Versarien confident of graphene progress
VERSARIEN, the materials company behind 2-DTech, one of the first businesses in Manchester to work on the commercialisation of graphene, saw revenues more than double in the year to September.
The Cinderford-based group has several companies but Total Carbide, which supplies tungsten carbide products to the oil and gas industry, was responsible for most of the revenues of £2.4m, up from £1m.
The group reduced pre-tax losses to £296,000 from £368,000.
2-DTech is one of the first in the world to produce graphene, the super-light, super-strong material discovered by Manchester’s Nobel prize winning scientists Professors Andre Geim and Kostya Novoselov. It is expected to have wide ranging implications for industry and has been linked to a new generation of aircraft and big changes to computer, TV and phone screens.
Versarien said it is confident 2-DTech will make “financial progress” this year after securing grants to explore the use of graphene in false teeth and solar cells. Versarien has also signed a memorandum of understanding with the National Graphene Institute which will enable 2-DTech to work from the £61m institute when it opens in March and draw on graphene know-how at the university.
Chief executive Neill Ricketts said: “The outlook for the group remains extremely positive with a number of exciting initiatives now being progressed. Total Carbide remains cash generative and will help support application developments at both Versarien Technologies and 2-DTech whilst they themselves continue to make strides in the development of their technology products.
“The group continues to look for appropriate acquisition opportunities that fits its business model and will enhance our product offerings. Overall, the board views the future with much optimism.”