Applied Graphene Materials revenues rise

Applied Graphene Materials reports total revenues of £0.3 million for the year to the end of July - up from £0.1 million in 2015.

Losses before interest, tax, depreciation and amortisation were £4.2m - up from £3.9m and pre-tax losses rose to £4.5m from £4.0m.

Chief executive Jon Mabbitt said: "I am pleased to report that we have made substantial progress this year towards commercial adoption of Applied Graphene Materials' graphene in our target markets.

"Our first production order, announced last week, was an important step for the Group and confirmation of the significant opportunities we anticipate as we continue to invest in collaborative partnerships to accelerate adoption in our target markets. Additionally, and to support this, we have made progress on scaling up our proprietary production capacity to meet further demand.

"The successful fundraising in January 2016 demonstrated continued confidence in our intellectual property and commercial pipeline, which is developing in line with the management's expectations, and we remain very optimistic for the forthcoming year."