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(Alliance News) - Versarien PLC on Tuesday said it is trimmed its cost base and made progress on its turnaround strategy, and added it is seeing interest in some assets it is eyeing disposing.
Shares in Versarien were up 28% at 2.19 pence each in London on Tuesday morning. Shares are still down 72% year-to-date, however.
Ahead of its annual general meeting on Tuesday morning, the Cheltenham, England-based engineering materials company said it has managed to reduce its cost base, with its loss before interest, tax, depreciation, amortisation and exceptional items at a "much lover level" than in the first half of the year. Versarien's first-half ended on March 31.
"The disposal of assets, including the mature businesses and the intellectual property and plant acquired from Hanwha Aerospace in Korea in 2020 continue to be marketed for sale and we have a number of interested parties, particularly in the intellectual property, who are reviewing information in the data rooms. However, the timing of any asset sales and the quantum of the funds that may be received is uncertain," it added.
In addition, Versarien added its subsidiary Versarien Graphene Ltd has been shortlisted by the Global Cement & Concrete Association to develop low-carbon concrete. Meanwhile, its graphene products are also progressing, having been supplied for a trial pour in the Netherlands, Versarien added.
In Graphene-Wear, it is "continuing to supply the textile sector". Customers include Umbro, for the sportswear firm's autumn/winter 2023 and spring/summer 2024 ranges.
Back in May, Versarien had raised just over GBP530,00 from a placing of new shares to support its new "turnaround strategy". The company said the fresh cash would be used for general operational and working capital purposes, as well as for commercialisation activities primarily in the construction and leisure sectors.
It added it hoped to announce a "new strategic roadmap and financial plan" and continuing to progress and assess asset disposal options, including disposing of the "mature" businesses that are no longer core activities for Versarien.
By Sabrina Penty, Alliance News reporter
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