Advanced engineering materials company Versarien has reported “significantly reduced” losses in a year of operational expansion and commercial collaborations with international brands.
The Gloucestershire-based business creates products using graphene, a material made from a single layer of carbon atoms, for the automotive, clothing, biomedical and aerospace sectors.
A set of interim results for the year ending March 31, 2022, revealed group revenues from continuing operations rose by a third to £7.63m from £5.69m a year earlier.
During the period the manufacturer announced a partnership with Superdy, to create graphene enhanced clothing which the firms said would have a lower environmental impact on creation.
The company, which was founded in an engineer's garage in Cheltenham, also highlighted a deal with US brand Flux Footwear and the delivery of a £1.95m government contract to develop its technology for defence related applications.
Reported loss for the period stood at £5.20m, down from £8.07m in 2021, as Versarien scaled production capacity with a move to a new dedicated graphene facility in Longhope in the Forest of Dean and the acquisition of equipment sourced via its Spanish subsidiary.
The business said it was in multiple, ongoing discussions with other garment suppliers, after it announced this week a collaboration with sportswear brand Umbro on an upcoming training kit range.
Chief executive Neill Ricketts said the firm was seeing “increased interest from global companies” in signing development agreements that could lead to “significant future revenues” while the firm was also looking to expand its global footprint, which includes bases in the US and South Korea.
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In her first statement as the Versarien’s non-executive chair Diane Savory - a former boss at Superdry and chair of Gloucestershire’s ‘GFirst’ LEP - said the group was “pleased” with its progress, but the pandemic and “recent macro-economic events” have provided a “challenging environment.”
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