27th Sep 2013 11:17
LONDON (Alliance News) - Versarien PLC Friday reported a wider net loss for its last financial year, a period before it made a major acquisition, listed on AIM and raised GBP3 million in fresh capital.
The advanced engineering materials group reported a loss of GBP414,667 for the year to the end of March, wider than the GBP69,096 loss it recorded in the prior 12 months.
All of the losses can be put down to administrative expenses as the company wasn't earning any revenues in either year.
In a statement, it said the integration of tungsten carbide components manufacturer Total Carbide Ltd, which it bought for GBP2.3 million in cash and shares, was proceeding in line with expectations and it has identified significant sales opportunities.
"We view the future with confidence and look forward to updating the market further when we publish our interim results for the group on December 3," it said.
The stock last traded at 16 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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