19th Jul 2016 10:02
LONDON (Alliance News) - Versarien PLC Tuesday said it is looking forward with "real optimism and increased confidence" as it reported a widened loss for its most recently ended financial year.
The engineering materials group reported a pretax loss for the year to end-March of GBP1.8 million, widened from a pretax loss of GBP866,000 the year before, as revenue fell to GBP4.4 million from GBP5.0 million.
Versarien said that it made progress in all three of its divisions in line with its strategy during the year, however, sales in its Hard Wear products division were hit by the continued adverse conditions in oil and gas market.
Despite the decline in market conditions for this division, Versarien said it is developing new market opportunities and products, aimed at the defence and aerospace industries.
Meanwhile, Versarien has made progress in commercialising the production of graphene by moving out of the laboratory into a production facility in Cheltenham, and following the year end it formed four partnerships to help expedite the adoption of graphene in batteries, carbon fibre products, 3D printing and the aerospace industry.
The company said it continues to look for appropriate acquisition opportunities to compliment its growth, especially for graphene applications.
"Versarien has made considerable progress this year moving its disruptive technologies towards production and commercialisation. We can now offer five types of graphene out of our manufacturing facilities in Cheltenham and we are in the process of securing the IP surrounding the production processes in all key territories," said Chief Executive Officer Neill Ricketts in a statement.
Shares in Versarien were down 7.7% at 10.85 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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