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Gloucestershire Business News

Versarien 'optimistic' after losses continue to fall

Versarien, the Longhope-based advanced engineering group, has announced its unaudited interim results for the six months ended March 31, 2024.

The company recorded a loss before tax of £1.77 million, compared to £3.40 million in 2023.

Adjusted LBITDA (loss before interest, tax, depreciation and amortisation) excluding exceptional items and share‐based payment charges, was £0.79 million (2023: £2.01 million)

Group revenues were £2.50 million (2023: £2.62 million) while graphene revenues were £0.28 million (2023: £0.09 million).

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."

Operational highlights during the period included the completion of an agreement with MCK Tech (Korea) for the exclusive licence of five CVD patents.

Versarien also sold its South Korean plant and equipment to MCK Tech (Korea) for £604,000.

The company completed a know‐how and manufacturing licence agreement with Montana Quimica LTDA, a Brazilian multinational focussed on the production of paints and wood finishing products.

Versarien also entered into a mutual letter of commitment to support Building for Humanity to provide 3D concrete printed materials for social housing in Accrington

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