Versarien Plc (LON:VRS), the advanced engineering materials group, has announced its audited results for the year ended 30 September 2024.
The Annual Report including the Notice of Annual General Meeting is now available:
The AGM is being held on 28 April 2025 at 10.30 am in the offices of FieldFisher LLP at Riverbank House, 2 Swan Lane, London, EC4R 3TT.
Continuing Operations Financial Highlights
• | Group revenues of £2.4 million (2023: £3.0 million)* |
• | Graphene revenues of £0.4 million (2023: £0.2 million) |
• | Adjusted LBITDA** of £1.7 million (2023: £3.0 million) |
• | Loss before tax of £4.3 million (2023: £14.1 million) |
• | Loss for the year of £4.3 million (2023: £14.2 million) |
• | Cash of £0.1 million at 30 September 2024 (2023: £0.6 million) |
• | £2.0 million (2023: £3.4 million) gross raised via equity placings during the financial year |
* Excludes discontinued revenues of £2.6 million (2023: £2.5 million)
** Adjusted LBITDA (Loss Before Interest, Tax, Depreciation and Amortisation and excludes Exceptional items and Share-based payment charges)
Partnerships/Commercialisation Highlights
Construction
· | Cementene™ is currently being tested with several large ready-mix and pre-cast concrete companies in the UK and Brazil. These trials aim to further refine the formulation and explore its potential for large-scale adoption. |
· | Following previous successful trials with Banagher Precast Concrete, demonstrating a concrete mix with 21% reduction in cement content and maintaining the strength and durability of the mix, a traffic wall incorporating this mix was placed in a real operational environment, with periodic testing planned over 36 months to monitor long-term durability. |
3D Construction Printing (3DCP)
· | Contract to support the construction of the first UK 3D printed homes with Building for Humanity CIC. |
· | Delivered the “Physical & Mechanical Properties of 3D Printed Concrete” project to Office for Product Safety and Standards (OPSS). |
· | Through a partnership with AccXel, the UK’s first industry-led construction school, the first apprentice has been onboarded, supporting the next generation of 3DCP professionals. |
Energy
· | Secured strategic contract with CBMM Technology Suisse SA, part of Brazil mining giant CBMM, to explore niobium-based GnanoCaps. This opens new business opportunities in applications demanding clean devices, such as offshore wind farms, maritime applications (ports), and as a safer alternative to explosion-risk technologies like Li-ion batteries. |
Electronics
· | Secured a distribution agreement for graphene biosensors with A Barristor Company and MCK Tech (South Korea), paving the way for expanded commercialisation in the healthcare sector. |
Technology Licensing
· | Completed an agreement with MCK Tech (Korea) for the exclusive licence of five CVD graphene patents. |
· | 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. In November 2024, Montana launched their advanced materials business unit SOMA. |
Grant Funding Highlights
· | iCARE: Successfully passed the 18 month EC review of the 4-year long iCARE (Integrated Assessment and Advanced Characterisation of Neuro-Nanotoxicity) project (Horizon Europe) studying graphene in different use cases including graphene enhanced concretes and elastomers. Total grant value of £96,000. |
· | BIOGUARD: Cambridge Graphene was awarded an INN-PRESSME project to develop eco-friendly conductive inks for printed near-field communication (NFC) applications, commonly used for anti-counterfeit technology. The goal was to print on recyclable or biodegradable paper-based substrates, offering an alternative to plastic substrates with metallic antennas. |
· | INNOVA: Following the award of a €415,000 grant by ICEX Trade and Investment, Gnanomat designed, optimised and validated eco-friendly conductive inks for flexible, printed electronics. This funding supported the acquisition of a new pilot plant for manufacturing these functional inks. |
Corporate Highlights
· | Sold AAC Cyroma Ltd. for £550,000 payable in 16 equal quarterly instalments, with Versarien retaining a charge over the assets to secure the outstanding balance. |
· | Completed (post-period end) the sale of CVD graphene plant and equipment to MCK Tech Co. Ltd. for £611,000 including interest payment, after a £6,000 warranty deduction. |
· | Increased shareholding in Gnanomat from 62% to 90%. |
Post Period Highlights
· | Secured €804,000 grant from the Madrid government to continue developing GnanoCaps technology. |
· | Entered into a commercially funded project with Balfour Beatty Plc’s Highways business to co-develop a range of UK supplied, low-carbon, graphene-infused 3D printable mortars designed for civil construction. |
· | Commissioned the Group’s own concrete and mortar specimen testing equipment. This investment is accelerating the development of Cementene™ and supporting rigorous quality control for Versarien’s 3DCP products. |
· | Industry Challenge Owner with Digital Catapult through The High Growth AI Accelerator for Innovate UK BridgeAI as part of the Construction Innovation Programme. |
· | Stephen Hodge, CEO, appointed as a member of the Royce 2D Materials Steering Group. |
Current Financial Position
As at 25 March 2025 the Group has a current bank balance of £0.90 million and headroom on its invoice discounting facilities of £0.05 million totalling £0.95 million, which includes £0.6 million relating to specific grant funding to be used over the next 2 years. If no further external financing is received, with the free cash available of £0.35 million the Group will cease to be able to pay its liabilities as they fall due by mid-May 2025.
The Board is currently in advanced discussions with a third party with a view to raising equity funding of £0.5 million before mid-May 2025 at a premium to the current share price, which if completed, will equate to approximately 15% of the Company’s enlarged share capital. In the General Meeting held on 24 March 2025, shareholders approved resolutions to give the Directors the authority to allot 2.99 billion shares without pre-emption-rights. If the anticipated investment does not complete, then the Board will seek to use the granted authority to issue new shares to raise further equity capital in order to ensure that the Company has sufficient working capital to carry on its business.
Dr Stephen Hodge, CEO of Versarien, commented:
“I am confident that our strategic direction, combined with our focus on commercialising intellectual property and securing strong partnerships, will help us navigate challenges and deliver robust growth. Our diverse portfolio of technologies is setting the stage for continued success, and we look forward to reporting further progress through 2025.“