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Applied Graphene Materials plc
Full year results for the year ended 31 July 2021
13 Oct 2021
Applied Graphene Materials (LSE:AGM), the producer of specialty graphene materials and dispersions, announces its full year results for the year ended 31 July 2021.
Operational and commercial highlights:
- 40 products available to distributors (2020: 27)
- 19 customer products launched (2020: 8)
- 181 projects in sales pipeline (2020: 109)
Coatings:
- Approval for use of a new graphene-enhanced primer with Blocksil, to complement use of its AGM graphene-enhanced Top Coat MT product launched to consumers in January 2020. This system is being used with Network Rail and RTE
- Strong customer uptake expected from products being developed with Stanvac and a leading floor coatings manufacturer
- New customer product launches:
- Two new wax based car care product from EZ Car Care
- Two new wax based car care product from Infinity Wax
- Two new wax based car care products from Constellation Chemicals
- Tru-Tension launched new detailing spray product
- AGM product launches:
- a ground-breaking new range of eco-friendly graphene nanoplatelet dispersions that will enable paints, coatings and composite materials customers to improve the sustainability of their product formulations in response to growing market pressures
- Launch of Innovation Accelerator programme
- Scale up validation testing is due to commence with the UK Environment Agency at sites in the UK whereby our formulated products will be tested on structure applications for environmental exposure. A longer-range environmental exposure plan has also been started with French environmental testing site, Institut de la Corrosion.
- Growth in total pipeline engagements to 200 (2020: 117) including 19 completed developments (2020: 8) and resulting revenue potential to £3.7 million (2020: £3.6 million)
Composites and functional materials:
- Positive continuing progress with core composites customer
- Potential for TP300 product for thermal adhesive and heat-dissipation applications
Distribution:
- Further distributors added to enhance our regional presence in Turkey (Gobarr) and South Korea (ManHo Polymers) and growth of our customer-facing representation headcount to around 89 including AGM's direct sales team
Strategic highlights:
- Fundraise of £5.5 million (net) announced in January 2021 and successfully completed in February 2021, extending the Group's cash runway beyond 31 January 2023
- In partnership with the EU REACH Graphene Consortium, achieved ECHA accreditation for volume supply of graphene powder (up to 10 tonnes' volume), addressing a significant barrier to deployment at scale. Central regulatory workstream with EPA for USA market
- Green energy applications identified as a new area of opportunity for our platform dispersion and application technology with initial focus on hydrogen/battery applications
- Branding refresh completed together with new website and improved communications platform
- Continuing IP development
- Cross-trading of shares in USA on OTCQX Best Market in USA from July 2021
Post year end
- Four new customer product launches were announced on 20 September 2021 - one of which was before 31 July 2021 and is included in the numbers above
- Joined the Graphene Engineering and Innovation Centre (GEIC) at the University of Manchester as an associated Tier II Partner through the special conditions offered exclusively through The Graphene Council
Adrian Potts, Chief Executive Officer, commented:
"AGM has achieved solid progress in the year. We have continued to announce important customer product launches and have further strengthened our leading technology platform, which will support accelerated commercial momentum. We have also launched a unique range of eco-friendly graphene products to meet growing demand for sustainable additives. Technology development is now addressing potential in the green energy sector using our graphene dispersion know-how.
"We have been pleased to see repeat orders and additional graphene-enhanced products launched by existing customers, and we have announced several new customers, including eight in the fast-moving car care sector.
"We are working with regulators to remove barriers to large-scale supply of graphene in different jurisdictions in anticipation of future higher-volume market demand, and we continue work to protect our industry-leading IP.
"While, to some extent, COVID-19 lockdowns have restrained the pace of graphene testing and adoption by some of our commercial partners, we expect this impact to lessen in 2022. Our commercial pipeline of engagements is strong and expanding, and AGM is in solid shape to accelerate growth to meet customer demand."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Applied Graphene Materials' results presentation, with audio commentary, is expected to be made available on its website at http://www.appliedgraphenematerials.com in due course.
For further information, please contact:
| Applied Graphene Materials | |
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Adrian Potts, Chief Executive Officer David Blain, Chief Financial Officer |
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| Singer Capital Markets |
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| Peter Steel / Amanda Gray |
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| Allenby Capital Limited (Joint Broker) |
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Nick Athanas / Liz Kirchner (Corporate Finance) Matt Butlin / Kelly Gardiner (Sales and Corporate Broking) |
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| Hudson Sandler |
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| Nick Lyon / Emily Dillon |
Notes to Editors
Applied Graphene Materials - For the last decade, AGM has been at the forefront of harnessing the possibilities of graphene. Founded originally by Professor Karl Coleman, the Group has grown from an academic idea from Durham University to a world leader in the development and application of graphene nanoplatelet dispersions for customers in the coatings, composites and functional materials sectors. The Group utilises its proprietary bottom-up manufacturing process to produce high purity graphene nanoplatelets. Its expertise in dispersion chemistry enables AGM to create optimised, stable and easy to handle dispersions that customers use in real-world industrial products.
AGM's unique approach enables industries to fully realise the potential of graphene in a simple, safe and easy to formulate way. AGM, based at the Wilton Centre on Teesside, was admitted to AIM in November 2013, raising £11 million. The Group successfully raised £8.5m in January 2016 and a further £9.8m in November 2017. Since August 2020, the Group's shares are also listed on OTCQB in the United States and, in January 2021, the Group successfully raised a further £6m gross. As a result of the funding support and their industry leading technology platform, AGM have been able to develop a significant sales distribution network covering Europe, North America and Asia. The Group continues to work closely with industrial partners, and have seen the successful launch of numerous commercial products enhanced by their graphene dispersions.