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Applied Graphene Materials sees revenues rise on back of new product launches

Posted By Graphene Council, Tuesday, March 31, 2020
Sales at Teesside's Applied Graphene Materials (AGM) have already exceeded 2019’s total by 20%, according to the firm’s latest interim results.

Revenues rose to £35,000 in the six months to January and are up to £60,000 for the year-to-date, having recorded particularly strong sales in February.

AGM, which is a leading innovator in the manufacture and application of graphene powder, said the business is in a strong position to support further growth, with net cash of £4.3m at the period end – enough to see it through to the fourth quarter of 2021.

Interim losses narrowed to £2.28m compared to 2019’s £2.37m.

The group, which has its headquarters at The Wilton Centre, launched a number of new products last year using its graphene dispersion technology, including an anti-corrosion primer in collaboration with JBL, that bike and car parts specialist Halfords started selling in store and online last October.

Other collaborations included the roll-out of a liquid coating roofing system last August with Alltimes Coatings and a graphene-enhanced anti-corrosion product in January this year for harsh environment industrial application, in conjunction with Blocksil.

A strategic review has shown that Asia has the potential to be a core market for AGM, with the firm saying it had a “positive engagement” with investors in Beijing in October 2019, though the coronavirus outbreak has delayed a follow-up.

AGM, which has sales desks in the UK and Kentucky and Oklahoma in the US, said it is closely monitoring the coronavirus situation and has taken the appropriate precautions to keep employees safe. It doesn't expect the coronavirus pandemic to impact on its cash flow, with remote working and a decrease in travel likely to boost its liquidity.

Chief executive Adrian Potts said : “I am pleased that AGM has continued to make good progress in converting customer engagement into product launches, with several applications launched in the period that are now available to retail as well as specialist industrial customers.

“Our progress continues to be underpinned by AGM’s industry-leading know-how in graphene dispersion and application. We are building an ever-increasing bank of supporting data that will help us accelerate customer application and testing, while the standardisation of a number of our graphene products will also make our material more acceptable to a broader customer base.

“Our focus remains on helping our customers realise the significant commercial potential the incorporation of graphene can offer them. We are confident that our pipeline of engagements is moving progressively towards further product launches and growing revenues in the near-term, with these successes expected to come primarily from our focus area of paints and coatings.”

AGM was founded by Prof Karl Coleman in 2010 with operations and processes he initially developed at Durham University. In 2013 the firm was admitted to the London Stock Exchange’s AIM for smaller companies and expanded its infrastructure to go global.

AGM uses the materials it manufactures to assist customers across a range of sectors who are producing graphene-enhanced products, and the company has a primary focus on anti-corrosion primers’ and coatings.

Tags:  Adrian Potts  Applied Graphene Materials  Coatings  Corrosion  Graphene 

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