Forest of Dean-based advanced materials engineering group Versarien plc today provided a positive trading update.

The company was holding a general meeting this morning at which it provided a statement on its turnaround strategy.

It said further commercial progress continues to be made in the company's core areas of leisure and construction.

The statement said: "In the leisure area, discussions have been held with a number of potential new customers for the company's Graphene‐Wear™ coatings in recent weeks.

"In construction, in addition to a number of ongoing Cementene™ trials, the company is engaged in the production of additional 3D printed concrete structures and Versarien's participation in the Digital Roads of the Future and Roads Research Alliance programmes is generating further potential opportunities, including the potential use of graphene in asphalt resurfacing."

Versarien is continuing to focus on obtaining and executing funded research and development projects.

The statement added: "As referenced in the company's corporate update announcement on 2 October 2023, Gnanomat S.L. is undertaking a nine‐month project, at an undisclosed value, with CBMM Technology Suisse SA (part of Brazilian mining giant CBMM), to develop novel supercapacitors and 2‐DTech Limited has a £44,200 contract, over approximately 14 weeks, with a UK aviation company to assess graphene / thermoset composites.

"Versarien Graphene Limited was also recently awarded a £48,600 contract by the Office of Product Safety and Standards, part of the UK Department for Business and Trade, for a five‐month project to assess the physical and mechanical properties of 3D printed concrete."

In the UK, the company has supported funding applications for a number of newly proposed EPSRC (Engineering and Physical Sciences Research Council) Centres for Doctoral Training (CDT) and key UK research hubs relevant to Versarien's core business.

It added: "The mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in 2020 continue to be marketed for sale and we have a number of interested parties that we are progressing discussions with. 

"The sale process for AAC Cyroma Limited, a manufacturer of moulded products, is the most advanced. However, the timing of any asset sales and the total quantum of the funds that may be received remains uncertain."

The statement concluded: "We are pleased with the increasing level of commercial engagement in both of the company's core areas of leisure and construction. The company's strategy, which is focused on a light manufacturing model, is progressing as planned and we look forward to updating shareholders on further progress in due course."