Versarien PLC has “significantly” reduced its cost base and brought underlying losses to a much lower run rate compared to the first half of the year, according to the advanced materials group’s operational update posted on Monday.
This means cash burn is also down, though the group said it continues to make progress in key strategic goals.
Versarien intends to maintain and strengthen its scientific teams, supported by funding applications, while using internally generated know-how to run a manufacturing-light operation as it works with prospective customers.
The group is seeking to divest non-core activities and Korean-based assets to reduce the requirement for funding from external sources.
Today’s operational update noted numerous recent highlights.
Versarien’s Graphene-Wear coatings were integrated into Umbro's Pro Training Elite capsule, which is beginning to generate revenues and royalties.
Versarien has delivered additional Graphene-Wear rubber compound to Flux Footwear's supply chain partners following an order required for shoe production.
Further Cementene trials with key partners, including Banagher Precast Concrete, are ongoing, as is the Cementene admixture certification process.
Cementene is Versarien’s family of graphene-based aqueous admixtures that promises to significantly enhance the properties of concrete and reduce carbon costs.
Versarien mentioned that it is experiencing cash constraints despite reduced costs as it seeks to sell mature businesses and assets acquired from Hanwha Aerospace.
Additional funding is anticipated to support ongoing operations. The upcoming annual audit results due in January 2024 will focus on key matters like going concern, goodwill impairment and capitalised development costs.