Versarien Plc (AIM:VRS), the advanced engineering materials group, is pleased to announce its unaudited results for the year ended 31 March 2018.
Financial highlights
- Group revenues increased by 52% to £9.02 million (2017: £5.93 million)
- LBITDA* decreased by 33% to £0.8 million (2017: £1.2 million)
- Loss before tax decreased by 27% £1.6 million (2017: £2.2 million)
- Cash at 31 March 2018 of £2.3 million (2017: £1.4 million)
- Net assets increased by 23% to £8.0 million (2017: £6.5 million)
- Successful fundraising of £2.9 million gross in November 2017
* LBITDA (Loss before interest, tax, depreciation and amortisation) excludes exceptional items and share based payment charges.
Operational highlights
- Eight graphene application collaboration agreements secured during the year, with a further five entered into post period, with more in the pipeline
- Asian graphene expansion targeted through incorporation of intermediate Hong Kong holding company
- Continued investment in graphene manufacturing capability to support collaborative application agreements and increase maximum capacity to almost 3 tonnes
- Graphene interest in China on-going with 24 potential partners now identified. Joint ventures will be determined by funding levels and IP protection
- US expansion targeted through a local sales office in Palo Alto and appointment as inaugural Council Member of the US National Graphene Association
- UK Government support provided through the secondment of its Head of Outward Direct Investment
- Hexotene TM and Graphinks TM launched to further strengthen the Group’s range of commercially available two dimensional materials
- Mature businesses showing much improved financial performance
Commenting on the results, Neill Ricketts, Chief Executive Officer of Versarien, said: “The year to 31 March 2018 was one of considerable progress for Versarien in both our emerging technologies and more mature businesses. The graphene businesses have had a very exciting year having entered into a number of collaborations to incorporate our high quality NaneneTM and GraphinksTM in a variety of different uses such as packaging, aerospace and sports equipment. We continue to work towards collaborations with one or more Chinese partners to enable us to manufacture and promote our high quality products in China. New production equipment is on order for scale up in the UK, we have substantially strengthened our team and I consider Versarien to be extremely well placed to produce the quantities needed for the commercialisation of these collaborations when required.
“Our hard wear business has shown much improvement increasing its sales and returning to profitability. Our plastics business is focusing on efficiency improvements to further increase its returns and cash generation whilst also moving towards the incorporation of graphene into moulded parts.
“We would like to take this opportunity to thank our continually supportive investor base and our employees for their hard work as we look forward to the future with optimism and confidence.” versarien