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Applied Graphene Materials plc strengthening commercial pipeline

Published: 08:55 23 Mar 2016 GMT

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The company has developed proprietary processes capable of producing high purity graphene which can be used in a number of applications

Applied Graphene Materials plc (LON:AGM) is making progress in its bid to be a global leader in graphene and has strengthened its commercial pipeline, it said in latest half year results.

It has developed proprietary processes capable of producing high purity graphene which can be used in a number of applications.

The period to end January saw the group provide over 70 evaluation samples and raise £8.5mln in a placing and open offer.

Chief executive Jon Mabbitt said: "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.

"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."

In the field of paints and coatings, the firm has shown graphene can be used to improve barrier properties by as much as 300% and is collaborating with Sherwin Williams to target corrosion protection - an area estimated to cost the British economy £10bn a year.

In the composites sector, the group is looking at improving mechanical strength, and in polymers, it is looking to deploy graphene and is working alongside a number of industrial and consumer brands.

Underlying earnings for the six months was a loss of £2.1mln versus a loss of £1.8mln in the previous year, while cash in the bank rose to £10.2mln compared to £6.6mln in the same period last year.

Shares  eased  1.76% to stand at 186.65p.

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