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Redcar graphene manufacturers announce pre-tax losses of £2.7 million

Redcar-based Applied Graphene Materials, the producer of specialty graphene materials, which was admitted to AIM in November 2013, has announced pre-tax losses of £2.7 million.

The figure relates to the company’s maiden full year results for the year ended 31 July 2014.

Moreover, this was over three times the reported £0.8 million loss from the previous year.

Turnover dropped from £11,410 to £4,014, while the admission to AIM cost the company almost £400k.

The manufacturers of graphene, a super-strong, superconductive and flexible material, said the losses to a major investment in overheads, including business infrastructure and staff, which were reportedly key for future growth.

CEO, Jon Mabbitt, said: “I am pleased to announce our maiden full year results as a listed Company.

“We have made solid progress in developing our manufacturing and dispersion processes, establishing customer relationships in our core target market sectors and providing samples, and these three activities remain our most important priorities for the new financial year.

“We are benefitting from the global profile that Applied Graphene Materials has established and more generally from the growing awareness of the potential of graphene across a large number of market sectors.

“It is becoming increasingly accepted that no other material has the combination of properties that graphene possesses and that is what makes the opportunity for the Group so broad and so exciting.

“The significant investment that has been made in our workforce, and across other areas of the business, strengthens our resources and will support the long term growth of the Group.

“We remain confident that Applied Graphene Materials is well placed to play a leading role in meeting the growing global appetite for graphene.”

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