Versarien widens H1 pretax loss, notes order

Versarien has widened its H1 pretax loss to £1.47m, from a year-ago loss of £0.84m, and confirmed a significant graphene order.

Revenue was £1.6m, from £2.4m.

The result included exceptional costs of £0.47m from factory relocation and acquisition.

"The Group has made significant advances in the commercialisation of graphene with the first supply order now received and also in the product applications in which graphene can be used," said CEO Neill Ricketts.

"The recent acquisition of AAC Cyroma, a well-established profitable business, provides a transformational opportunity to incorporate graphene into injection and vacuum moulded plastic products whilst being a cash generative business in its own right."

Separately, Versarien said it has now received an order with a value of over £100,000 for graphene in the form of Few Layer Graphene Nano Platelets (GNPs) from a European commercial customer, in conjunction with the National Graphene Institute (NGI).

On 13 October 2016, the company announced that, following the positive test results from the composite project with the NGI, NGI was purchasing a significant quantity from Versarien for a specific project with a major OEM.

"The addition of Versarien's GNPs is expected to provide a significant performance improvement to the customers' product and further significant orders would be required to fulfil market potential," Versarien said.