Versarien Plc (LON:VRS), the advanced engineering materials group, has today announced 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 £0.1 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 £5.93 million (2016: £4.40 million)
● Net assets of £6.5 million (2016: £5.5 million)
● Cash at 31 March 2017 of £1.4 million (2016: £1.6 million)
● *LBITDA of £1.2million (2016: £1.3 million)
● Loss before tax £2.2 million (2016: £1.8 million)
* LBITDA (Loss before interest, tax, depreciation and amortisation) excludes exceptional items and share based payment charges.
Commenting on the final results, Neill Ricketts, Versarien Plc Chief Executive Officer, 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.”
