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…