 which are expected on Monday 17 October 2016.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Ends
For further information, please contact:
Applied Graphene Materials +44 (0) 1642 438 214
Jon Mabbitt, Chief Executive Officer
Oliver Lightowlers, Chief Financial Officer
N+1 Singer +44 (0) 207 496 3000
Richard Lindley / Nick Owen
Hudson Sandler +44 (0) 207 796 4133
Charlie Jack / Emily Dillon
Notes to Editors
Applied Graphene Materials
Applied Graphene Materials was founded by Professor Karl Coleman in 2010 with its operations and processes based on technology that he initially developed at Durham University. The Group was admitted to AIM in November 2013, raising £11 million, and is based at the Wilton Site on Teesside. In January 2016 the Group raised a further £8.5m to support its ongoing activities.
The Group has developed proprietary bottom-up processes which are capable of producing high purity graphene nanoplatelets using a continuous process. The manufacturing processes are based on sustainable, readily available raw materials and therefore do not rely on the supply of graphite, unlike a number of other graphene production techniques. Applied Graphene Materials owns the intellectual property and know-how behind these processes.
Applied Graphene Materials works in partnership with its customers using its knowledge and expertise to provide bespoke graphene dispersions and formats to deliver enhancements and benefits for a wide range of applications.