Versarien Share News (VRS)

Versarien Information

This share is currently suspended. It was suspended at a price of 0.01

There is currently no data for VRS

REMOVE ADS

Versarien reduces cost base; makes progress on strategy

Mon, 02nd Oct 2023 10:16

(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

Comments and questions to newsroom@alliancenews.com