19th Jul 2018 12:06
LONDON (Alliance News) - Versarien PLC on Thursday reported a narrowed loss in its financial year 2018 as revenue grew on progress made across the company's core divisions.
The engineering materials company said pretax loss in the year to the end of March totalled GBP1.6 million, narrowed versus the GBP2.2 million loss reported a year earlier, as revenue jumped to GBP9.0 million from GBP5.9 million.
Versarien AAC Cyroma revenue totalled GBP4.6 million for the full year, having previously reported revenue of GBP2.5 million for the six month period to the end of March 2017. Versarien bought plastics manufacturer AAC Cyroma for GBP1.7 million in October 2016 and reported its period of ownership.
Meanwhile, the Carbide division returned to profitability, Versarien said, with revenue up 45% year-on-year to GBP3.2 million from GBP2.2 million.
During the year, the company said it continued to invest heavily in its graphene technology businesses. Versarien also said it increased the level of collaborations to achieve a significant uplift in future revenue.
"The year to March 31 was one of considerable progress for Versarien in both our emerging technologies and more mature businesses," said Chief Executive Neill Ricketts. "We therefore look forward with real optimism and confidence to the year ahead."
Shares in Versarien were trading 5.2% lower on Thursday at 124.70 pence each.
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