Graphene NanoChem's revenues increased to £0.26 m in the year to the end of December from £0.06m in 2015 and group made a gross profit of £0.04m against a loss of £0.09m last time.
Bad debts written off totalled £16.22m (2015: £0.15m) and the loss for the year from continuing operations was £16.87m (2015: £9.13m).
The total comprehensive loss was £8.34m (2015: £33.28m).
Chief executive Jespal Deol said =: "Amid a difficult and challenging period for the oil and gas industry, we took the decisive action to execute a holistic turnaround plan for Graphene NanoChem in 2016 with the firm intention to address our challenges head on, internally and externally.
"Our primary focus was debt reduction and a significant milestone achievement for us is the successful completion, subject to customary conditions precedent, of the debt rationalisation plan that has seen the conversion of our short term debt into a longer term debt and a repayment tenue mapped against the business plan of the Group.
"This effectively allows the Group to conserve cash outflow against debt repayment and deploy its funds towards stabilising the business.
"We anticipate that the debt restructuring exercise undertaken to now be unconditional by the end of the 3rd Quarter 2017 post completion of the administrative process and other conditions precedent, including non-core asset sales
"We continue our strategic move towards an asset light approach business structure that enables us to refocus operations on our core competence of value addition leveraging on strategic partnerships, business collaborations and outsourcing models to deliver our solutions.
"We are now entering the third phase of our Turnaround Plan, and to this end, our business platforms have been structured around three core areas that offer a diverse range of applications for potential and use - Nanofluids, Water Treatment and Polymers for Building Materials.
"Our main priority now is securing contract wins and accordingly we are currently engaging in a number of activities to do just that.
"We look forward with confidence and optimism. That is where our immediate focus is."