Versarien narrows loss as it seeks to open up new markets
Versarien
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08:45 18/11/24
Advanced engineering materials group Versarien announced its unaudited results for the year ended 31 March on Thursday, reporting a 52% improvement in group revenues to £9.02m.
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The AIM-traded firm said its EBITDA loss narrowed by 33% to £0.8m, and its loss before tax fell 27% £1.6m.
Cash at 31 March was £2.3m, up from £1.4m year-on-year, while net assets were ahead 23% to £8.0m.
The company had completed a successful fundraising of £2.9m gross in November.
On the operational front, Versarien said it secured eight graphene application collaboration agreements during the year, with a further five entered into post period, with more in the pipeline.
An expansion for graphene in Asia was targeted through the incorporation of an intermediate Hong Kong holding company.
It also made continued investment in its graphene manufacturing capability to support collaborative application agreements, and increase maximum capacity to almost three tonnes.
Versarien said it was seeing continued interest in graphene from China, with 24 potential partners now identified, and joint ventures to be determined by funding levels and IP protection.
It was also targeting a US expansion, through a local sales office in Palo Alto and its appointment as an inaugural council member of the US National Graphene Association.
The firm additionally pointed to UK Government support, which was provided through the secondment of its head of outward direct investment.
‘Hexotene’ and ‘Graphinks’ were launched during the year, to further strengthen the group's range of commercially available two dimensional materials.
Versarien said its mature businesses was showing “much improved” financial performance.
“The year to 31 March was one of considerable progress for Versarien in both our emerging technologies and more mature businesses,” said chief executive Neill Ricketts.
“The graphene businesses have had a very exciting year having entered into a number of collaborations to incorporate our high quality ‘Nanene’ and ‘Graphinks’ in a variety of different uses such as packaging, aerospace and sports equipment.”
Ricketts said the company was continuing to work towards collaborations with one or more Chinese partners, to enable it to manufacture and promote its high quality products in China.
“New production equipment is on order for scale up in the UK, we have substantially strengthened our team and I consider Versarien to be extremely well placed to produce the quantities needed for the commercialisation of these collaborations when required.
“"Our hardwear business has shown much improvement increasing its sales and returning to profitability.
“Our plastics business is focusing on efficiency improvements to further increase its returns and cash generation whilst also moving towards the incorporation of graphene into moulded parts.”