22nd Jul 2014 10:54
LONDON (Alliance News) - Versarien PLC Tuesday expressed confidence in its long-term prospects, as it posted a widened pretax loss for the year to end-March in its maiden results since floating on AIM in June last year.
The advanced engineering materials company posted a pretax loss of GBP653,000, widened from GBP414,000. It began producing revenue of GBP3.0 million, but this was offset by GBP1.9 million in cost of sales and GBP1.6 million in operating expenses.
Versarien said it expects to increase its turnover in the current year by further commercialising its intellectual property, and said that at the same time it will continue to maintain careful control of its costs.
Versarien said it had made substantial progress during the year of combining its core operations with acquisitions. In May the company acquired a majority interest in graphene manufacturer and suppler 2-DTech Ltd. The company said that the acquisition has been integrated into its systems, and it is currently examining options for commercial production with the business.
In order to bolster its cash position, after the year end Versarien raised GBP5.5 million through a placing, and it also has in place invoice financing for its trading operations.
The company does not plan to declare or propose a dividend until the commercialisation of its product portfolio has generated sufficient distributable reserves.
"The board remains confident, given the quantity and quality of projects from large OEM customers, that the applications of the technologies that the Group is developing will, in time, deliver a substantial return on investment for Versarien's shareholders," said Chief Executive Neill Ricketts in a statement.
Shares in Versarien were trading flat at 26.50 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Versarien