Graphene Nanochem reported their financial results for the first half of 2015. Revenues were £7 million (down from £20.4 million in H1 2014) and the loss before tax was £3.7 million (a £200,000 greater loss compared to H1 2014).
NanoChem says that they anticipated the decline in revenues "in line with the overall rationalization of the business to a suite of higher margin products and offerings". Following the collapse in oil prices, Nanochem exited the capital intensive low margin fuel additives business.
Nanochem further says that declining oil prices enhances the need for the cost effective platform based performance applications - with their JV partner Scomi Oiltools. The Group's lack of access to working capital resulted in a scale down in acceptance of sales orders during the period, but they anticipate positive news in that area soon.
