(Alliance News) - Versarien PLC on Wednesday said it is looking to the future with optimism as it expects "heavy" investments made in its most recently ended financial year to bear fruit.
The stock was trading 1.4% higher on Wednesday in London at 118.15 pence a share.
The engineering materials company said revenue in the year to the end of March rose to GBP9.1 million from GBP9.0 million reported a year prior.
The pretax loss, however, widened to GBP2.7 million from GBP1.6 million year-on-year, due to an increase in operating expenses to GBP5.4 million from GBP4.1 million. Versarien said it has continued to invest "heavily" in the expansion of its graphene businesses in the UK and overseas.
More positively, Versarien said it saw progress in the US, with four new collaboration agreements having been recently entered into in North America.
The company also said it is mulling an expansion into China, South Korea and Japan, which it expects to bring significant growth for the graphene businesses.
"The year to March 31 has, again, been one of great progress for Versarien particularly in our emerging technologies businesses, globally and in the UK," said Chief Executive Neill Ricketts.
"I would like to take this opportunity to thank our continually supportive investor base and our employees for their hard work as we look forward to the future with optimism and confidence," added Ricketts.
Versarien (VRS)