Losses fall at Forest of Dean engineering materials group as company pivots
Versarien, the AIM-listed advanced engineering materials group based in the Forest of Dean has reported Group revenues of £2.5 million, down from £2.62 million last year in its unaudited interim results for the six months ended 31 March 2024.
Revenues from graphene rose to £0.28 million, and grant income also rose. Losses before tax are £1.77 million, down from £3.4 million last year.
Period highlighted included completing an agreement with MCK Tech (Korea) for the exclusive licence of five CVD patents, the sale of its South Korean plant and equipment to MCK Tech (Korea) for £604,000
Completion of a know-how and manufacturing licence agreement with Montana Quimica LTDA, a Brazilian multinational focussed on the production of paints and wood finishing products and entering into a mutual letter of commitment to support Building for Humanity to provide 3D concrete printed materials for social housing in Accrington
Stephen Hodge, Chief Executive Officer of Versarien, said: "The re-focussing of the business to its core graphene technology combined with a manufacturing-light approach is beginning to bear fruit financially with losses continuing to fall. We have a number of parties showing initial interest in licensing our technology as well as progressing our strategic relationships in core areas particularly construction including 3D concrete printing. We remain optimistic about the future as we continue to streamline our operations, capitalise on our strategic partnerships and drive technological advancements."
