Gloucestershire-based engineering firm Versarien said it was “optimistic” about the future after reporting a narrowing of losses in its latest trading update.
In a set of unaudited interim results, the listed firm reported pre-tax losses of £1.77m - down from £3.4m the year previously - for the six months ended March 31, 2024.
Group revenues at the company fell to £2.50m, compared to £2.62m in 2023.
Versarien, which makes products using graphene for the automotive, clothing, biomedical and aerospace sectors, sold its South Korean plant and equipment for £604,000 during the reporting period. It also agreed a licensing deal with a Brazilian-headquartered company that produces and sells paints, wood preservatives and wood-finishing products.
The firm said it had also entered into an agreement to support not-for-profit Building for Humanity to provide 3D concrete printed materials for social housing in Accrington.
Stephen Hodge, chief executive of Versarien, said: "The re‐focussing of the business to its core graphene technology combined with a manufacturing‐light approach is beginning to bear fruit financially with losses continuing to fall.
"We have a number of parties showing initial interest in licensing our technology as well as progressing our strategic relationships in core areas particularly construction including 3D concrete printing. We remain optimistic about the future as we continue to streamline our operations, capitalise on our strategic partnerships and drive technological advancements."
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