Operating losses at nanotechnology and advanced materials company Graphene NanoChem fell to £12.0m for the year to the end of December – down from £13.7m in 2011.
Revenues more than doubled to £1.6m – up from £0.7m last time – and pre-tax losses fell to £12.5m from £13,8m last time.
The operating and pre-tax losses include £10.0m of exceptional items reflecting the reduction in the carrying value of Biofutures’ intangible assets to a level commensurate to the value ascribed to Biofutures at the reverse takeover (£11.7m).
The company reports an adjusted pre-tax loss of £2.4m against a an adjusted pre-tax profit of £1.2m in 2011.
The adjusted loss for 2012 excludes £10.0m impairment loss on intangible assets while 2011’s adjusted pre-tax profit excludes £7.5m impairment loss on goodwill and £5.0m impairment loss on intangible assets.
Chief executive Jespal Deol said: “Since the group’s balance sheet was strengthened in late March, there has been substantial progress. The foundations of the Group lie in the speciality chemicals and prospects for the second generation biofuels business are very promising.
“Meanwhile the investment programme expanding both the speciality chemicals plant and the group’s graphene production to 250 tonnes per annum gathers pace.”
At 8:39am: [LON:GRPH] share price was -11.5p at 96p
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