Versarien PLC (AIM:VRS, OTC:VRSRF) CEO Steve Hodge said the restructuring undertaken recently has resulted in a "much more efficient business", though he admitted 2023 had been a "challenging" year.
"It is encouraging to report that our pipeline of potential income opportunities is growing, albeit development opportunities are still the largest part, but we are beginning to see signs of more commercial interest, including licensing," he added.
"This, together with our reduced cost base, gives us an increasing level of confidence as we seek to ensure a bright future for Versarien."
For the 12 months ended September 30, the advanced engineering materials group, reported group revenues of £5.45 million, marking a decrease from the previous year's £11.11 million. It slipped to an adjusted loss of just over £3 million.
Operational highlights included the delivery of a 3D concrete printed headwall to Costain and National Highways as part of the A30 Chiverton to Carland Cross upgrade in Cornwall.
Umbro also launched a Spring/Summer and Autumn/Winter 2023 Pro Training Elite collections integrated with Versarien’s Graphene-Wear technology.