19th Mar 2014 10:39
LONDON (Alliance News) - Versarien PLC said Wednesday it has secured its first commercial contract for its VersarienCu product since the group's admission to the AIM market.
Versarien said in a trading update that it has made good strategic progress in the second-half of the current financial year, especially in its Total Carbide subsidiary, which has now been successfully integrated into the Group.
The firm said Versarien Technologies Limited has also made significant advancements with its VersarienCu product during the period, including its first commercial contract with an advanced thermal solutions provider. The Board anticipates that VTL's revenue streams will commence in the new financial year.
Looking ahead, the firm said it expects results for the second-half of the year to March 31, 2014, to be broadly in line with its first-half.
VTL's contract win is with an unnamed customer for the development and pre-production supply of VersarienCu in DNA heat spreading plates.
"This first commercial contract marks a significant milestone and demonstrates the progress that VTL has made towards commercialising its VersarienCu product. I am also particularly pleased that the integration of Total Carbide is already generating upside for the business," said Neill Ricketts, CEO of Versarien.
Shares in the firm were trading down 1.89% at 26 pence per share Wednesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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