30th Sep 2013 12:10
LONDON (Alliance News) - Graphene NanoChem PLC saw increases in revenue and widened pretax losses following its reverse takeover of Biofutures International PLC.
The investment company posted revenues of GBP10.1 million, up from GBP11.1 million in the previous year. The company recorded a pretax loss of GBP5.4 million, widened from GBP2.4 million as administrative expenses increased threefold to GBP2.4 million from GBP681,000.
The company warned that deployment of its first graphene-enhanced oilfield drilling fluid product, PlatDrill, had been delayed but it remained confident it would meet its production target of 5,000 mega tonnes by the end of the year. The company is shutting its performance chemicals plant to increase its capacity to 120,000 mega tonnes per year and reduce costs to increase the margins of its existing products. It expects the expansion plan at the plant to being in mid-October, and production at higher capacity to commence in early 2014.
"The expansion plans for the performance chemicals plant and the graphene plant are well advanced and on track," Graphene said in a statement. "The group is pursuing a number of very exciting opportunities for the medium and long term. The second half of 2013 and the first half of 2014 will be crucial for the development of the company and the group is keenly focused on delivering the progress that shareholders are expecting."
Shares in Graphene were trading down 0.50 pence at 68.50 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Graphene Nanochem