Applied Graphene Materials PLC (LON:AGM) has reported “excellent commercial progress” in its full-year results, noting that its development pipeline is continuing to grow despite delays caused by the coronavirus pandemic.
In its figures for the year ended July 31, 2020, the AIM-listed firm reported an underlying (EBITDA) loss of £3.08mln, narrowed from a £4.56mln loss in the previous year, while revenues climbed to £0.08mln from £0.05mln.
Applied Graphene highlighted an expansion of its sales distribution network during the year with a number of agreements, adding that it is continuing to grow its intellectual property portfolio with the progress of several patents relating to graphene dispersion technology.
Looking ahead, the company said it remains in “good shape to build on its revenue plan”, with cash in the bank of £3.68mln and an “increasing number of customer products coming to market”.
Applied Graphene’s chief executive Adrian Potts added that despite a slowing of customer volumes in the second half of the year, the firm expected a “rebound” as coronavirus restrictions were removed.
“Our technology platform for graphene nanoplatelet dispersions is ideal for the markets that we operate in and I am confident that we will see long term success in each sector. Our technology is well-proven, graphene really works in these applications, and we have the keys to unlocking the performance of this remarkable class of materials”, Potts said in the results statement.
“Understanding materials technology, dispersion chemistry and end-use application is critical to a successful outcome on a customer-by-customer basis. I believe, in this regard, we are very well placed to reap the benefits of the substantial effort we have put in thus far to develop our product offerings and prove that graphene works in real applications", the CEO concluded.