Applied Graphene Materials PLC (LON:AGM) has announced plans to streamline its manufacturing segment to focus on the distribution and applications of its products.

The restructuring will cost £200,000, but will reduce cash operating costs by £900,000 and £1.1mln for the years ending 31 July 2020 and 2021, respectively.

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AGMs income for the year to 31 July was £120,000 with an underlying loss of £4.6mln.

Net cash as of 31 July was £6.1mln, while the AIM-listed firm said it received £600,000 in tax incentives in August.

Full year results will be released next week.

“The board strongly believes that AGM iRead More – Source