Versarien PLC (AIM:VRS, OTC:VRSRF), the advanced engineering materials group, said in its interim results that the opportunities for graphene in textiles and concrete remain its priorities.
Group revenues from continuing operations in the six months to the end of September surged 41% to £3.82mln from £2.71mln with graphene revenues up 166% to £0.93mln from £0.35mln.
The adjusted underlying loss (LBITDA) from continuing operations narrowed considerably to £0.71mln from a loss of £1.16mln the preceding year while the reported loss from continuing operations was whittled to £2.96mln from £4.31mln.
As at the end of September, the company had £3.46mln in cash, up from £2.36mln at the start of the reporting period.
“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. GSCALE 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,” said Neil Ricketts, the chief executive officer of Versarien.
Ricketts said the outlook for the pandemic and the economy remains far from certain and as such the group continues to keep a close eye on costs; however, expansion is the name of the game for Versarien with the opportunities for the use of graphene in textiles and concrete identified as areas of particular near-term focus, while Versarien continues to make progress on its GSCALE (Graphene-Seat, Concrete, Arch, Leisure, Elastomer) project.