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Pretax losses up to £1.9m for Redcar-based Applied Graphene Materials

Redcar-based Applied Graphene Materials, the producer of specialty graphene materials, has reported pretax losses of £1.9m, an increase of £700k from £1.2m pretax losses in 2014.

The company also revealed that PBTA, loss on ordinary activities before tax, exceptional costs and amortisation, for the period increased from a loss of £822k in 2014 to a loss of £1.829,m for the period ended 31 January 2015.

This increase in losses reflects company investments in production and overheads, including headcount and business infrastructure, to support the anticipated future growth and development of the business, both in the periods prior to and since the company’s admission to AIM.

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.

Despite the increase in losses the company remain confident of progress in 2015, with customer sampling of the company’s graphene now accelerating. Moreover, ceo Jon Mabbitt said the firm is well placed to respond rapidly to meet customer requirements and to satisfy anticipated demands as they arise.

Therefore, the company remain confident that Applied Graphene Materials will play a leading role in meeting the growing global appetite for graphene.

Jon Mabbitt, Chief Executive Officer, said: “Over the last six months we have established a global profile for Applied Graphene Materials through our market development activities.

“We have extended the scope of our customer engagements in our target markets where our existing partnerships are becoming more advanced and we are seeing appetite from further new potential partners.

“As we progress towards production orders we have successfully increased production volumes over the period whilst maintaining consistent dispersion quality on a larger scale to ensure the best enhancements for our customers.”

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