LONDON, UK: Versarien Plc, the advanced engineering materials group listed on AIM (VRS), has released its audited financial results for the year ending 30 September 2023. The report shows a decrease in group revenues from £11.11 million in the previous 18-month period to £5.45 million.
Graphene-related revenues also fell to £0.24 million from £2.15 million. The company experienced an adjusted LBITDA of £3.01 million, with losses in the second half of the year reducing to £1.00 million from £2.01 million in the first half.
The company faced significant asset impairments of £8.58 million, contributing to a reported pre-tax loss from continuing operations of £14.27 million, up from £8.32 million. The total loss for the period was £14.18 million, with cash reserves standing at £0.60 million as of 30 September 2023.
Despite the financial downturn, Versarien raised £3.35 million through equity placings during the period, with an additional £1.47 million post-period.
On the commercial front, Versarien has made notable strides in its partnerships and R&D initiatives. The company has been involved in key construction projects, including the delivery of the first 3D concrete printed headwall for the A30 Chiverton to Carland Cross upgrade in Cornwall. In the leisure sector, collaborations with Umbro and GoToGym have seen the integration of Versarien’s Graphene-Wear™ technology into sportswear.
The company continues to license its technology, with 14 patents licensed to GrapheneLab in Korea. R&D contracts have been signed with international companies, and Versarien has been awarded significant grants for its innovative work in graphene applications.
Operational highlights include a strategic slimming down of the R&D team and a focus shift towards European operations, discontinuing sales in the USA and China. Post-period, Versarien has secured exclusive licensing agreements with MCK Tech in Korea and a manufacturing license with Montana Quimica LTDA in Brazil.
The Annual General Meeting is scheduled for 30 April 2024 at FieldFisher LLP’s offices in London. The full annual report is available on Versarien’s website and will be distributed to shareholders by 30 March 2024.
Dr Steve Hodge, CEO of Versarien, commented: “The period was a challenging one for Versarien, but I believe the restructuring and other actions we have undertaken have resulted in a more efficient business, which maintains the skilled people and technology to enable commercial success.
It is encouraging to report that our pipeline of potential income opportunities is growing , albeit development opportunities are still the largest part, but we are beginning to see signs of more commercial interest, including licensing. This, together with our reduced cost base, gives us an increasing level of confidence as we seek to ensure a bright future for Versarien.”