Versarien group revenues from continuing operations of £11.1 million

Versarien Plc (LON:VRS), the advanced engineering materials group, has announced its audited results for the 18 months ended 30 September 2022. The comparative figures are for the 12 month period ended 31 March 2021.

Financial Highlights

Group revenues from continuing operations of £11.1 million (2021: £5.7 million)*
Graphene revenues of £2.1 million (2021: £0.7 million)
Adjusted LBITDA** for continuing operations of £2.4 million (2021: £1.9 million)
Reported loss before tax from continuing operations of £8.3 million (2021: £8.1 million)
Reported loss for the period of £8.4 million (2021: £8.1 million)
Cash of £1.4 million at 30 September 2022 (31 March 2021: £2.4 million)

Excludes discontinued revenues of £0.5 million (2021: £0.9 million)

** Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and Amortisation and excludes Exceptional items, Share-based payment charges and losses relating to the fair value assessment of the Lanstead sharing agreements)

Operational/Manufacturing Highlights

Relocation to new dedicated graphene production facility in Longhope, Gloucestershire, to significantly expand capacity
10,000 square foot floor slab laid for new Versarien innovation centre using the Company’s CementeneTM and PolygreneTM enhanced concrete
Acquisition of Spanish graphene manufacturing assets transferred to Longhope during the year and in process of commissioning to provide up to an additional 100 tonne powder capacity per annum
Equipment to scale up graphene ink production capacity by an additional 12,000 litres per annum delivered and commissioned
Non-core aluminium business discontinued to concentrate on graphene production

Partnerships/Commercialisation Highlights

Umbro to integrate Graphene-WearTM into its Elite-Pro-Training Kit range for 2023 Spring/Summer collection
GoToGym in South America launching active-wear incorporating Versarien’s Graphene-WearTM technology
BiaBrazil to integrate Graphene-WearTM  into its sports and active wear ranges
Commercial agreement signed with Superdry to produce graphene enhanced garments and discussions ongoing with multiple other garment suppliers
Global construction companies beginning to trial CementeneTM in-house
Grant agreement signed and project completed to support the development of Pseudo-Capacitor technology aimed at zero emissions for port-side infrastructure
Successful on-time delivery of Defence Science and Technology Laboratory (“DSTL”) contract within specification
Collaboration signed with US-based Flux Footwear, an adaptive footwear company, to supply graphene enhanced elastomers
10 new product demonstrators launched in the period

Funding Highlights

£1.93 million strategic investment in Versarien by GrapheneLab Co. Ltd., South Korea, together with royalty and trademark agreements
£1.85 million (gross) raised via equity placing post period-end

Neill Ricketts, CEO of Versarien, commented:

“The extended 18-month period has seen both successes and challenges, with the first 12-months seeing the financial benefits from the DSTL contract which focussed on understanding the advantages that graphene-loaded materials may bring to defence applications. In the period we also successfully completed the GSCALE development stage of the project despite the macro‑economic challenges faced and the Company is now focussing on the most advanced Technology Readiness Level stage projects of construction and textiles.

“We remain confident of the environmental and commercial benefits our graphene technology can bring, but the current macro-economic conditions combined with the disruptive nature of our products has delayed the commercialisation we were anticipating. Consequently, we are streamlining the business and focusing on our primary opportunities in construction and textiles. We will continue to seek grant funding to support our operations, but will also need the continuing support of investors, either strategic or from the capital markets, to fund the business until such time as the graphene market gains traction and material commercial revenues flow.

“We look forward to updating the market on progress in due course.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Versarien Plc

    More articles like this

    Versarien Plc

    Versarien’s Gnanomat awarded grant from ICEX Trade and Investment

    Versarien plc (LON:VRS), the advanced materials engineering group, has previously announced its turnaround strategy, which, inter alia, seeks to preserve appropriate intellectual property within the Group whilst reducing operating costs.  As part of this strategy, Gnanomat S.L,

    Versarien Plc

    Versarien’s turnaround strategy continues to progress

    Versarien plc (LON:VRS), the advanced materials engineering group, will be holding a General Meeting at 10.00 a.m. today, at which the following statement will be provided: “The Company’s turnaround strategy continues to progress and we are pleased

    Versarien Plc

    Versarien to hold General Meeting on Tuesday 4 July 2023

    Versarien plc (LON:VRS), the advanced materials engineering group, announces that a Notice of General Meeting will be posted to shareholders today.  The General Meeting will be held on Tuesday 4 July 2023 at 10.00 a.m. at

    Versarien Plc

    Versarien very positive CementeneTM precast concrete trial results

    Versarien plc (LON:VRS), the advanced materials engineering group, has provided an update on the trials of Versarien’s water-based graphene admixture, CementeneTM in precast concrete mixes that have been carried out by Banagher Precast Concrete Limited, a precast

    Versarien Plc

    Versarien has the potential to deliver significant returns

    Versarien plc (LON:VRS), the advanced materials engineering group, will be holding its Annual General Meeting at 10.30 a.m. today, at which the Chair, Diane Savory, will provide the following statement: “As previously noted, the graphene market-place has proved

    Versarien Plc

    Versarien raises £318,000 via placing

    Versarien plc (LON:VRS), the advanced materials engineering group, has announced it has raised £318,000 (before expenses) by way of a placing of 10,600,000 new ordinary shares in the capital of the Company at a price of

    Versarien Plc

    Versarien AGM to be held on 29 March 2023

    Versarien plc (LON:VRS), the advanced materials engineering group, has confirmed the 2022 Annual Report and Notice of Annual General Meeting will be posted to shareholders today and is now available to download from the investor relations

    Versarien Plc

    Versarien updates on G-SCALE progress

    On 1 July 2020, Versarien plc (LON:VRS), the advanced materials engineering group, announced that the UK Government, via Innovate UK, had agreed a £5 million loan to the Company, for a project named G-SCALE, an acronym for Graphene, Seat,

    Versarien Plc

    Versarien graphene-WearTM technology to be usilised by BiaBrazil

    Versarien plc (LON:VRS), the advanced materials engineering group, has announced that BiaBrazil, a leading Brazilian sports and active wear manufacturer, has announced it has signed a commercial agreement with Versarien which will see the integration of Versarien’s

    Versarien Plc

    Versarien AGM to be held on 30 September 2022

    Versarien plc (LON:VRS), the advanced materials engineering group, has confirmd the 2022 Notice of Annual General Meeting has now been posted to shareholders and is available to download from the investor relations section of the Company’s website