Revenue has increased by more than 50 per cent to £9 million for a fast-growing Gloucestershire engineering firm.

Deals with the manufacturing powerhouse that is China and continued investment in its UK operations spell an exciting future ahead for high-profile Versarien.

The advanced engineering plc which has positioned itself as the forefront of the market in graphene has released its preliminary results to the end of March 31.

Its results show a loss before tax of £1.6 million, down on last year's £2.2million - but activity in the pipeline and deals and development outlined elsewhere in the statement help explain the chief executive's confidence.

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 hardwear 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 look forward to the future with optimism and confidence."

Net assets increased some 23 per cent to £8m, up from £6.5m, and successful fundraising rbought in £2.9m in November 2017.

Deals in the last year include eight graphene application collaboration agreements secured during the year, a further five coming on stream and "more in the pipeline".

There was expansion into Asia through incorporation of an intermediate Hong Kong holding company, and 24 commercial partners now identified in China.

"Joint ventures will be determined by funding levels and IP protection," according to the company.

There is also expansion into the United States and in the UK support from the Government provided through the secondment of its head of outward direct investment.