23rd Mar 2016 10:07
LONDON (Alliance News) - Applied Graphene Minerals PLC on Wednesday reported a wider pretax loss in the first half of its financial year as it continues investing in the business to drive future growth, while revenue grew slightly.
The graphene materials producer said its pretax loss in the six months ended January 31 widened to GBP2.3 million from GBP1.9 million in the same period the year before, although revenue grew to GBP18,000 from GBP13,000.
Applied Graphene said the increased loss reflects the ongoing costs of working with commercial partners together with the costs of continued investments in production and overheads, including headcount and business infrastructure, to support future growth and development of the business.
"The depth of our customer engagements is setting the foundations for a long-term, stable and highly attractive business. Our intent remains to become a global graphene market leader. The board believes that Applied Graphene Materials remains well-placed to meet its ambitions," Chief Executive Jon Mabbitt said in a statement.
Shares in Applied Graphene were untraded on Wednesday, having last traded at 186.65 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
AGM.L