Versarien plc (LON:VRS), the advanced materials engineering firm, has provided the following update on developments at the Company.
As described in the General Meeting statement issued on 4 July 2023, the Company’s cost base has been reduced significantly with unaudited LBITDAE (loss before interest, tax, depreciation, amortisation and exceptional items) now at a much lower run rate than in the first six months of the financial year, with a consequent reduction in cash burn. Despite this reduced cost base, the Company continues to make progress in line with its stated strategy to:
● maintain and strengthen the Group’s scientific teams supported by grant funding applications;
● to use the Group’s internally generated know‐how in the areas of leisure and construction leisure to be a manufacturing light operation as Versarien works with its prospective customers;
