(Alliance News) - Versarien PLC on Monday announced a narrowed half-year loss, thanks to a more than 40% increase in revenue as the company focused on commercialising its graphene products.
For the six months that ended September 30, the Cheltenham-based engineering materials group said pretax loss narrowed to GBP3.0 million from GBP4.3 million a year before.
Adjusted loss before interest, tax, depreciation and amortisation from continuing operations narrowed to GBP713,000 from GBP1.2 million. Versarien discontinued it previous aluminium business.
Revenue was up 41% to GBP3.8 million from GBP2.7 million in the same period of 2020.
Tavistock declared no dividend, the same as in previous years, saying surplus cash will be re-invested into research and development.
Chief Executive Neill Ricketts said: "The first half of this financial year has seen continued progress in our pursuit of commercialisation whilst increasing both production capacity and our global footprint. [Versarien's graphene, seat, concrete, arch, leisure, elastomer project] remains on track with particularly pleasing results in textiles and concrete. We remain conscious of our environmental obligations which also brings commercial opportunities as we seek to solve some of the global issues and challenges using graphene and allied two dimensional materials."
Shares in Versarien were up 5.3% at 28.10 pence on Monday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Versarien (VRS)