Member Article

Pretax losses widen to £2.3m for Redcar's Applied Graphene Materials

Redcar-based Applied Graphene Materials, which operates from The WIlton Centre, has revealed a £2.3m pretax loss as it announces its interim results.

Pretax losses have widened by £400k for the producer of specialty graphene materials, up from £1.9m last year, although the firm remains positive for its long term future.

In January, the firm raised £8.5m, from both existing and new shareholders, and reports that progress is being made on scaling up production facilities to increase manufacturing capacity.

With over 70 evaluation samples provided to customers in the period, the company hopes that this plus New collaboration projects, such as those with Sherwin-Williams Protective & Marine Coatings, will carve a strong operational future going forward.

Jon Mabbitt, Chief Executive Officer, said: “Applied Graphene Materials is set apart from other producers of graphene by our ability to cost-effectively produce a tailored portfolio of graphene nanoplatelets alongside our understanding of how to best unlock and transfer optimal material enhancements into host materials.

“As the business pursues production orders we have made strong progress during the period in the key areas of graphene formulation know-how and strengthening our commercial pipeline.

“In January we were pleased to successfully raise £8.5 million, from existing and new shareholders, and have since made progress on scaling up the Group’s production facilities to increase manufacturing capacity.

“We continue to be focused on three target market sectors where we believe our products can add most value and where we see large scale and long term commercial opportunity.”