Applied Graphene Materials PLC (LON:AGM) has hailed “positive traction” among its customers as the firm said it was encouraged by ongoing momentum in its commercial pipeline.

In an outlook statement accompanying its full-year results, the graphene specialist said that it was “well positioned” in its market and that with a reduced cost base and its existing cash resources it will have time to “significantly grow revenues”.

WATCH: Commerical momentum at Applied Graphene Materials ‘continues to build’

Chief executive Adrian Potts added that while revenue development during the year had been “slower to materialise than expected”, efforts to reduce costs would allow the firm to sustain itself while it focused on converting a pipeline of what Potts said was around 100 active engagements into revenue.

The CEO also said the company was progressing “a large number of collaborations with customers” and would update the market in due course.

In the figures for the year ended 31 July, AGM reported an EBITDA loss of £4.83mln, compared to a £4.54mln loss in the prior year, while incomes fell to £0.12mln from £0.2mln.

The company also said in the post-period that it had received a £0.62mln research & development tax credit which had boosted its cash position.