Member Article

Applied Graphene Materials remains upbeat despite widening losses

Redcar-based Applied Graphene Materials has revealed widening losses, reporting a £4m loss before tax for the year ended 31 July 2015.

Announcing its full year results this morning, the producer of specialty graphene materials made a loss of £2.7m last year. Similarly, the company reported EBITDA at a loss of £3.9m, following a £2.3m loss last year.

However, revenue for the year rose to £41k, an increase on last year’s total of £4k, arising from the supply of trial quantities of graphene to commercial partners.

Despite the financial low points, the firm did have some operational highlights to report.

New named collaborations with Millers Oils and Puralube have widened the firm’s commercial activity.

In addition, the company secured its first patent approval received from the Japanese Patent Office and reportedly recorded positive data generated from independent coatings and oil trials.

Moreover, more evaluation quantities were provided in the final quarter of the financial year than during the previous nine months combined. Whilst two full week periods of 24 hour continuous running have been undertaken to support customer demands for graphene.

Jon Mabbitt, Chief Executive Officer, said: “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.

“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.”

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