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Versarien reveals 69% rise in advanced material sales

Chief executive Neill Ricketts continues to look for further opportunities to grow
Versarien reveals 69% rise in advanced material sales
Tungsten carbide is much stiffer than steel and more dense than titanium

Versarien (LON:VRS) generated revenues of £4.98mln from the sale of advanced materials in the twelve months to March 31.

It represents a 69% increase from the £2.6mln generated in the preceding year, albeit those accounts amounted to just nine months of sales.

The vast majority of sales were from the Total Carbide unit, a leading manufacturer of sintered tungsten carbide acquired by Versarien in early 2013, which saw earning rise to £1.12mln from £0.47mln in the previous nine months.

Versarien also launched its first copper foam products during the year, and sealed its first distribution deal for the business unit as well.

Notably, the year also brought the acquisition of graphene business 2D-Tech, which achieved break-even for the period.

Overall, the group's net asset value increased by 180% of the course of the financial year to £7.3mln.

Versarien reported a pre-tax loss of £866,000, and ended March with £3.5mln of cash.

Neill Ricketts, the group’s chief executive, said: “Versarien has an exciting future as we continue to look for further opportunities to grow the business both organically and by acquisition."

"We are clearly delivering on our stated strategy to identify, acquire, develop and commercialise disruptive intellectual property in advanced materials with the milestone of the first distribution agreement for Versarien technologies copper foam product. 

“We have acquired 2-D Tech Limited, which has achieved a significant breakthrough in the cost effective manufacture of high quality graphene and have secured important relationships to accelerate the commercialisation of this business including a partnership agreement with the National Graphene Centre at the University of Manchester, the recognised home of graphene.”

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