Bosses at Versarien have said the troubled graphene manufacturer continues to progress with its turnaround strategy.
The Gloucestershire engineering firm, which has made products using the nanomaterial for the automotive, clothing, biomedical and aerospace sectors, launched a turnaround strategy after posting a widened £3.4m pre-tax loss in its half-year results, following a marginally widened loss of £8.4m for the 18 months to the end of September 2022. The AIM-listed firm company said tough economic conditions had delayed the commercialisation of its products.
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Following an update on October 2, where the board said unaudited pre-tax loss was now at a “much lower run rate” than in the first half of the year, they have now released a statement which will be presented at its general meeting on Monday (October 30).
The statement includes details if the mature businesses and intellectual property and plant acquired from Hanwha Aerospace in 2020. It said it continues to be marketed for sale and has received interest progressing to discussions. The sale process for AAC Cyroma, a manufacturer of moulded products is the most advanced.
Bosses added that further commercial progress continues to made in Versarien's core areas of leisure and construction. In the leisure area, discussions have been held with a number of potential new customers for the company's Graphene-Wear coatings, while in construction ongoing Cementene trials and the production of 3D printed concrete structures, plus participation in the Digital Roads of the Future and Roads Research Alliance programme is "generating further potential opportunities".
Bosses at the company added, Versarien is continuing to focus on obtaining and executing funded research and development projects.
The statement read: “We are pleased with the increasing level of commercial engagement in both of the company’s core areas of leisure and construction.
“The company’s strategy, which is focused on a light manufacturing model, is progressing as planned and we look forward to updating shareholders on further progress in due course.”
