Versarien Plc (LON:VRS), the advanced engineering materials group, has announced its unaudited interim results for the six months ended 30 September 2021.
Financial Highlights
● Group revenues from continuing operations up 41% to £3.82 million (H1 2020: £2.71 million)*
● Graphene revenues up 166% to £0.93 million (H1 2020: £0.35 million)
● Adjusted LBITDA** for continuing operations reduced by 39% to £0.71 million (H1 2020: £1.16 million)
● Reported loss before tax of £3.11 million (H1 2020: £4.34 million)
● Reported loss before tax from continuing operations of £2.96 million (H1 2020: £4.31 million)
● Cash of £3.46 million at 30 September 2021 (31 March 2021: £2.36 million)
*Excludes discontinued revenues of £0.45 million (H1 2020: £0.41 million)
**Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and Amortisation) excludes exceptional items, share-based payment charges and other losses)
Operational Highlights
● £1.93 million strategic investment in Versarien by GrapheneLab Co. Ltd., South Korea, together with royalty and trademark agreements
● Acquisition of Spanish graphene manufacturing assets to provide up to an additional 100 tonne powder capacity per annum
● Orders placed for the purchase of equipment to scale up ink production capacity by an additional 12,000 litres per annum
● Lease signed on new dedicated graphene production facility in Longhope, Gloucestershire
● Textile supply agreement signed with Crosslete and discussions ongoing with multiple garment suppliers
Post Period Highlights
● Grant agreement signed to support the development of Pseudo-Capacitor technology aimed at zero emissions for port-side infrastructure
● Commercial agreement signed with Superdry to produce graphene enhanced garments
● Royalty agreement signed with Gerdau S.A for the distribution of graphene masks primarily in Latin America
Neill Ricketts, CEO of Versarien, commented:
“The first half of this financial year has seen continued progress in our pursuit of commercialisation whilst increasing both production capacity and our global footprint. GSCALE remains on track with particularly pleasing results in textiles and concrete. We remain conscious of our environmental obligations which also brings commercial opportunities as we seek to solve some of the global issues and challenges using graphene and allied two dimensional materials”