Advanced engineering materials company Versarien has reported a more than 40% rise in revenue that helped it to a reduced half-year loss, as it continued to commercialise its environmentally-focused technology.
The Gloucestershire-based business creates products from 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 six months ending September 30, 2021, revealed group revenues from continuing operations were up 41% to £3.82m, compared to £2.71m for the first half of the previous financial year.
The company, which was founded in an engineer's garage in Cheltenham, added that graphene revenues in particular rose by 166% to £930,000.
This helped it to a narrowed pre-tax loss of £3.11m compared to £4.34m for the same period a year earlier.
Reported loss before tax from continuing operations was £2.96m (H1 2020: £4.31m), while adjusted loss before interest, tax, depreciation and amortisation reduced by 39% to £710,000 from £1.16m a year earlier.
The company said its cash had risen during the six-months to £3.46m from £2.36m at the end of March 2021.
During the period the company scaled its production capacity with a move to a new dedicated graphene facility in Longhope in the Forest of Dean and the acquisition of manufacturing assets sourced via its Spanish subsidiary.
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Neill Ricketts, chief executive of Versarien, said the company had “particularly pleasing results” for its products’ use within textiles and concrete, with the firm set to continue its focus in the construction and leisure sectors in the immediate future.
In November, Versarien and fellow Gloucestershire firm Superdry announced a partnership to create graphene enhanced clothing which the firms said would have a lower environmental impact on creation, though this was agreed outside the reported period.
Mr Ricketts said: “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.”
The group’s non-executive chairman James Stewart said it was “pleasing” to report on the company’s continued progress following the challenges presented by the coronavirus pandemic.
Mr Stewart said Versarien had been able to continue to deliver on its projects thanks to a loan from the Government's innovation agency Innovate 海角视频 and a £1.93m strategic investment from its South Korean partner tech firm GrapheneLab Co Ltd.
Diane Savory, formerly chief operating officer at Superdry and chair of Gloucestershire’s ‘GFirst’ LEP, is set to replace Mr Stewart when he steps down at the end of the calendar year.
Mr Stewart said Ms Savory's experience would be “invaluable” during the next stage of Versarien’s development.
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