14th Oct 2020 12:12
(Alliance News) - Applied Graphene Materials PLC on Wednesday said the 2020 financial year ended well with revenue up 66% and expressed confidence in its long-term success.
The graphene manufacturer posted a pretax loss for the year ended July 31, of GBP3.7 million, narrowing from GBP4.8 million a year prior.
Operating expenses were at GBP3.6 million, falling from the prior year's GBP4.6 million. This reflects a realignment of the company's cost base completed in which resulted in a reduction in personnel costs of GBP592,000. Additional savings were achieved by reductions in research & development spending of GBP298,000 and a reduction in the share-based payment charge of GBP308,000.
Revenue increased 66% to GBP83,000, from GBP50,000 a year before, due to the supply of production orders and evaluation quantities of graphene to commercial partners.
The company did not propose a dividend for the year, the same as the year prior.
Chief Executive Adrian Potts said: "We have seen a solid year of progress despite the global impact of coronavirus. Whilst we have been able to maintain continuity of our long term testing and materials development, we have seen a slowing of customer volumes in our second half of the year. We anticipate this to rebound as restrictions begin to be 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."
Applied Graphene Materials shares were down 20% at 30.00 pence each on Wednesday midday in London.
By Greg Roxburgh; [email protected]
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