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Versarien Plc

Considerable progress for Versarien PLC

Commenting on the final results, Neill Ricketts, Chief Executive Officer of Versarien PLC LON:VRS, said: “The year to 31 March 2017 was one of considerable progress for Versarien. The opportunity afforded by our graphene powders and inks is now being recognised by a number of global companies with whom we are engaging. Our graphene has been independently verified as being of the highest standard and we are seeing opportunities emerging in many different markets as a result.

“The acquisitions of AAC Cyroma and of Cambridge Graphene are bedding in well and in addition we are now seeing positive signs of recovery in our traditional hard wear business.

“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 Plc (AIM:VRS), the advanced engineering materials group, has given DirectorsTalk its unaudited final results for the year ended 31 March 2017.

Operational highlights

 
    --   Pipeline of graphene enquiries expanding 
          rapidly, including enquiries received from 
          America, Europe, Mexico, Japan and South 
          Korea 
    --   First significant graphene shipment of GBP0.1 
          million 
    --   Two graphene related acquisitions in the 
          year, both bedding down well 
    --   Numerous collaboration agreements signed 
          for graphene application development 
    --   Graphene enhanced ABS (Acrylonitrile-Butadiene-Styrene) 
          filament for use in 3D printing launched 
    --   Relocation of Hard Wear Products to a new 
          factory near Aylesbury 

Financial highlights

 
    --   Group revenues increased by 35% to GBP5.93 
          million (2016: GBP4.40 million) 
    --   Net assets of GBP6.5 million (2016: GBP5.5 
          million) 
    --   Cash at 31 March 2017 of GBP1.4 million (2016: 
          GBP1.6 million) 
    --   *LBITDA of GBP1.2million (2016: GBP1.3 million) 
    --   Loss before tax GBP2.2 million (2016: GBP1.8 
          million) 

* LBITDA (Loss before interest, tax, depreciation and amortisation) excludes exceptional items and share based payment charges.

 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.