Applied Graphene reported slightly wider first-half losses amid rising costs and lower revenue.

Pre-tax losses widened to £42.4m from £2.3m a year earlier as revenue more than halved to £26,000 from £54,000.

The company said the timing of certain revenues was behind its previous expectations, while rising costs also hurt profits.

Cost of sales increased to 231,000 for the half from 120,000 a year earlier as a result of 'increased rent, labour and materials used in preparing the plant for commercial production,' the company added.

'We continue to make positive progress with providing robust technology solutions for our key focus market of coatings technology,' said Adrian Potts, Chief Executive Officer.

'Whilst the pace of such progress is not always as rapid as we would like, this is reflective of the intensity, breadth and depth of engagement with multiple customers and the length of time it often takes to formulate a solution and then test it. This can often last six months or more in the case of an iterative effort.'

'We are determined to provide robust, repeatable graphene-based technical solutions in conjunction with our customers as a key means of securing long term business opportunities and creating line-of-sight to revenue. '

At 9:03am: (LON:AGM) Applied Graphene Materials share price was 0p at 32.5p