Pre-tax losses widen to $4.22m but the Durham spin-out is confident it can sustain growth.
Applied Graphene Materials (AGM), a spin-out of Durham University, has posted its first results since its initial public offering in November 2013. The company has recorded a pre-tax loss of £2.66m ($4.22m).
The graphene manufacturer floated on the London Stock Exchange’s Alternative Investment Market (Aim) for £11m and now has a market cap of £46.45m as of November 10, 2014.
Its pre-tax losses have increased significantly. For the financial year ending 31 July 2013, it incurred £769,705. Part of its loss in the latest financial year is due to Aim admission costs, which came to £393,631. The company is confident however that it can sustain its long-term growth, as much of its pre-tax loss is due to investments.
AGM has also announced the appointment of Michael Charles Nettleton Townend as non-executive director. He will step up on November 24, 2014 to replace Nick Edgar of IP Group, who left the board in March 2014.
Jon Mabbitt, chief executive at AGM, said: “We have made solid progress in developing our manufacturing and dispersion processes, establishing customer relationships in our core target market sectors and providing samples, and these three activities remain our most important priorities for the new financial year. We are benefitting from the global profile that Applied Graphene Materials has established and more generally from the growing awareness of the potential of graphene across a large number of market sectors. The significant investment that has been made in our workforce, and across other areas of the business, strengthens our resources and will support the long term growth of the group.”
