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The Business Magazine May 2024
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Losses fall at Forest of Dean engineering materials group as company pivots

The Business Magazine article image for: Losses fall at Forest of Dean engineering materials group as company pivots
7 June 2024

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."


Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.

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