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LONDON (Alliance News) - Versarien PLC on Thursday reported a double-digit revenue growth in the first half of its current financial year, but loss widened moderately as it continued to invest in the graphene products development.
The advanced materials engineering firm also said it has signed a supply agreement to provide its new graphene enhanced polymer range to AECOM for a current infrastructure project.
Under the agreement, Versarien will supply 50 kilogrammes of its graphene enhanced polymer material to engineer AECOM in early December. A further 200 kilogrammes are expected to be delivered in early January 2019.
These quantities will be used for final testing of the structures, Versarien explained.
"This application has significant potential for Versarien, as the volumes of graphene that are required in these types of structure are significantly larger than for many other applications given the scale of the structures being produced," said Versarien Chief Executive Neill Ricketts.
For the six months to September 30, Versarien recorded a loss of GBP788,000 versus GBP772,000 loss in the year ago period, on the back of increased investment in the graphene businesses.
Revenue grew by 19% to GBP5.2 million from GBP4.4 million year-on-year, as the company signed nine collaboration agreements during the period and acquired 62% stake in Spanish company Gnanomat SL.
Revenue from plastic products was GBP2.8 million in the first half, up 26% compared to GBP2.2 million reported a year ago as the company continued to develop specific applications using graphene.
Revenue in the Hard Wear & Metallic Products unit increased by 12% to GBP2.4 million from GBP2.2 million the year before. The company said it experienced operational improvements in this division after investing GBP20,000 in new plant and machinery.
"The last few months have seen significant progress across the group, in both our emerging technologies and more mature businesses," said Ricketts.
"We are extremely well positioned for the future and look forward to reporting further success over the coming months," added Ricketts.
Versarien shares were trading 4.1% higher on Thursday at 118.70 pence each.
