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(Alliance News) - Versarien PLC on Monday said it is making progress in line with its strategy as it cuts its cost base.
The Cheltenham, England-based engineering materials company said it has reduced its cost base "significantly", with its loss before interest, tax, depreciation, amortisation and exceptional items at a lower run rate than in the first half of the year.
As a result, it said it has seen a reduction in cash burn.
The firm said despite its reduced cost base, it is making progress in its strategy to license its technology, brands and manufacturing expertise, divest its non-core activities and Korean assets, strengthen its scientific teams and use its experience in leisure and construction leisure to be a "manufacturing light operation".
It also noted that it has recently made commercial progress, including with the launch of Umbro's Autumn/Winter range with Versarien Graphene-Wear coatings, as well as its delivery of additional Graphene-Wear rubber compound to Flux Footwear LLC's supply chain partners.
Versarien shares fell 6.7% to 1.11 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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