Adrian Potts, CEO 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.
Our year to date sales already exceed last year's total sales by 20%, and the business is in a strong position to support further progress, with net cash of £4.3m at 31 January 2020, and ongoing cash operating costs reduced by 23% as a result of our realignment in October. We are closely monitoring the COVID-19 pandemic and we have taken the appropriate precautions to keep our employees safe. We intend to operate and support our client engagements as much as we can, whilst following governmental guidelines."