6th Apr 2016 07:48
LONDON (Alliance News) - Versarien PLC on Wednesday said revenue and pretax loss for its recently-ended financial year should be broadly in line with market forecasts.
The engineering group said it is making significant progress with its two core graphene and copper foam thermal technologies, and while trading in the Hard Wear Products division remains constrained due to low capital expenditure in the oil and gas sector, progress is being made with customers in other sectors.
Versarien said it is particularly pleased with the "high levels" of enquiries being received for its low profile thermal copper heat dissipation products from multinational blue-chip companies.
Versarien added that it has recently signed heads of terms to acquire two companies "where graphene inclusion would provide significant product and market benefits". Funding is expected to be supported by existing cash resources and bank debt.
Versarien will report its full-year results for the year ended March 31 on July 19.
"We are pleased with the performance of the company in the financial year just ended. Going forward we are seeing increasing demand for both our graphene and copper foam heat dissipation technologies and we look forward to bringing these cutting edge products to the market," Chief Executive Neill Ricketts said in a statement.
"The board continues to view the future with confidence and is delighted with the progress made in its core disruptive technologies to date," he added.
Shares in Versarien were trading up 5.5% at 12.66 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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