30th Sep 2014 08:37
LONDON (Alliance News) - Graphene NanoChem PLC shares dropped early Tuesday, after the company said a series of delays for the Plat Drill Series meant it is likely to miss market expectations for the full year, despite narrowing its loss and doubling its revenue in the recent half-year.
Graphene said its pretax loss in the six months to June 30 was GBP3.5 million, improved from GBP5.4 million a year earlier. Revenue was GBP20.4 million, up from the GBP10.1 million posted a year earlier.
Despite the company ramping up revenue in the period, it said it has seen a series of delays in deployment of the its Plat Drill Series of oilfield chemicals, owing to regulatory and testing constraints. The company said these delays will result in revenue which had been forecast to be booked in 2014 moving to 2015, meaning the company now anticipates it will be loss-making this year.
The delays also mean results for the full year are likely to be "significantly" below current market expectations, Graphene NanoChem said.
Shares in the company were down 27% to 41.58 pence on Tuesday, making it the second worst performer on the AIM All-Share. The stock set a new 52-week low of 39.50p in opening trade.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Graphene Nanochem