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Versarien narrows losses as graphene refocus takes shape

Published 06/06/2024, 07:49
Versarien narrows losses as graphene refocus takes shape

Proactive Investors - Versarien PLC (LON:VRS)’s strategic realignment to core graphene technology resulted in narrowed losses and an improved cash position in the six months to 31 March.

Operational highlights in the period included agreement with MCK Tech in Korea for the exclusive licence of five CVD patents.

Versarien also sold its South Korean plant and equipment to MCK Tech for £604,000.

The company secured a know-how and manufacturing licence agreement with Montana Quimica LTDA, a Brazilian multinational focused on paints and wood finishing products.

Additionally, Versarien entered into a mutual letter of commitment to support Building for Humanity in providing 3D concrete printed materials for social housing in Accrington.

On the financial front, Versarien reported group revenues of £2.5 million, a slight decrease from £2.62 million in the previous year.

Graphene revenues increased to £280,000 from £90,000, and grant income rose to £200,000 from £60,000.

Losses before tax narrowed to £1.77 million from £3.40 million.

The company's cash position strengthened, standing at £700,000 as of 31 March, up from £600,000 at the end of September 2023.

Bearing fruit

Chief executive Stephen Hodge said: "The re-focusing of the business to its core graphene technology combined with a manufacturing-light approach is beginning to bear fruit financially with losses continuing to fall.

“We have a number of parties showing initial interest in licensing our technology as well as progressing our strategic relationships in core areas particularly construction including 3D concrete printing.

“We remain optimistic about the future as we continue to streamline our operations, capitalise on our strategic partnerships and drive technological advancements."

Read more on Proactive Investors UK

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