George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc
Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRocView Video
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors
Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investorsView Video

Latest Share Chat

Versarien Annual Loss Widens, Keen On Monetising Products

Tue, 11th Aug 2020 11:12

(Alliance News) - Versarien PLC on Tuesday reported a widened loss for financial 2020 and said that it remains focused on the monetisation of its graphene technologies.

The advanced engineering materials group recorded a pretax loss for the year ended March 31 of GBP4.7 million, widening from a GBP2.8 million loss in the prior year period. This follows a share based payments charge of GBP1.2 million, up from GBP700,000 the year before.

Revenue for the period was down to GBP8.3 million from GBP9.1 million a year prior.

The company said it will not be declaring or proposing any dividends before the commercialisation of its product portfolio has generated sufficient distributable cash reserves.

Going forward, Versarien intends on focusing on the monetisation of graphene technologies in its portfolio but will continue to fill any product gaps it identifies. This will be helped by a GBP5 million loan from the UK government's Innovate UK program, which it plans to use scaling up and expanding the reach of its graphene operations.

Chief Executive Neill Ricketts said: "Our global expansion plans have changed direction slightly as we have decided that progressing into the Chinese market, whilst significant commercially, must be done on the basis that we are confident that our intellectual property is protected.

"We have exciting opportunities elsewhere, and the change of emphasis in China is not precluding commercial deals being done; the supply of graphene in masks manufactured in China being the first example utilising our graphene technology."

Versarien has already delivered 100,000 masks to a British university, with 20,000 masks set to be delivered to an English electrical service company following prelaunch requests, it said on August 3.

The company has prepared detailed projections of expected cash flows for the next 12 months. It expects to have enough cash to meet its obligations over this period.

Versarien however warned that with the threat of Covid-19, it is hard to give a solid picture of the future.

Versarien shares were down 3.4% at 40.10 pence each on Tuesday morning in London.

By Greg Roxburgh; gregroxburgh@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

Related Shares

More News
28 Mar 2024 15:48

EARNINGS: Caledonian swings to loss; Altona Rare Earth loss widens

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Thursday and not separately reported by Alliance News...

20 Mar 2024 10:28

Versarien raises GBP615,000 as eyes turnaround strategy

(Alliance News) - Versarien PLC on Wednesday said it has raised GBP615,000 through a placing, to help fund its turnaround strategy.

20 Mar 2024 09:55

AIM WINNERS & LOSERS: Abingdon Health rises on Boots agreement

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

14 Mar 2024 17:25

EARNINGS AND TRADING: Versarien inks agreement for Brazilian JV

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately report...

11 Mar 2024 12:41

Versarien sells South Korean plant, licenses patents

(Sharecast News) - Versarien announced on Monday that it had finalised an agreement with MCK Tech to sell its plant and equipment in South Korea for &...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.