16th Jan 2015 08:14
LONDON (Alliance News) - Graphene NanoChem PLC said Friday that, whilst it still expects to post a loss for 2014, it move to profitability in its fourth quarter on the back of stronger sales of its high-margin PlatDrill and PlatQuartZ products.
Graphene NanoChem manufactures speciality chemicals and advanced nano-materials.
The company had previously warned at its interim results in September that due to delays in the deployment of its PlatDrill series it would report a loss for the year. Friday it said that around 3,000 metric tonnes of the PlatDrill series and 1,000 drums of the PlatQuartZ series were sold in its fourth quarter.
Graphene NanoChem said it considers its anticipated results for 2014 demonstrate "good underlying progress in its advanced strategy to become an international provider of enhanced performance products in high growth markets."
The company is planning to commercially launch five new higher margin speciality products in 2015 and 2016. The drop in oil prices towards the end of 2014 has had a positive impact on its business, the company said, "with the need for superior products that enable cost savings to end-users."
The company outlined its key mid-term targets to achieve by the end of 2017, including targeting a compound annual growth rate of 25% for the period of 2014 to 2017, and improving gross margins to 20-30%.
Graphene NanoChem had cash and cash equivalents of GBP1.8 million as at the end of 2014, with around GBP23.0 million in cash and working capital facilities in total.
Shares in Graphene NanoChem are trading up 1.1% at 41.45 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Graphene Nanochem