Redcar-based Applied Graphene Materials (www.appliedgraphenematerials.com) — a Durham University spin-out that produces high-purity graphene nano-platelets for use in a wide range of applications — has reported pre-tax losses of £1.9 million for the year ended 31 January, an increase of £700,000 from the previous year.

However, chief executive Jon Mabbitt is upbeat, saying: “Over the last six months, we have established a global profile. We have extended the scope of our customer engagements in our target markets, and we are seeing a growing appetite from further new potential partners.”

Applied Graphene Materials was founded by Professor Karl Coleman in 2010. The group was admitted to the AIM in November 2013, raising £11 million.