Troubled manufacturer saw losses of £1.7m last year
Gloucestershire advanced manufacturing firm Versarien made a loss of £1.7m over the last six months.
The Forest of Dean firm specialises in making products from Graphene and has endured a torrid time in recent years.
Two years ago it parted company with its founder and chief executive Neill Ricketts and has been selling off parts the business.
But the board say a re-focussing and restructuring of the business is to starting to pay dividends.
Group revenues for the period were £2.5m which resulted in losses of £1.7m compared to £3.4m the previous year.
The results for the period continue to show reduced losses as Vaserian looks to transition the business into a financially viable operation.
The technology businesses have seen an improvement in revenues to £277,000 from £87,000 in the comparative period.
Income from grants awarded to Gnanomat have resulted in an increase in other income from £54,000 to £202,000.
The change in strategy to a simplified structure has resulted in a number of cost savings, including exiting part of the lease at Longhope following the adoption of the manufacturing-light strategy.
The company also completed an agreement with MCK Tech in Korea for the exclusive licence of five CVD patents and sold South Korean plant and equipment to MCK Tech (Korea) for £604,000.
It also completed a know-how and manufacturing licence agreement with Montana Quimica LTDA, a Brazilian multinational focussed on the production of paints and wood finishing products
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.”
