Haydale, the company looking to find commercial uses for wonder material graphene, says it is moving into a new phase, with the acquisition of a business in the US and a new round of fundraising to pay for it.

Pre-tax losses at the South Wales-based firm widened to £4m in the year to June 30 from £3m a year ago. Shares in the company, which is listed on Aim, plunged 4.8pc this morning to 175.2p.

Ray Gibbs, the company's chief executive, said Haydale's year had been "transitional", as it moves from research and development to sales and marketing.

"As is normal with a new technology gaining market acceptance can be a long and difficult task and there are many challenges to meet," said Mr Gibbs. "However, having invested heavily during the year, we now have the tools to overcome these barriers to entry."