Applied Graphene Materials warns of loss; to reduce cost base
StockMarketWire.com - Applied Graphene Materials said it would reduce its cost base, while warning of a full-year loss.
The company said it expected to post an Ebitda loss for the year through July of £4.6m, on revenue of £0.1m.
The cash operating cost base of the company of £4.3m was expected to fall by around £0.9m and £1.1m for the 2020 and 2021 financial years, respectively.
The cost of implementation of those changes was about £0.2m, it added, without mentioning specific job cuts.
Chief executive Adrian Potts said the company was confident that, with a reduced cost base and existing cash resources, it would have sufficient time to significantly grow revenues in the emerging graphene market.
'I personally thank all of those employees that will be affected by this process for their hard work over the years and their valuable contribution to the company,' he said.
At 2:39pm: (LON:AGM) Applied Graphene Materials share price was -1p at 18p
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