Versarien plc's (LON:VRS) impact on the graphene space continues - as it won a significant £100,000 order to supply high quality material to an unnamed European commercial customer.
It comes after last month the group said following positive test results from its collaboration with the National Graphene Institute (NGI) that the latter was purchasing a significant quantity from Versarien for a specific project with a major OEM.
The addition of Versarien's few layer graphene nano platelets (GNPs) is expected to significantly improve the customer's product and further significant orders would be required to fulfil market potential, Versarien noted.
Chief executive Neill Ricketts said: "We expect the use of graphene to continue to gain further commercial traction and Versarien is very well placed to be at the forefront of delivering high quality graphene for multiple applications.
"We will continue to scale our production to meet demand as it occurs."
Separately, the group posted half year results to end September today, which underscored the progress it is making in graphene.
Its acquisition of AAC Cyroma Ltd last month has enabled the production of graphene enhanced plastics, while the AIM firm has made a number of pivotal collaborations, including with Bromley Technologies for sports equipment and in 3D printing with Absolute Engineering.
It also has a collaboration with CT Engineering in the aerospace industry.
Revenue fell to £1.635mln compared to £2.362mln in the same period of 2015, largely due to decline in oil and gas sector revenues impacting the group's Hard Wear products business - Total Carbide.
Relocating this business to Oxfordshire has helped to reduce costs and it remains poised to take advantage of any early recovery in the oil and gas industry.
The loss before tax increased to £1.47 million compared to a loss of £0.84 million last year.
The firm had cash of £1.51 million (2015: £2.57 million) at the end of the period.
Ricketts added: "With so much progress made following the positive test results from the University of Manchester and National Graphene Institute we can clearly demonstrate an exceptional performance improvement from incorporating graphene into carbon fibre composites.
"Consequently, the group is focusing on accelerating development and commercialisation of its graphene enhanced products through partnerships and its own manufacturing capability."
Shares eased 6% to 11.75p.