24th Aug 2021 14:50
Tirupati Graphite PLC - London-based graphite producer, and graphene and advanced materials developer - Full year revenue up 42% to GBP1.1 million from GBP793,577 in 2020. Gross profit rises to GBP635,342 from GBP381,678. Total production is up 30% from 2020 and total sales volume is up 54%. Gross margin on sales climbed to 57%, up from 48% last year and in line with company expectations due to production increase. Market size forecast of graphite production is expected to exceed "billion-dollar mark over the next two to three years", according to Tirupati.
"The company remains on track and with its recent capital raise of GBP10 million in April 2021, is in a sound financial position to deliver on the current phase under its medium-term development plan which will see its production capacity in Madagascar increased," says company. Production in Madagascar to reach around 12,000 tonnes per year in the immediate term and 30,000 tonnes per year by 2022. Placing in April saw 11.1 million new shares issued.
Current stock price: 110.00 pence
Year-to-date change: up 69%
By Josie O'Brien; [email protected]
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